Corteva, Inc. (NYSE:CTVA) Holdings Increased by Covington Investment Advisors Inc.

Covington Investment Advisors Inc. increased its stake in Corteva, Inc. (NYSE:CTVA) by 1.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 109,095 shares of the company’s stock after acquiring an additional 2,085 shares during the period. Covington Investment Advisors Inc.’s holdings in Corteva were worth $6,414,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in CTVA. Acadian Asset Management LLC acquired a new position in Corteva during the first quarter worth about $25,000. Capital Advisors Ltd. LLC boosted its position in shares of Corteva by 44.4% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after purchasing an additional 174 shares in the last quarter. Cultivar Capital Inc. acquired a new position in shares of Corteva in the 2nd quarter worth approximately $34,000. Redwood Wealth Management Group LLC bought a new stake in shares of Corteva in the 2nd quarter worth approximately $43,000. Finally, Triad Wealth Partners LLC acquired a new stake in Corteva during the second quarter valued at approximately $45,000. Institutional investors and hedge funds own 81.54% of the company’s stock.

Wall Street Analysts Forecast Growth

CTVA has been the topic of several recent research reports. Morgan Stanley restated an “overweight” rating and issued a $65.00 price target on shares of Corteva in a research report on Tuesday, September 24th. Citigroup assumed coverage on Corteva in a report on Wednesday, October 23rd. They set a “buy” rating and a $68.00 target price for the company. JPMorgan Chase & Co. dropped their price target on Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. KeyCorp boosted their price objective on Corteva from $66.00 to $69.00 and gave the stock an “overweight” rating in a report on Thursday, November 21st. Finally, Oppenheimer reiterated an “outperform” rating and issued a $70.00 target price (up from $69.00) on shares of Corteva in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $64.33.

Corteva Stock Up 4.7 %

CTVA opened at $64.12 on Tuesday. The company has a market capitalization of $44.07 billion, a PE ratio of 64.77, a price-to-earnings-growth ratio of 1.99 and a beta of 0.77. 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 $43.89 and a fifty-two week high of $64.20. The business has a 50-day moving average of $58.84 and a 200-day moving average of $55.81.

Corteva Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva’s dividend payout ratio (DPR) is presently 68.69%.

Corteva declared that its Board of Directors has approved a stock buyback program on Tuesday, November 19th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 7.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

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.