First Citizens Bank & Trust Co. Buys 1,546 Shares of Corteva, Inc. (NYSE:CTVA)

First Citizens Bank & Trust Co. increased its stake in shares of Corteva, Inc. (NYSE:CTVA) by 19.8% during the 4th quarter, Holdings Channel.com reports. The fund owned 9,371 shares of the company’s stock after purchasing an additional 1,546 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Corteva were worth $534,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Roble Belko & Company Inc grew its position in Corteva by 5.5% during the 4th quarter. Roble Belko & Company Inc now owns 3,166 shares of the company’s stock worth $180,000 after acquiring an additional 166 shares during the last quarter. Rovin Capital UT ADV grew its position in Corteva by 1.3% during the 3rd quarter. Rovin Capital UT ADV now owns 12,822 shares of the company’s stock worth $754,000 after acquiring an additional 168 shares during the last quarter. Capital Advisors Ltd. LLC grew its position in 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 last quarter. Proffitt & Goodson Inc. grew its position in Corteva by 2.2% during the 3rd quarter. Proffitt & Goodson Inc. now owns 8,030 shares of the company’s stock worth $472,000 after acquiring an additional 174 shares during the last quarter. Finally, Pinnacle Bancorp Inc. grew its position in Corteva by 26.1% during the 3rd quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company’s stock worth $57,000 after acquiring an additional 199 shares during the last quarter. 81.54% of the stock is currently owned by institutional investors.

Corteva Trading Up 0.8 %

Corteva stock opened at $64.45 on Tuesday. 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 business’s fifty day simple moving average is $59.56 and its two-hundred day simple moving average is $57.53. Corteva, Inc. has a 12 month low of $45.30 and a 12 month high of $64.72. The company has a market capitalization of $44.30 billion, a price-to-earnings ratio of 65.10, a price-to-earnings-growth ratio of 1.63 and a beta of 0.77.

Corteva announced that its board has approved a stock buyback program on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in outstanding 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 a sign that the company’s management believes its stock is undervalued.

Corteva Dividend Announcement

The business also recently announced 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 1.06%. Corteva’s dividend payout ratio (DPR) is 68.69%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Oppenheimer reiterated an “outperform” rating and issued a $70.00 price objective (up from $69.00) on shares of Corteva in a research report on Friday, November 8th. KeyCorp cut their price objective on Corteva from $69.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, January 10th. UBS Group cut their price objective on Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a research report on Friday, January 10th. Royal Bank of Canada lifted their price objective on Corteva from $68.00 to $73.00 and gave the stock an “outperform” rating in a research report on Thursday, December 19th. Finally, Barclays lifted their price objective on Corteva from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 21st. One equities research 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’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $65.59.

Corteva Company Profile

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.