Horizon Bancorp Inc. IN Sells 1,120 Shares of Corteva, Inc. (NYSE:CTVA)

Horizon Bancorp Inc. IN decreased its holdings in Corteva, Inc. (NYSE:CTVA) by 19.3% in the fourth quarter, Holdings Channel reports. The fund owned 4,670 shares of the company’s stock after selling 1,120 shares during the quarter. Horizon Bancorp Inc. IN’s holdings in Corteva were worth $266,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CTVA. Capital Advisors Ltd. LLC boosted its holdings in shares of Corteva by 44.4% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after purchasing an additional 174 shares during the period. First Financial Corp IN purchased a new position in Corteva during the fourth quarter worth $35,000. Redwood Wealth Management Group LLC bought a new position in Corteva during the second quarter valued at $43,000. Bangor Savings Bank lifted its holdings in shares of Corteva by 34.7% in the 3rd quarter. Bangor Savings Bank now owns 935 shares of the company’s stock worth $55,000 after acquiring an additional 241 shares during the last quarter. Finally, Northwest Investment Counselors LLC purchased a new position in shares of Corteva during the 3rd quarter worth about $56,000. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Price Performance

Shares of CTVA opened at $59.95 on Tuesday. The company’s fifty day moving average price is $58.85 and its 200-day moving average price is $56.88. Corteva, Inc. has a 1-year low of $44.01 and a 1-year 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. The firm has a market capitalization of $41.20 billion, a PE ratio of 60.56, a price-to-earnings-growth ratio of 1.93 and a beta of 0.77.

Corteva announced that its board has approved a stock repurchase plan on Tuesday, November 19th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 7.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Corteva Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.13%. The ex-dividend date of this dividend was Monday, December 2nd. Corteva’s dividend payout ratio (DPR) is 68.69%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CTVA. Citigroup reduced their price target on Corteva from $70.00 to $69.00 and set a “buy” rating on the stock in a report on Wednesday, December 18th. Morgan Stanley reaffirmed an “overweight” rating and set a $65.00 target price on shares of Corteva in a research report on Tuesday, September 24th. UBS Group lowered their price target on Corteva from $74.00 to $73.00 and set a “buy” rating for the company in a report on Friday. Barclays lifted their target price on Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. Finally, Royal Bank of Canada increased their price target on Corteva from $68.00 to $73.00 and gave the stock an “outperform” rating in a research report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $65.47.

Corteva Company 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.