Short Interest in Corteva, Inc. (NYSE:CTVA) Expands By 26.5%

Corteva, Inc. (NYSE:CTVA) saw a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 10,160,000 shares, a growth of 26.5% from the October 15th total of 8,030,000 shares. Based on an average daily volume of 2,930,000 shares, the days-to-cover ratio is presently 3.5 days. Currently, 1.5% of the company’s stock are sold short.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Oppenheimer reiterated an “outperform” rating and set a $70.00 target price (up from $69.00) on shares of Corteva in a research note on Friday, November 8th. JPMorgan Chase & Co. decreased their price objective on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. Argus lowered shares of Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. Citigroup began coverage on Corteva in a research note on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 price target for the company. Finally, Barclays upped their price objective on Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Corteva presently has a consensus rating of “Moderate Buy” and an average target price of $63.68.

Institutional Investors Weigh In On Corteva

A number of hedge funds have recently made changes to their positions in CTVA. Empowered Funds LLC raised its stake in Corteva by 55.4% during the 1st quarter. Empowered Funds LLC now owns 16,804 shares of the company’s stock valued at $969,000 after acquiring an additional 5,989 shares in the last quarter. Bleakley Financial Group LLC raised its stake in shares of Corteva by 10.3% during the first quarter. Bleakley Financial Group LLC now owns 13,239 shares of the company’s stock valued at $764,000 after purchasing an additional 1,237 shares in the last quarter. Kingsview Wealth Management LLC lifted its holdings in Corteva by 4.1% in the first quarter. Kingsview Wealth Management LLC now owns 7,896 shares of the company’s stock worth $455,000 after purchasing an additional 309 shares during the period. Orion Portfolio Solutions LLC grew its position in Corteva by 6.6% in the 1st quarter. Orion Portfolio Solutions LLC now owns 31,258 shares of the company’s stock valued at $1,803,000 after buying an additional 1,924 shares in the last quarter. Finally, Great Lakes Retirement Inc. increased its stake in Corteva by 7.2% during the 1st quarter. Great Lakes Retirement Inc. now owns 5,992 shares of the company’s stock valued at $346,000 after buying an additional 402 shares during the period. Institutional investors own 81.54% of the company’s stock.

Corteva Stock Performance

Shares of CTVA opened at $55.21 on Friday. 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 has a 1 year low of $43.89 and a 1 year high of $63.75. The firm has a fifty day moving average of $58.34 and a 200-day moving average of $55.67. The company has a market cap of $37.95 billion, a price-to-earnings ratio of 55.77, a price-to-earnings-growth ratio of 1.77 and a beta of 0.77.

Corteva Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.23%. The ex-dividend date is Monday, December 2nd. Corteva’s dividend payout ratio (DPR) is 68.69%.

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.