Econ Financial Services Corp Purchases New Shares in Corteva, Inc. (NYSE:CTVA)

Econ Financial Services Corp acquired a new position in Corteva, Inc. (NYSE:CTVA) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 11,251 shares of the company’s stock, valued at approximately $641,000.

A number of other institutional investors have also added to or reduced their stakes in CTVA. Hager Investment Management Services LLC bought a new position in shares of Corteva in the 4th quarter worth about $27,000. Capital Advisors Ltd. LLC increased its stake in shares of Corteva by 44.4% during the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after purchasing an additional 174 shares in the last quarter. First Financial Corp IN purchased a new position in shares of Corteva during the fourth quarter valued at approximately $35,000. Albion Financial Group UT boosted its position in shares of Corteva by 112.6% in the 4th quarter. Albion Financial Group UT now owns 606 shares of the company’s stock worth $35,000 after purchasing an additional 321 shares in the last quarter. Finally, Brown Lisle Cummings Inc. grew its stake in shares of Corteva by 159.6% in the 4th quarter. Brown Lisle Cummings Inc. now owns 732 shares of the company’s stock worth $42,000 after buying an additional 450 shares during the last quarter. Institutional investors own 81.54% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CTVA. Barclays lifted their price objective on Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 21st. Wells Fargo & Company lifted their price target on Corteva from $67.00 to $73.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 28th. Bank of America increased their price objective on shares of Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Citigroup lifted their target price on shares of Corteva from $69.00 to $74.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. Finally, KeyCorp cut their price target on shares of Corteva from $69.00 to $68.00 and set an “overweight” rating on the stock in a report on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, Corteva presently has a consensus rating of “Moderate Buy” and a consensus price target of $67.06.

Corteva Price Performance

Shares of NYSE:CTVA opened at $65.79 on Wednesday. The firm’s 50 day moving average price is $60.20 and its 200-day moving average price is $58.07. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $45.21 billion, a PE ratio of 66.45, a price-to-earnings-growth ratio of 1.71 and a beta of 0.78. Corteva, Inc. has a twelve month low of $50.01 and a twelve month high of $66.24.

Corteva Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.03%. The ex-dividend date is Monday, March 3rd. Corteva’s dividend payout ratio is presently 68.69%.

Corteva declared that its Board of Directors has approved a share buyback program on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 7.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board 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.