Merit Financial Group LLC Purchases 1,922 Shares of Corteva, Inc. (NYSE:CTVA)

Merit Financial Group LLC raised its position in Corteva, Inc. (NYSE:CTVA) by 55.9% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 5,363 shares of the company’s stock after buying an additional 1,922 shares during the quarter. Merit Financial Group LLC’s holdings in Corteva were worth $305,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Capital Advisors Ltd. LLC grew its position in Corteva by 44.4% in the third 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 stake in shares of Corteva in the 4th quarter valued at approximately $35,000. Bangor Savings Bank grew 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 valued at $55,000 after purchasing an additional 241 shares during the last quarter. Northwest Investment Counselors LLC acquired a new position in Corteva during the 3rd quarter worth approximately $56,000. Finally, Pinnacle Bancorp Inc. boosted its position in Corteva by 26.1% in the third quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company’s stock valued at $57,000 after buying an additional 199 shares in the last quarter. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Corteva Stock Performance

CTVA stock opened at $63.96 on Friday. Corteva, Inc. has a 1-year low of $45.01 and a 1-year high of $64.32. 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 stock has a 50-day moving average price of $59.56 and a 200-day moving average price of $57.43. The firm has a market cap of $43.96 billion, a PE ratio of 64.61, a price-to-earnings-growth ratio of 1.63 and a beta of 0.77.

Corteva announced that its board has approved a share repurchase program on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 7.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

Corteva Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.06%. The ex-dividend date of this dividend was Monday, December 2nd. Corteva’s dividend payout ratio (DPR) is presently 68.69%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on CTVA shares. UBS Group lowered their price target on shares of Corteva from $74.00 to $73.00 and set a “buy” rating for the company in a report on Friday, January 10th. Royal Bank of Canada increased their target price on Corteva from $68.00 to $73.00 and gave the company an “outperform” rating in a research report on Thursday, December 19th. Barclays boosted their price target on Corteva from $62.00 to $64.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 21st. Wells Fargo & Company raised their price objective on shares of Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. Finally, Bank of America boosted their target price on shares of Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $65.59.

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.