Pinnacle Financial Partners Inc Buys 425 Shares of Corteva, Inc. (NYSE:CTVA)

Pinnacle Financial Partners Inc grew its stake in Corteva, Inc. (NYSE:CTVA) by 9.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,909 shares of the company’s stock after purchasing an additional 425 shares during the period. Pinnacle Financial Partners Inc’s holdings in Corteva were worth $280,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Hager Investment Management Services LLC bought a new stake in shares of Corteva in the 4th quarter valued at approximately $27,000. Golden State Wealth Management LLC bought a new stake in shares of Corteva in the 4th quarter valued at approximately $32,000. Capital Advisors Ltd. LLC lifted its stake in shares of Corteva by 44.4% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after purchasing an additional 174 shares during the last quarter. Centricity Wealth Management LLC bought a new stake in shares of Corteva in the 4th quarter valued at approximately $34,000. Finally, First Financial Corp IN bought a new stake in shares of Corteva in the 4th quarter valued at approximately $35,000. 81.54% of the stock is owned by institutional investors.

Corteva Trading Down 1.7 %

Shares of NYSE:CTVA opened at $62.75 on Monday. Corteva, Inc. has a 12-month low of $50.01 and a 12-month high of $66.24. The business’s fifty day simple moving average is $60.81 and its 200-day simple moving average is $58.93. The company has a market capitalization of $43.02 billion, a PE ratio of 48.64, a P/E/G ratio of 1.68 and a beta of 0.78. The company has a current ratio of 1.45, a quick ratio of 0.93 and a debt-to-equity ratio of 0.08.

Corteva (NYSE:CTVA) last announced its quarterly earnings results on Wednesday, February 5th. The company reported $0.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.02). Corteva had a net margin of 5.36% and a return on equity of 7.19%. As a group, equities research analysts predict that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be given a $0.17 dividend. The ex-dividend date is Monday, March 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.08%. Corteva’s payout ratio is 52.71%.

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

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Wells Fargo & Company increased their price target on Corteva from $67.00 to $73.00 and gave the stock an “overweight” rating in a report on Tuesday, January 28th. UBS Group reduced their price target on Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a report on Friday, January 10th. Bank of America increased their price target on Corteva from $69.00 to $73.00 and gave the stock a “buy” rating in a report on Tuesday, February 11th. Royal Bank of Canada increased their price target on Corteva from $72.00 to $73.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. Finally, Oppenheimer increased their price target on Corteva from $70.00 to $72.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $67.73.

Corteva 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.