Corteva, Inc. (NYSE:CTVA) Shares Acquired by GAMMA Investing LLC

GAMMA Investing LLC boosted its stake in Corteva, Inc. (NYSE:CTVA) by 18.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,099 shares of the company’s stock after purchasing an additional 2,070 shares during the period. GAMMA Investing LLC’s holdings in Corteva were worth $746,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the stock. Capital Advisors Ltd. LLC grew its stake in shares of Corteva by 44.4% in the third 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. Redwood Wealth Management Group LLC acquired a new stake in Corteva in the second quarter valued at approximately $43,000. Bangor Savings Bank raised its stake in shares of Corteva by 34.7% during the third quarter. Bangor Savings Bank now owns 935 shares of the company’s stock valued at $55,000 after purchasing an additional 241 shares during the period. Northwest Investment Counselors LLC acquired a new position in shares of Corteva during the third quarter worth $56,000. Finally, Pinnacle Bancorp Inc. boosted its stake 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 period. 81.54% of the stock is owned by hedge funds and other institutional investors.

Corteva Stock Performance

Shares of CTVA opened at $55.94 on Friday. 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 1 year low of $44.01 and a 1 year high of $64.20. The firm has a fifty day moving average of $59.28 and a 200-day moving average of $56.63. The company has a market cap of $38.45 billion, a price-to-earnings ratio of 56.51, a price-to-earnings-growth ratio of 1.94 and a beta of 0.77.

Corteva declared that its Board of Directors has initiated a share repurchase program on Tuesday, November 19th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the company to repurchase up to 7.5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Corteva Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were issued a dividend of $0.17 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.22%. Corteva’s dividend payout ratio (DPR) is presently 68.69%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CTVA. Bank of America boosted their price objective on shares of Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. UBS Group boosted 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. Wells Fargo & Company raised their price objective on Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a research note on Wednesday, November 20th. Barclays upped 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 raised their price target on shares of Corteva from $68.00 to $73.00 and gave the stock an “outperform” rating in a research report on Thursday, December 19th. 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’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.41.

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.