Park Avenue Securities LLC Decreases Position in Corteva, Inc. (NYSE:CTVA)

Park Avenue Securities LLC lowered its stake in Corteva, Inc. (NYSE:CTVA) by 2.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 37,752 shares of the company’s stock after selling 1,039 shares during the quarter. Park Avenue Securities LLC’s holdings in Corteva were worth $2,150,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of CTVA. Capital Advisors Ltd. LLC grew its position in Corteva by 44.4% in 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. First Financial Corp IN acquired a new stake in Corteva during the 4th quarter valued at $35,000. Bangor Savings Bank increased its stake in Corteva by 34.7% during the 3rd quarter. Bangor Savings Bank now owns 935 shares of the company’s stock worth $55,000 after buying an additional 241 shares during the period. Northwest Investment Counselors LLC acquired a new position in Corteva in the 3rd quarter worth $56,000. Finally, Pinnacle Bancorp Inc. grew its stake in shares of Corteva by 26.1% during the third quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company’s stock valued at $57,000 after acquiring an additional 199 shares in the last quarter. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on CTVA shares. UBS Group cut their price target on Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a research note on Friday, January 10th. Barclays upped their target price on Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. Oppenheimer reissued an “outperform” rating and set a $70.00 price target (up previously from $69.00) on shares of Corteva in a research report on Friday, November 8th. Royal Bank of Canada lifted their price target on shares of Corteva from $68.00 to $73.00 and gave the stock an “outperform” rating in a research note on Thursday, December 19th. Finally, KeyCorp reduced their price objective on shares of Corteva from $69.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, January 10th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Corteva currently has a consensus rating of “Moderate Buy” and an average target price of $65.47.

Corteva Stock Performance

CTVA stock opened at $62.30 on Friday. Corteva, Inc. has a 1 year low of $44.01 and a 1 year high of $64.20. The stock has a market capitalization 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 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 $58.88 and its two-hundred day moving average is $56.99.

Corteva Dividend Announcement

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

Corteva announced that its Board of Directors has approved a stock repurchase plan on Tuesday, November 19th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 7.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management 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.