Lake Hills Wealth Management LLC Purchases New Holdings in Corteva, Inc. (NYSE:CTVA)

Lake Hills Wealth Management LLC acquired a new position in shares of Corteva, Inc. (NYSE:CTVA) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 7,322 shares of the company’s stock, valued at approximately $417,000.

Other large investors also recently added to or reduced their stakes in the company. State Street Corp grew its position in Corteva by 2.3% during the third quarter. State Street Corp now owns 34,290,086 shares of the company’s stock valued at $2,015,914,000 after purchasing an additional 768,519 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Corteva by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 17,703,771 shares of the company’s stock valued at $1,037,505,000 after acquiring an additional 355,206 shares in the last quarter. Franklin Resources Inc. increased its stake in shares of Corteva by 6.1% in the third quarter. Franklin Resources Inc. now owns 14,788,607 shares of the company’s stock worth $860,746,000 after acquiring an additional 856,007 shares during the last quarter. Harris Associates L P raised its holdings in shares of Corteva by 1.4% during the third quarter. Harris Associates L P now owns 14,362,309 shares of the company’s stock worth $844,360,000 after acquiring an additional 200,917 shares in the last quarter. Finally, FMR LLC boosted its position in Corteva by 1.9% during the third quarter. FMR LLC now owns 10,747,791 shares of the company’s stock valued at $631,863,000 after purchasing an additional 203,126 shares during the last quarter. 81.54% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Wells Fargo & Company raised their price target on Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. UBS Group reduced their target price on shares of Corteva from $74.00 to $73.00 and set a “buy” rating for the company in a research note on Friday, January 10th. KeyCorp dropped their price target on shares of Corteva from $69.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, January 10th. Royal Bank of Canada lifted their price objective on shares of Corteva from $68.00 to $73.00 and gave the company an “outperform” rating in a research note on Thursday, December 19th. Finally, Citigroup lowered their target price 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. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $65.59.

Corteva Stock Performance

NYSE:CTVA opened at $62.52 on Thursday. The firm’s 50-day moving average is $59.15 and its 200-day moving average is $57.26. The company has a market cap of $42.97 billion, a price-to-earnings ratio of 63.15, a PEG ratio of 1.64 and a beta of 0.77. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50. Corteva, Inc. has a 52-week low of $44.91 and a 52-week high of $64.20.

Corteva Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were paid a dividend of $0.17 per share. The ex-dividend date was Monday, December 2nd. This represents a $0.68 annualized dividend and a yield of 1.09%. Corteva’s dividend payout ratio is 68.69%.

Corteva announced that its Board of Directors has authorized a stock buyback program on Tuesday, November 19th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the company to buy up to 7.5% of its shares through open market purchases. Shares buyback programs are often a sign 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.