Corteva, Inc. (NYSE:CTVA) Shares Purchased by Procyon Advisors LLC

Procyon Advisors LLC increased its holdings in Corteva, Inc. (NYSE:CTVA) by 1.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,413 shares of the company’s stock after buying an additional 213 shares during the quarter. Procyon Advisors LLC’s holdings in Corteva were worth $764,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of CTVA. Anomaly Capital Management LP purchased a new position in shares of Corteva during the second quarter worth $188,578,000. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in Corteva during the 3rd quarter worth about $99,869,000. Franklin Resources Inc. raised its stake in shares of Corteva by 6.1% during the 3rd quarter. Franklin Resources Inc. now owns 14,788,607 shares of the company’s stock valued at $860,746,000 after buying an additional 856,007 shares during the last quarter. Bank of Montreal Can lifted its holdings in shares of Corteva by 370.6% in the 2nd quarter. Bank of Montreal Can now owns 1,074,361 shares of the company’s stock valued at $57,951,000 after buying an additional 846,065 shares during the period. Finally, KBC Group NV boosted its stake in shares of Corteva by 267.3% in the third quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock worth $65,851,000 after buying an additional 815,135 shares during the last quarter. 81.54% of the stock is owned by hedge funds and other institutional investors.

Corteva Stock Up 1.1 %

NYSE CTVA opened at $62.30 on Friday. The business’s fifty day simple moving average is $58.96 and its 200-day simple moving average is $57.06. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08. The firm has a market cap of $42.82 billion, a PE ratio of 62.93, a P/E/G ratio of 1.49 and a beta of 0.77. Corteva, Inc. has a 52 week low of $44.01 and a 52 week high of $64.20.

Corteva announced that its board has initiated a stock repurchase program on Tuesday, November 19th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the company to buy up to 7.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Corteva Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date of this dividend was Monday, December 2nd. Corteva’s dividend payout ratio is presently 68.69%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. KeyCorp decreased their price target on Corteva from $69.00 to $68.00 and set an “overweight” rating for the company in a report on Friday, January 10th. Royal Bank of Canada boosted their target price on shares of Corteva from $68.00 to $73.00 and gave the company an “outperform” rating in a research note on Thursday, December 19th. Morgan Stanley restated an “overweight” rating and set a $65.00 price target on shares of Corteva in a research report on Tuesday, September 24th. Citigroup decreased their price objective on shares of Corteva from $70.00 to $69.00 and set a “buy” rating for the company in a research report on Wednesday, December 18th. Finally, Oppenheimer restated an “outperform” rating and set a $70.00 target price (up from $69.00) on shares of Corteva in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $65.47.

Corteva Company Profile

Corteva, Inc operates in the agriculture business. It operates through two segments, Seed and Crop Protection. The Seed segment develops and supplies advanced germplasm and traits that produce optimum yield for farms. It offers trait technologies that enhance resistance to weather, disease, insects, and herbicides used to control weeds, as well as food and nutritional characteristics.