Corteva, Inc. (NYSE:CTVA) Stake Reduced by DAVENPORT & Co LLC

DAVENPORT & Co LLC decreased its holdings in Corteva, Inc. (NYSE:CTVA) by 6.8% in the 4th quarter, HoldingsChannel reports. The firm owned 66,324 shares of the company’s stock after selling 4,857 shares during the quarter. DAVENPORT & Co LLC’s holdings in Corteva were worth $3,762,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Tokio Marine Asset Management Co. Ltd. grew its stake in shares of Corteva by 1.4% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 29,038 shares of the company’s stock worth $1,654,000 after purchasing an additional 400 shares in the last quarter. Independence Bank of Kentucky lifted its holdings in shares of Corteva by 638.0% in the fourth quarter. Independence Bank of Kentucky now owns 1,417 shares of the company’s stock valued at $81,000 after buying an additional 1,225 shares during the period. Chicago Partners Investment Group LLC lifted its holdings in shares of Corteva by 1.2% in the fourth quarter. Chicago Partners Investment Group LLC now owns 13,282 shares of the company’s stock valued at $759,000 after buying an additional 156 shares during the period. Heck Capital Advisors LLC acquired a new stake in shares of Corteva in the fourth quarter valued at $55,000. Finally, Caprock Group LLC lifted its holdings in shares of Corteva by 86.0% in the fourth quarter. Caprock Group LLC now owns 17,819 shares of the company’s stock valued at $1,015,000 after buying an additional 8,238 shares during the period. Institutional investors own 81.54% of the company’s stock.

Corteva Stock Performance

Shares of CTVA stock opened at $64.57 on Tuesday. 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, Inc. has a fifty-two week low of $50.01 and a fifty-two week high of $66.24. The stock’s 50-day moving average is $60.14 and its two-hundred day moving average is $57.93. The firm has a market cap of $44.37 billion, a P/E ratio of 65.22, a PEG ratio of 1.71 and a beta of 0.78.

Corteva Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date of this dividend is Monday, March 3rd. Corteva’s dividend payout ratio is 68.69%.

Corteva declared that its Board of Directors has approved a share buyback plan on Tuesday, November 19th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 7.5% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

CTVA has been the subject of several research analyst reports. Bank of America upped their price objective on Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Wells Fargo & Company upped their price objective on Corteva from $67.00 to $73.00 and gave the company an “overweight” rating in a report on Tuesday, January 28th. Citigroup upped their target price on Corteva from $69.00 to $74.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. KeyCorp reduced their target price on Corteva from $69.00 to $68.00 and set an “overweight” rating for the company in a report on Friday, January 10th. Finally, UBS Group reduced their target price on Corteva from $74.00 to $73.00 and set a “buy” rating for the company in a report on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $67.06.

Corteva Profile

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.