Kentucky Trust Co Purchases New Stake in Corteva, Inc. (NYSE:CTVA)

Kentucky Trust Co acquired a new position in shares of Corteva, Inc. (NYSE:CTVA) in the 4th quarter, Holdings Channel.com reports. The firm acquired 2,759 shares of the company’s stock, valued at approximately $157,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Livforsakringsbolaget Skandia Omsesidigt increased its holdings in Corteva by 537.6% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 2,965 shares of the company’s stock valued at $174,000 after purchasing an additional 2,500 shares during the last quarter. Valeo Financial Advisors LLC boosted its stake in Corteva by 7.4% during the 3rd quarter. Valeo Financial Advisors LLC now owns 9,592 shares of the company’s stock worth $564,000 after acquiring an additional 659 shares during the last quarter. Exchange Traded Concepts LLC grew its holdings in Corteva by 1,058.7% during the third quarter. Exchange Traded Concepts LLC now owns 2,329 shares of the company’s stock valued at $137,000 after purchasing an additional 2,128 shares during the period. Procyon Advisors LLC increased its stake in Corteva by 2.2% in the third quarter. Procyon Advisors LLC now owns 13,200 shares of the company’s stock valued at $776,000 after purchasing an additional 286 shares in the last quarter. Finally, Fiduciary Alliance LLC acquired a new position in shares of Corteva in the 3rd quarter valued at $214,000. 81.54% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on CTVA. KeyCorp lifted their target price on Corteva from $68.00 to $70.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. Oppenheimer boosted their price objective on Corteva from $70.00 to $72.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Citigroup raised their target price on shares of Corteva from $69.00 to $74.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. 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 report on Friday, January 10th. Finally, Wells Fargo & Company raised their price objective on shares of Corteva from $67.00 to $73.00 and gave the stock an “overweight” rating in a report on Tuesday, January 28th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $67.56.

Corteva Stock Performance

Shares of CTVA stock opened at $63.01 on Wednesday. The company has a market capitalization of $43.31 billion, a price-to-earnings ratio of 48.85, a PEG ratio of 1.85 and a beta of 0.78. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.45. Corteva, Inc. has a 52 week low of $50.01 and a 52 week high of $66.24. The company has a 50-day simple moving average of $60.22 and a 200 day simple moving average of $58.30.

Corteva (NYSE:CTVA) last released its earnings results on Wednesday, February 5th. The company reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.02). Corteva had a return on equity of 7.19% and a net margin of 5.36%. On average, sell-side analysts predict that Corteva, Inc. will post 2.83 earnings per share for the current year.

Corteva Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.08%. The ex-dividend date of this dividend is Monday, March 3rd. Corteva’s dividend payout ratio (DPR) is presently 52.71%.

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

About Corteva

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.