Independent Wealth Network Inc. Takes $211,000 Position in Corteva, Inc. (NYSE:CTVA)

Independent Wealth Network Inc. purchased a new position in shares of Corteva, Inc. (NYSE:CTVA) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 3,707 shares of the company’s stock, valued at approximately $211,000.

Other institutional investors also recently added to or reduced their stakes in the company. Capital Advisors Ltd. LLC increased 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 valued at $33,000 after acquiring an additional 174 shares during the period. First Financial Corp IN acquired a new position in Corteva in the fourth quarter valued at $35,000. Albion Financial Group UT raised its holdings in shares of Corteva by 112.6% in the fourth quarter. Albion Financial Group UT now owns 606 shares of the company’s stock valued at $35,000 after buying an additional 321 shares during the last quarter. Bangor Savings Bank boosted 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 worth $55,000 after buying an additional 241 shares during the period. Finally, Northwest Investment Counselors LLC purchased a new position in shares of Corteva during the third quarter worth about $56,000. Institutional investors and hedge funds own 81.54% of the company’s stock.

Corteva Stock Performance

NYSE:CTVA opened at $64.19 on Friday. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $44.12 billion, a P/E ratio of 64.84, a price-to-earnings-growth ratio of 1.64 and a beta of 0.77. The firm has a 50-day moving average price of $59.25 and a two-hundred day moving average price of $57.30. Corteva, Inc. has a twelve month low of $44.91 and a twelve month high of $64.23.

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

Corteva Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were given a dividend of $0.17 per share. The ex-dividend date was Monday, December 2nd. This represents a $0.68 annualized dividend and a dividend yield of 1.06%. Corteva’s dividend payout ratio is currently 68.69%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CTVA. Wells Fargo & Company increased their price objective on Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 20th. Bank of America lifted 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. KeyCorp cut their price objective on shares of Corteva from $69.00 to $68.00 and set an “overweight” rating for the company in a research report on Friday, January 10th. Royal Bank of Canada lifted their target price on shares of Corteva from $68.00 to $73.00 and gave the company an “outperform” rating in a report on Thursday, December 19th. Finally, Oppenheimer reissued an “outperform” rating and set a $70.00 price target (up from $69.00) on shares of Corteva in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the company presently 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.