Graypoint LLC Takes $203,000 Position in Corteva, Inc. (NYSE:CTVA)

Graypoint LLC purchased a new stake in Corteva, Inc. (NYSE:CTVA) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 3,556 shares of the company’s stock, valued at approximately $203,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Harbor Capital Advisors Inc. boosted its holdings in shares of Corteva by 2.5% in the fourth quarter. Harbor Capital Advisors Inc. now owns 20,286 shares of the company’s stock valued at $1,155,000 after buying an additional 497 shares during the period. First Hawaiian Bank boosted its holdings in Corteva by 83.7% during the fourth quarter. First Hawaiian Bank now owns 15,737 shares of the company’s stock worth $896,000 after purchasing an additional 7,170 shares during the last quarter. One Wealth Capital Management LLC acquired a new position in Corteva during the fourth quarter worth $266,000. Diversified Trust Co boosted its holdings in Corteva by 1.0% during the fourth quarter. Diversified Trust Co now owns 21,449 shares of the company’s stock worth $1,222,000 after purchasing an additional 210 shares during the last quarter. Finally, Nordea Investment Management AB boosted its holdings in Corteva by 5.5% during the fourth quarter. Nordea Investment Management AB now owns 60,518 shares of the company’s stock worth $3,442,000 after purchasing an additional 3,132 shares during the last quarter. Institutional investors and hedge funds own 81.54% of the company’s stock.

Analyst Ratings Changes

CTVA has been the subject of several recent research reports. Wells Fargo & Company increased their target price on shares of Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a report on Wednesday, November 20th. Oppenheimer restated 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 dropped their price target on shares of Corteva from $70.00 to $69.00 and set a “buy” rating on the stock in a research report on Wednesday, December 18th. UBS Group dropped their price target on shares of Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a research report on Friday. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $65.00 price target on shares of Corteva in a research report on Tuesday, September 24th. One equities research 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. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $65.47.

Corteva Price Performance

Shares of CTVA opened at $57.04 on Monday. The firm has a market capitalization of $39.20 billion, a PE ratio of 57.62, a PEG ratio of 1.94 and a beta of 0.77. The company’s 50-day moving average is $58.88 and its 200-day moving average is $56.84. Corteva, Inc. has a fifty-two week low of $44.01 and a fifty-two week high of $64.20. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96.

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

Corteva Announces Dividend

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

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.