1ST Source Bank Has $1.13 Million Stock Position in Corteva, Inc. (NYSE:CTVA)

1ST Source Bank grew its stake in shares of Corteva, Inc. (NYSE:CTVA) by 1.9% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 19,195 shares of the company’s stock after purchasing an additional 367 shares during the quarter. 1ST Source Bank’s holdings in Corteva were worth $1,128,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Capital Advisors Ltd. LLC boosted its stake in shares of Corteva by 44.4% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after acquiring an additional 174 shares during the period. Cultivar Capital Inc. bought a new position in shares of Corteva during the 2nd quarter worth approximately $34,000. Redwood Wealth Management Group LLC bought a new position in shares of Corteva during the 2nd quarter worth approximately $43,000. Triad Wealth Partners LLC bought a new position in shares of Corteva during the 2nd quarter worth approximately $45,000. Finally, Bangor Savings Bank boosted its stake in shares of Corteva by 34.7% during the 3rd quarter. Bangor Savings Bank now owns 935 shares of the company’s stock worth $55,000 after acquiring an additional 241 shares during the period. Institutional investors and hedge funds own 81.54% of the company’s stock.

Corteva Price Performance

NYSE:CTVA traded down $0.13 during trading hours on Friday, hitting $59.17. 477,004 shares of the company’s stock traded hands, compared to its average volume of 3,290,738. The business’s fifty day simple moving average is $59.66 and its two-hundred day simple moving average is $56.22. Corteva, Inc. has a 52 week low of $44.01 and a 52 week high of $64.20. 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 firm has a market cap of $40.67 billion, a P/E ratio of 59.90, a P/E/G ratio of 1.94 and a beta of 0.77.

Corteva declared that its board has initiated a share repurchase program on Tuesday, November 19th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the company to repurchase up to 7.5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

Corteva Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.15%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva’s payout ratio is currently 68.69%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CTVA. KeyCorp boosted their price target on Corteva from $66.00 to $69.00 and gave the company an “overweight” rating in a research note on Thursday, November 21st. Citigroup started coverage on Corteva in a research report on Wednesday, October 23rd. They set a “buy” rating and a $68.00 target price for the company. Oppenheimer reiterated an “outperform” rating and set a $70.00 target price (up from $69.00) on shares of Corteva in a research report on Friday, November 8th. Wells Fargo & Company upped their target price on Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a research report on Wednesday, November 20th. Finally, Bank of America upped their target price on Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $65.06.

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.