Strong Tower Advisory Services Acquires 1,609 Shares of Corteva, Inc. (NYSE:CTVA)

Strong Tower Advisory Services boosted its stake in shares of Corteva, Inc. (NYSE:CTVA) by 4.9% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 34,637 shares of the company’s stock after buying an additional 1,609 shares during the quarter. Strong Tower Advisory Services’ holdings in Corteva were worth $1,973,000 as of its most recent SEC filing.

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

Corteva Stock Up 1.1 %

Corteva stock opened at $62.30 on Monday. The firm has a market cap of $42.82 billion, a price-to-earnings ratio of 62.93, a PEG ratio of 1.49 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. Corteva, Inc. has a 12 month low of $44.01 and a 12 month high of $64.20. The stock has a fifty day simple moving average of $58.96 and a two-hundred day simple moving average of $57.09.

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

Corteva Dividend Announcement

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

Analysts Set New Price Targets

CTVA has been the topic of a number of analyst reports. Oppenheimer reissued 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. Citigroup cut their target price on Corteva from $70.00 to $69.00 and set a “buy” rating for the company in a research note on Wednesday, December 18th. Wells Fargo & Company upped their price target on Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a research report on Wednesday, November 20th. Barclays boosted their price objective on shares of Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. Finally, UBS Group lowered their target price on shares of Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a research note on Friday, January 10th. One 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’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $65.47.

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.