Simon Quick Advisors LLC Makes New Investment in Corteva, Inc. (NYSE:CTVA)

Simon Quick Advisors LLC purchased a new stake in shares of Corteva, Inc. (NYSE:CTVA) during the fourth quarter, HoldingsChannel reports. The institutional investor purchased 6,553 shares of the company’s stock, valued at approximately $373,000.

A number of other hedge funds also recently added to or reduced their stakes in the company. Capital Advisors Ltd. LLC grew its position in Corteva by 44.4% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after purchasing an additional 174 shares during the period. First Financial Corp IN bought a new stake in shares of Corteva in the fourth quarter worth $35,000. Bangor Savings Bank increased its position in Corteva by 34.7% during the third quarter. Bangor Savings Bank now owns 935 shares of the company’s stock valued at $55,000 after acquiring an additional 241 shares during the last quarter. Northwest Investment Counselors LLC bought a new position in Corteva in the third quarter valued at about $56,000. Finally, Pinnacle Bancorp Inc. boosted its position in Corteva by 26.1% in the third quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company’s stock worth $57,000 after purchasing an additional 199 shares during the last quarter. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on CTVA shares. UBS Group reduced their price target on shares of Corteva from $74.00 to $73.00 and set a “buy” rating for the company in a research report on Friday, January 10th. Barclays upped their target price on shares of Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a report on Tuesday. Oppenheimer reiterated an “outperform” rating and set a $70.00 price target (up previously from $69.00) on shares of Corteva in a research note on Friday, November 8th. Bank of America upped their price objective on Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. Finally, KeyCorp lowered their target price on Corteva from $69.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, January 10th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $65.59.

Corteva Price Performance

CTVA stock opened at $64.19 on Friday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50. The company’s fifty day moving average price is $59.25 and its 200-day moving average price is $57.30. Corteva, Inc. has a one year low of $44.91 and a one year high of $64.23. The company has a market capitalization of $44.12 billion, a PE ratio of 64.84, a price-to-earnings-growth ratio of 1.64 and a beta of 0.77.

Corteva announced that its board has approved a share repurchase program on Tuesday, November 19th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 7.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Corteva Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.06%. The ex-dividend date of this dividend was Monday, December 2nd. Corteva’s dividend payout ratio (DPR) is presently 68.69%.

Corteva 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.