Independence Bank of Kentucky Grows Position in Corteva, Inc. (NYSE:CTVA)

Independence Bank of Kentucky lifted its holdings in Corteva, Inc. (NYSE:CTVA) by 638.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,417 shares of the company’s stock after buying an additional 1,225 shares during the period. Independence Bank of Kentucky’s holdings in Corteva were worth $81,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Capital Advisors Ltd. LLC boosted its position in shares of Corteva by 44.4% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after acquiring an additional 174 shares during the last quarter. First Financial Corp IN acquired a new position in Corteva in the 4th quarter valued at about $35,000. Albion Financial Group UT grew its stake in shares of Corteva by 112.6% in the 4th quarter. Albion Financial Group UT now owns 606 shares of the company’s stock valued at $35,000 after buying an additional 321 shares during the period. Bangor Savings Bank increased its holdings in shares of Corteva by 34.7% during the 3rd quarter. Bangor Savings Bank now owns 935 shares of the company’s stock worth $55,000 after buying an additional 241 shares during the last quarter. Finally, Heck Capital Advisors LLC purchased a new stake in shares of Corteva during the 4th quarter valued at approximately $55,000. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Corteva Stock Down 1.3 %

Corteva stock opened at $65.26 on Monday. The stock has a market cap of $44.85 billion, a PE ratio of 65.92, a P/E/G ratio of 1.70 and a beta of 0.77. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96. The stock’s fifty day moving average is $60.14 and its two-hundred day moving average is $57.91. Corteva, Inc. has a 1-year low of $45.46 and a 1-year high of $66.24.

Corteva declared that its Board of Directors has approved a stock buyback plan 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 stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.

Corteva Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.04%. The ex-dividend date is Monday, March 3rd. Corteva’s dividend payout ratio (DPR) is presently 68.69%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Citigroup raised their target price on Corteva from $69.00 to $74.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. UBS Group decreased their price objective on shares of Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a report on Friday, January 10th. Royal Bank of Canada upped their price target on Corteva from $68.00 to $73.00 and gave the stock an “outperform” rating in a research note on Thursday, December 19th. Oppenheimer reaffirmed an “outperform” rating and issued a $70.00 price objective (up from $69.00) on shares of Corteva in a research note on Friday, November 8th. Finally, Bank of America increased their target price on Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $67.06.

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.