Independence Bank of Kentucky Purchases 1,225 Shares of Corteva, Inc. (NYSE:CTVA)

Independence Bank of Kentucky boosted its position in shares of Corteva, Inc. (NYSE:CTVA) by 638.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,417 shares of the company’s stock after acquiring an additional 1,225 shares during the period. Independence Bank of Kentucky’s holdings in Corteva were worth $81,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Chicago Partners Investment Group LLC boosted its position in shares of Corteva by 1.2% in the 4th quarter. Chicago Partners Investment Group LLC now owns 13,282 shares of the company’s stock worth $759,000 after purchasing an additional 156 shares in the last quarter. Heck Capital Advisors LLC acquired a new stake in Corteva in the fourth quarter worth about $55,000. Caprock Group LLC increased its holdings in shares of Corteva by 86.0% during the fourth quarter. Caprock Group LLC now owns 17,819 shares of the company’s stock valued at $1,015,000 after acquiring an additional 8,238 shares in the last quarter. Swedbank AB raised its position in shares of Corteva by 51.9% in the 4th quarter. Swedbank AB now owns 695,641 shares of the company’s stock valued at $39,624,000 after purchasing an additional 237,764 shares during the last quarter. Finally, Hantz Financial Services Inc. boosted its stake in Corteva by 5.5% in the 4th quarter. Hantz Financial Services Inc. now owns 45,210 shares of the company’s stock worth $2,575,000 after purchasing an additional 2,347 shares in the last quarter. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Corteva Stock Down 1.3 %

Shares of CTVA opened at $65.26 on Monday. Corteva, Inc. has a 12 month low of $45.46 and a 12 month high of $66.24. The firm has a market cap of $44.85 billion, a P/E ratio of 65.92, a PEG ratio of 1.70 and a beta of 0.77. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The stock’s 50 day moving average is $60.14 and its two-hundred day moving average is $57.91.

Corteva declared that its Board of Directors has authorized a share buyback plan on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 7.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Corteva Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 1.04%. The ex-dividend date is Monday, March 3rd. Corteva’s payout ratio is 68.69%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CTVA. KeyCorp decreased their price target on shares of 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 lifted their price target on Corteva from $68.00 to $73.00 and gave the stock an “outperform” rating in a research report on Thursday, December 19th. Bank of America increased their price objective on Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Oppenheimer reaffirmed an “outperform” rating and set a $70.00 target price (up previously from $69.00) on shares of Corteva in a report on Friday, November 8th. Finally, UBS Group cut their price target on shares of Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a report on Friday, January 10th. One analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $67.06.

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.