Ballentine Partners LLC Acquires 1,561 Shares of Corteva, Inc. (NYSE:CTVA)

Ballentine Partners LLC increased its holdings in Corteva, Inc. (NYSE:CTVA) by 9.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,868 shares of the company’s stock after purchasing an additional 1,561 shares during the period. Ballentine Partners LLC’s holdings in Corteva were worth $1,018,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Capital Advisors Ltd. LLC boosted its holdings in shares of Corteva by 44.4% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after buying an additional 174 shares during the period. First Financial Corp IN acquired a new position in Corteva during the 4th quarter worth $35,000. Bangor Savings Bank lifted its position in Corteva by 34.7% during 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. Northwest Investment Counselors LLC bought a new stake in Corteva during the third quarter valued at about $56,000. Finally, Pinnacle Bancorp Inc. grew its position in shares of Corteva by 26.1% in the third quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company’s stock valued at $57,000 after purchasing an additional 199 shares during the last quarter. 81.54% of the stock is owned by institutional investors and hedge funds.

Corteva Stock Down 1.0 %

Shares of NYSE CTVA opened at $62.52 on Thursday. Corteva, Inc. has a 52-week low of $44.91 and a 52-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 business has a fifty day moving average of $59.15 and a two-hundred day moving average of $57.26. The stock has a market cap of $42.97 billion, a PE ratio of 63.15, a PEG ratio of 1.62 and a beta of 0.77.

Corteva announced that its board has authorized a stock buyback program on Tuesday, November 19th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the company to reacquire up to 7.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.

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 issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 1.09%. The ex-dividend date of this dividend was Monday, December 2nd. Corteva’s dividend payout ratio is currently 68.69%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on CTVA shares. Citigroup cut their price objective on Corteva from $70.00 to $69.00 and set a “buy” rating for the company in a research report on Wednesday, December 18th. Wells Fargo & Company increased their price objective on Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a research report on Wednesday, November 20th. Oppenheimer reaffirmed an “outperform” rating and set a $70.00 target price (up previously from $69.00) on shares of Corteva in a research report on Friday, November 8th. KeyCorp reduced their price target on shares of 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 dropped their price objective on shares of Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a report on Friday, January 10th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $65.59.

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.