Corteva, Inc. (NYSE:CTVA) Shares Acquired by Grove Bank & Trust

Grove Bank & Trust raised its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 25.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,135 shares of the company’s stock after purchasing an additional 2,024 shares during the period. Grove Bank & Trust’s holdings in Corteva were worth $577,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of CTVA. Capital Advisors Ltd. LLC boosted its position in Corteva by 44.4% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after purchasing an additional 174 shares during the period. First Financial Corp IN acquired a new position in shares of Corteva during the fourth quarter valued at $35,000. Bangor Savings Bank grew its position in shares of Corteva by 34.7% during the third 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 acquired a new stake in shares of Corteva in the 3rd quarter worth about $56,000. Finally, Pinnacle Bancorp Inc. lifted its position in Corteva by 26.1% in the 3rd 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 Performance

Shares of NYSE CTVA opened at $62.30 on Monday. The stock’s fifty day simple moving average is $58.96 and its 200 day simple moving average is $57.09. The stock has a market capitalization of $42.82 billion, a price-to-earnings ratio of 62.93, a PEG ratio of 1.49 and a beta of 0.77. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08. Corteva, Inc. has a 52-week low of $44.01 and a 52-week high of $64.20.

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

Corteva Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders 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 annualized dividend and a yield of 1.09%. Corteva’s payout ratio is presently 68.69%.

Analyst Ratings Changes

Several equities research analysts have commented on CTVA shares. Royal Bank of Canada raised their price target 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. UBS Group lowered their target price on Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a research report on Friday, January 10th. Oppenheimer reiterated an “outperform” rating and set a $70.00 price target (up previously from $69.00) on shares of Corteva in a research report on Friday, November 8th. KeyCorp lowered their price target on Corteva from $69.00 to $68.00 and set an “overweight” rating on the stock in a report on Friday, January 10th. Finally, Citigroup reduced their price objective on shares of Corteva from $70.00 to $69.00 and set a “buy” rating for the company in a report on Wednesday, December 18th. One analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $65.47.

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.