Corteva, Inc. (NYSE:CTVA) Shares Bought by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc boosted its position in shares of Corteva, Inc. (NYSE:CTVA) by 9.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 4,909 shares of the company’s stock after acquiring an additional 425 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Corteva were worth $280,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Hager Investment Management Services LLC acquired a new stake in Corteva during the 4th quarter worth about $27,000. Golden State Wealth Management LLC acquired a new stake in Corteva during the 4th quarter worth about $32,000. Capital Advisors Ltd. LLC lifted its position in Corteva by 44.4% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after acquiring an additional 174 shares during the period. Centricity Wealth Management LLC acquired a new stake in Corteva during the 4th quarter worth about $34,000. Finally, First Financial Corp IN acquired a new stake in Corteva during the 4th quarter worth about $35,000. Institutional investors and hedge funds own 81.54% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Bank of America lifted their price target on Corteva from $69.00 to $73.00 and gave the stock a “buy” rating in a research report on Tuesday, February 11th. UBS Group reduced their price objective on Corteva from $74.00 to $73.00 and set a “buy” rating for the company in a research note on Friday, January 10th. BNP Paribas upgraded Corteva to a “hold” rating in a research note on Monday, February 10th. Citigroup lifted their price objective on Corteva from $69.00 to $74.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. Finally, Royal Bank of Canada lifted their price objective on Corteva from $72.00 to $73.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Corteva has a consensus rating of “Moderate Buy” and an average target price of $67.73.

Corteva Price Performance

NYSE:CTVA opened at $62.75 on Monday. Corteva, Inc. has a 12 month low of $50.01 and a 12 month high of $66.24. The stock has a 50 day moving average of $60.81 and a two-hundred day moving average of $58.93. The company has a current ratio of 1.45, a quick ratio of 0.93 and a debt-to-equity ratio of 0.08. The firm has a market cap of $43.02 billion, a P/E ratio of 48.64, a price-to-earnings-growth ratio of 1.68 and a beta of 0.78.

Corteva (NYSE:CTVA) last posted its quarterly earnings data on Wednesday, February 5th. The company reported $0.32 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, analysts expect that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Dividend Announcement

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

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