Whalen Wealth Management Inc. Takes $680,000 Position in Corteva, Inc. (NYSE:CTVA)

Whalen Wealth Management Inc. acquired a new position in shares of Corteva, Inc. (NYSE:CTVA) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 11,940 shares of the company’s stock, valued at approximately $680,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Capital Advisors Ltd. LLC grew its stake in shares of Corteva by 44.4% in the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after acquiring an additional 174 shares during the last quarter. First Financial Corp IN bought a new stake in Corteva in the 4th quarter valued at $35,000. Albion Financial Group UT grew its position in Corteva by 112.6% in the 4th quarter. Albion Financial Group UT now owns 606 shares of the company’s stock worth $35,000 after purchasing an additional 321 shares during the last quarter. 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 purchasing an additional 241 shares during the period. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Corteva during the third quarter valued at about $56,000. Institutional investors and hedge funds own 81.54% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. KeyCorp reduced their price objective on Corteva from $69.00 to $68.00 and set an “overweight” rating for the company in a research report on Friday, January 10th. UBS Group reduced their target price on Corteva from $74.00 to $73.00 and set a “buy” rating for the company in a research report on Friday, January 10th. Wells Fargo & Company boosted 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 reaffirmed an “outperform” rating and set a $70.00 price objective (up from $69.00) on shares of Corteva in a report on Friday, November 8th. Finally, Royal Bank of Canada upped their target price on shares of Corteva from $68.00 to $73.00 and gave the company an “outperform” rating in a research note on Thursday, December 19th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.59.

Corteva Trading Down 1.0 %

Shares of Corteva stock opened at $62.52 on Thursday. The stock has a market capitalization of $42.97 billion, a PE ratio of 63.15, a price-to-earnings-growth ratio of 1.64 and a beta of 0.77. Corteva, Inc. has a 52 week low of $44.91 and a 52 week high of $64.20. The stock has a 50 day moving average price of $59.25 and a two-hundred day moving average price of $57.30. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50.

Corteva declared that its board has authorized a share 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 an indication that the company’s leadership believes its shares are undervalued.

Corteva Announces Dividend

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

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.