Corteva (NYSE:CTVA) Shares Gap Down – Should You Sell?

Corteva, Inc. (NYSE:CTVA) shares gapped down prior to trading on Wednesday . The stock had previously closed at $65.70, but opened at $63.36. Corteva shares last traded at $64.60, with a volume of 195,609 shares changing hands.

Wall Street Analyst Weigh In

A number of research firms recently commented on CTVA. UBS Group decreased their price objective on Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a report on Friday, January 10th. Royal Bank of Canada upped their price objective on Corteva from $68.00 to $73.00 and gave the company an “outperform” rating in a report on Thursday, December 19th. Wells Fargo & Company upped their price objective on Corteva from $67.00 to $73.00 and gave the company an “overweight” rating in a report on Tuesday, January 28th. Oppenheimer restated an “outperform” rating and set a $70.00 price target (up from $69.00) on shares of Corteva in a research note on Friday, November 8th. Finally, Citigroup upped their price target on Corteva from $69.00 to $74.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, Corteva has an average rating of “Moderate Buy” and an average target price of $67.06.

Corteva Stock Down 1.3 %

The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50. The company has a market cap of $44.57 billion, a PE ratio of 65.61, a PEG ratio of 1.71 and a beta of 0.78. The firm has a fifty day simple moving average of $60.20 and a 200 day simple moving average of $58.07.

Corteva Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.05%. The ex-dividend date is Monday, March 3rd. Corteva’s dividend payout ratio (DPR) is 68.69%.

Corteva announced that its board has approved a stock repurchase plan on Tuesday, November 19th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the company to reacquire up to 7.5% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Corteva

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Czech National Bank increased its position in Corteva by 6.2% in the third quarter. Czech National Bank now owns 141,018 shares of the company’s stock worth $8,290,000 after buying an additional 8,202 shares during the period. GAMMA Investing LLC increased its position in Corteva by 50.6% in the third quarter. GAMMA Investing LLC now owns 11,029 shares of the company’s stock worth $648,000 after buying an additional 3,705 shares during the period. Bangor Savings Bank increased its position in Corteva by 34.7% in 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. Atomi Financial Group Inc. acquired a new stake in Corteva in the third quarter worth $253,000. Finally, City Holding Co. increased its position in Corteva by 1.6% in the third quarter. City Holding Co. now owns 15,525 shares of the company’s stock worth $913,000 after buying an additional 246 shares during the period. 81.54% of the stock is owned by institutional investors and hedge funds.

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.