Corteva, Inc. (NYSE:CTVA) Shares Sold by Peapack Gladstone Financial Corp

Peapack Gladstone Financial Corp cut its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 3.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 28,103 shares of the company’s stock after selling 991 shares during the period. Peapack Gladstone Financial Corp’s holdings in Corteva were worth $1,652,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Rovin Capital UT ADV lifted its holdings in Corteva by 1.3% during the third quarter. Rovin Capital UT ADV now owns 12,822 shares of the company’s stock valued at $754,000 after purchasing an additional 168 shares in the last quarter. Capital Advisors Ltd. LLC lifted its stake in Corteva by 44.4% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after buying an additional 174 shares in the last quarter. Proffitt & Goodson Inc. boosted its holdings in Corteva by 2.2% in the 3rd quarter. Proffitt & Goodson Inc. now owns 8,030 shares of the company’s stock worth $472,000 after buying an additional 174 shares during the last quarter. Pinnacle Bancorp Inc. increased its stake in Corteva by 26.1% during the 3rd quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company’s stock worth $57,000 after buying an additional 199 shares in the last quarter. Finally, Azzad Asset Management Inc. ADV raised its holdings in shares of Corteva by 0.4% during the second quarter. Azzad Asset Management Inc. ADV now owns 48,200 shares of the company’s stock valued at $2,600,000 after acquiring an additional 203 shares during the last quarter. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CTVA shares. UBS Group lifted their price target on Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Citigroup began coverage on shares of Corteva in a report on Wednesday, October 23rd. They set a “buy” rating and a $68.00 target price for the company. KeyCorp raised their price target on shares of Corteva from $66.00 to $69.00 and gave the stock an “overweight” rating in a research note on Thursday, November 21st. Oppenheimer reaffirmed an “outperform” rating and set a $70.00 price objective (up previously from $69.00) on shares of Corteva in a research note on Friday, November 8th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $65.00 target price on shares of Corteva in a research note on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.06.

Corteva Stock Performance

NYSE:CTVA opened at $59.49 on Monday. 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 quick ratio of 0.96 and a current ratio of 1.50. The company has a 50 day moving average price of $59.68 and a 200 day moving average price of $56.27. The stock has a market capitalization of $40.89 billion, a P/E ratio of 60.09, a PEG ratio of 1.94 and a beta of 0.77.

Corteva Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a dividend of $0.17 per share. The ex-dividend date is Monday, December 2nd. This represents a $0.68 annualized dividend and a dividend yield of 1.14%. Corteva’s dividend payout ratio is currently 68.69%.

Corteva declared that its Board of Directors has approved a share repurchase plan 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 plans are often a sign that the company’s board of directors 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.