Horizon Bancorp Inc. IN Sells 1,120 Shares of Corteva, Inc. (NYSE:CTVA)

Horizon Bancorp Inc. IN reduced its position in shares of Corteva, Inc. (NYSE:CTVA) by 19.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,670 shares of the company’s stock after selling 1,120 shares during the quarter. Horizon Bancorp Inc. IN’s holdings in Corteva were worth $266,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. State Street Corp lifted its stake in shares of Corteva by 2.3% in the 3rd quarter. State Street Corp now owns 34,290,086 shares of the company’s stock valued at $2,015,914,000 after purchasing an additional 768,519 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Corteva by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 17,703,771 shares of the company’s stock valued at $1,037,505,000 after buying an additional 355,206 shares in the last quarter. Franklin Resources Inc. grew its position in shares of Corteva by 6.1% in the 3rd quarter. Franklin Resources Inc. now owns 14,788,607 shares of the company’s stock worth $860,746,000 after buying an additional 856,007 shares during the period. Harris Associates L P increased its stake in shares of Corteva by 1.4% in the 3rd quarter. Harris Associates L P now owns 14,362,309 shares of the company’s stock worth $844,360,000 after acquiring an additional 200,917 shares in the last quarter. Finally, FMR LLC lifted its position in Corteva by 1.9% during the 3rd quarter. FMR LLC now owns 10,747,791 shares of the company’s stock valued at $631,863,000 after acquiring an additional 203,126 shares during the period. 81.54% of the stock is owned by institutional investors.

Corteva Stock Performance

Shares of NYSE CTVA opened at $59.95 on Tuesday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96. Corteva, Inc. has a 1 year low of $44.01 and a 1 year high of $64.20. The firm has a fifty day moving average price of $58.85 and a 200-day moving average price of $56.88. The stock has a market cap of $41.20 billion, a PE ratio of 60.56, a price-to-earnings-growth ratio of 1.93 and a beta of 0.77.

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

Corteva Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were given a $0.17 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.68 annualized dividend and a dividend yield of 1.13%. Corteva’s payout ratio is 68.69%.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Oppenheimer reissued an “outperform” rating and issued a $70.00 price target (up from $69.00) on shares of Corteva in a research report on Friday, November 8th. KeyCorp dropped their target price on shares of Corteva from $69.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday. Wells Fargo & Company boosted their price objective on shares of Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a report on Wednesday, November 20th. UBS Group cut their target price on Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a research note on Friday. Finally, Citigroup decreased their price target on Corteva from $70.00 to $69.00 and set a “buy” rating for the company in a research note on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price 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.