Fifth Third Bancorp Cuts Stake in Corteva, Inc. (NYSE:CTVA)

Fifth Third Bancorp trimmed its stake in Corteva, Inc. (NYSE:CTVA) by 10.2% in the fourth quarter, Holdings Channel.com reports. The firm owned 152,923 shares of the company’s stock after selling 17,346 shares during the quarter. Fifth Third Bancorp’s holdings in Corteva were worth $8,710,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. KBC Group NV lifted its stake in shares of Corteva by 267.3% in the 3rd quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock valued at $65,851,000 after purchasing an additional 815,135 shares in the last quarter. Oak Thistle LLC acquired a new position in Corteva during the fourth quarter valued at approximately $1,514,000. Charles Schwab Investment Management Inc. grew its stake in Corteva by 1.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,523,996 shares of the company’s stock worth $265,966,000 after buying an additional 66,052 shares during the period. Assenagon Asset Management S.A. increased its position in shares of Corteva by 755.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 552,769 shares of the company’s stock worth $31,486,000 after acquiring an additional 488,181 shares in the last quarter. Finally, S.E.E.D. Planning Group LLC raised its stake in shares of Corteva by 54.5% in the 4th quarter. S.E.E.D. Planning Group LLC now owns 96,103 shares of the company’s stock valued at $5,474,000 after acquiring an additional 33,886 shares during the period. Institutional investors and hedge funds own 81.54% of the company’s stock.

Corteva Trading Down 0.4 %

Shares of NYSE CTVA opened at $63.96 on Monday. The stock has a market capitalization of $43.96 billion, a P/E ratio of 64.61, a PEG ratio of 1.63 and a beta of 0.77. The stock’s 50 day moving average price is $59.56 and its two-hundred day moving average price is $57.48. 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 $45.01 and a 52-week high of $64.32.

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

Corteva Dividend Announcement

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

Analysts Set New Price Targets

CTVA has been the subject of a number of research reports. KeyCorp decreased their price target 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. Citigroup lowered their target price on Corteva from $70.00 to $69.00 and set a “buy” rating for the company in a research note on Wednesday, December 18th. Bank of America boosted their price target on Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Royal Bank of Canada increased their price objective on shares of Corteva from $68.00 to $73.00 and gave the company an “outperform” rating in a research report on Thursday, December 19th. Finally, UBS Group reduced their target price on shares of Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a research report on Friday, January 10th. 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. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price 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.