Corteva, Inc. (NYSE:CTVA) Shares Sold by Park National Corp OH

Park National Corp OH lowered its stake in shares of Corteva, Inc. (NYSE:CTVA) by 5.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 5,890 shares of the company’s stock after selling 318 shares during the period. Park National Corp OH’s holdings in Corteva were worth $335,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Capital Advisors Ltd. LLC raised its position in Corteva by 44.4% during the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after acquiring an additional 174 shares in the last quarter. Redwood Wealth Management Group LLC purchased a new position in shares of Corteva during the 2nd quarter valued at approximately $43,000. Bangor Savings Bank lifted its stake in shares of Corteva by 34.7% in the 3rd quarter. Bangor Savings Bank now owns 935 shares of the company’s stock valued at $55,000 after purchasing an additional 241 shares during the period. Northwest Investment Counselors LLC acquired a new stake in Corteva during the third quarter valued at $56,000. Finally, Pinnacle Bancorp Inc. increased its holdings in Corteva by 26.1% in the third quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company’s stock valued at $57,000 after buying an additional 199 shares in the last quarter. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Stock Performance

NYSE CTVA opened at $57.10 on Thursday. 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 stock’s fifty day moving average is $59.03 and its two-hundred day moving average is $56.76. The firm has a market capitalization of $39.24 billion, a P/E ratio of 57.68, a price-to-earnings-growth ratio of 1.94 and a beta of 0.77. Corteva, Inc. has a fifty-two week low of $44.01 and a fifty-two week high of $64.20.

Corteva Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.68 annualized dividend and a dividend yield of 1.19%. Corteva’s payout ratio is 68.69%.

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

Wall Street Analyst Weigh In

CTVA has been the topic of several recent analyst reports. UBS Group increased their target price on shares of Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Barclays raised their price objective on Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a report on Friday, November 8th. Royal Bank of Canada upped their target price on Corteva from $68.00 to $73.00 and gave the stock an “outperform” rating in a research note on Thursday, December 19th. Morgan Stanley reissued an “overweight” rating and issued a $65.00 price target on shares of Corteva in a report on Tuesday, September 24th. Finally, KeyCorp increased their price objective on shares of Corteva from $66.00 to $69.00 and gave the company an “overweight” rating in a report on Thursday, November 21st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $65.41.

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.