Steigerwald Gordon & Koch Inc. Has $3.60 Million Stake in Corteva, Inc. (NYSE:CTVA)

Steigerwald Gordon & Koch Inc. reduced its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 0.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 63,209 shares of the company’s stock after selling 508 shares during the period. Steigerwald Gordon & Koch Inc.’s holdings in Corteva were worth $3,600,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Anomaly Capital Management LP bought a new position in shares of Corteva during the 2nd quarter worth about $188,578,000. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in shares of Corteva during the third quarter valued at approximately $99,869,000. Franklin Resources Inc. raised its position in Corteva by 6.1% in the 3rd quarter. Franklin Resources Inc. now owns 14,788,607 shares of the company’s stock valued at $860,746,000 after buying an additional 856,007 shares during the last quarter. Bank of Montreal Can lifted its position in shares of Corteva by 370.6% during the second quarter. Bank of Montreal Can now owns 1,074,361 shares of the company’s stock valued at $57,951,000 after purchasing an additional 846,065 shares in the last quarter. Finally, KBC Group NV lifted its position in shares of Corteva by 267.3% during the 3rd quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock worth $65,851,000 after buying an additional 815,135 shares in the last quarter. 81.54% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on CTVA. Citigroup cut their price objective on Corteva from $70.00 to $69.00 and set a “buy” rating on the stock in a research report on Wednesday, December 18th. Bank of America increased their target price on shares of Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. KeyCorp lowered their price target on shares of Corteva from $69.00 to $68.00 and set an “overweight” rating on the stock in a report on Friday, January 10th. Royal Bank of Canada raised their target price on Corteva from $68.00 to $73.00 and gave the stock an “outperform” rating in a research report on Thursday, December 19th. Finally, Wells Fargo & Company upped their price target on Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a research report on Wednesday, November 20th. 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 company’s stock. Based on data from MarketBeat.com, Corteva has a consensus rating of “Moderate Buy” and a consensus target price of $65.47.

Corteva Stock Performance

Corteva stock opened at $62.30 on Friday. Corteva, Inc. has a 1-year low of $44.01 and a 1-year high of $64.20. 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 firm has a market capitalization of $42.82 billion, a PE ratio of 62.93, a price-to-earnings-growth ratio of 1.49 and a beta of 0.77. The firm’s 50 day simple moving average is $58.96 and its 200 day simple moving average is $57.06.

Corteva Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors 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 dividend on an annualized basis and a dividend yield of 1.09%. Corteva’s dividend payout ratio (DPR) is presently 68.69%.

Corteva declared that its Board of Directors has authorized a share repurchase program on Tuesday, November 19th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 7.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

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.