Wesbanco Bank Inc. Sells 640 Shares of Corteva, Inc. (NYSE:CTVA)

Wesbanco Bank Inc. trimmed its stake in Corteva, Inc. (NYSE:CTVA) by 2.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 28,052 shares of the company’s stock after selling 640 shares during the quarter. Wesbanco Bank Inc.’s holdings in Corteva were worth $1,598,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in CTVA. Janney Montgomery Scott LLC increased its holdings in Corteva by 12.5% during the fourth quarter. Janney Montgomery Scott LLC now owns 114,957 shares of the company’s stock worth $6,548,000 after buying an additional 12,800 shares during the last quarter. Lake Hills Wealth Management LLC bought a new stake in shares of Corteva in the 4th quarter valued at about $417,000. Albion Financial Group UT lifted its stake in Corteva by 112.6% in the 4th quarter. Albion Financial Group UT now owns 606 shares of the company’s stock valued at $35,000 after purchasing an additional 321 shares during the last quarter. Advisory Alpha LLC lifted its stake in Corteva by 7.3% in the 4th quarter. Advisory Alpha LLC now owns 4,623 shares of the company’s stock valued at $263,000 after purchasing an additional 315 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its holdings in Corteva by 10.8% during the fourth quarter. Nisa Investment Advisors LLC now owns 243,820 shares of the company’s stock worth $13,888,000 after purchasing an additional 23,686 shares during the period. 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 firm’s 50 day simple moving average is $59.25 and its 200 day simple moving average is $57.30. The firm has a market capitalization of $44.12 billion, a price-to-earnings ratio of 64.84, a P/E/G ratio of 1.64 and a beta of 0.77. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. Corteva, Inc. has a 1 year low of $44.91 and a 1 year high of $64.23.

Corteva Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were issued a dividend of $0.17 per share. The ex-dividend date was Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.06%. Corteva’s dividend payout ratio (DPR) is currently 68.69%.

Corteva declared that its board has initiated a share buyback plan on Tuesday, November 19th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 7.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Royal Bank of Canada raised their price objective on Corteva from $68.00 to $73.00 and gave the company an “outperform” rating in a research report on Thursday, December 19th. Barclays lifted their price objective on shares of Corteva from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Tuesday. UBS Group dropped their price objective 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. Oppenheimer reiterated an “outperform” rating and issued a $70.00 price target (up previously from $69.00) on shares of Corteva in a research note on Friday, November 8th. Finally, Wells Fargo & Company raised their price objective on shares of Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average 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.