Strong Tower Advisory Services Acquires 1,609 Shares of Corteva, Inc. (NYSE:CTVA)

Strong Tower Advisory Services grew its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 4.9% in the fourth quarter, HoldingsChannel reports. The fund owned 34,637 shares of the company’s stock after purchasing an additional 1,609 shares during the quarter. Strong Tower Advisory Services’ holdings in Corteva were worth $1,973,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Community Bank of Raymore raised its stake in shares of Corteva by 13.7% in the fourth quarter. Community Bank of Raymore now owns 9,276 shares of the company’s stock worth $528,000 after buying an additional 1,119 shares during the period. City Holding Co. lifted its holdings in Corteva by 3.8% during the fourth quarter. City Holding Co. now owns 16,115 shares of the company’s stock valued at $918,000 after purchasing an additional 590 shares in the last quarter. Grove Bank & Trust raised its position in shares of Corteva by 25.0% during the 4th quarter. Grove Bank & Trust now owns 10,135 shares of the company’s stock valued at $577,000 after purchasing an additional 2,024 shares during the period. Artemis Investment Management LLP lifted its position in shares of Corteva by 18.2% in the fourth quarter. Artemis Investment Management LLP now owns 1,047,103 shares of the company’s stock valued at $59,643,000 after acquiring an additional 161,475 shares in the last quarter. Finally, HB Wealth Management LLC boosted its stake in shares of Corteva by 3.8% in the fourth quarter. HB Wealth Management LLC now owns 9,540 shares of the company’s stock worth $543,000 after acquiring an additional 345 shares during the period. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Corteva Stock Performance

Shares of NYSE:CTVA opened at $62.30 on Monday. 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 company has a market capitalization of $42.82 billion, a price-to-earnings ratio of 62.93, a price-to-earnings-growth ratio of 1.49 and a beta of 0.77. The firm has a 50 day moving average of $58.96 and a 200 day moving average of $57.09. Corteva, Inc. has a 52 week low of $44.01 and a 52 week high of $64.20.

Corteva Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.09%. The ex-dividend date of this dividend was Monday, December 2nd. Corteva’s payout ratio is 68.69%.

Corteva declared that its Board of Directors has initiated a share repurchase program on Tuesday, November 19th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 7.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research firms recently commented on CTVA. Barclays boosted their price target on Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. Royal Bank of Canada upped their target price on shares of Corteva from $68.00 to $73.00 and gave the stock an “outperform” rating in a research report on Thursday, December 19th. Wells Fargo & Company lifted their price target on shares of Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. Oppenheimer restated an “outperform” rating and set a $70.00 price objective (up previously from $69.00) on shares of Corteva in a research report on Friday, November 8th. Finally, UBS Group decreased their target price on Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a research report on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Corteva has an average rating of “Moderate Buy” and a consensus price target of $65.47.

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.