Traders Purchase Large Volume of Corteva Put Options (NYSE:CTVA)

Corteva, Inc. (NYSE:CTVA) was the target of some unusual options trading activity on Friday. Stock traders bought 3,134 put options on the stock. This is an increase of 393% compared to the average volume of 636 put options.

Corteva Stock Performance

NYSE:CTVA traded down $1.44 during mid-day trading on Friday, hitting $55.97. 1,834,910 shares of the stock were exchanged, compared to its average volume of 3,251,393. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50. The firm’s 50-day simple moving average is $58.34 and its 200 day simple moving average is $55.67. Corteva has a fifty-two week low of $43.89 and a fifty-two week high of $63.75. The stock has a market capitalization of $38.47 billion, a price-to-earnings ratio of 57.57, a price-to-earnings-growth ratio of 1.85 and a beta of 0.77.

Corteva Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.17 per share. The ex-dividend date is Monday, December 2nd. This represents a $0.68 annualized dividend and a dividend yield of 1.21%. Corteva’s dividend payout ratio is presently 68.69%.

Wall Street Analyst Weigh In

CTVA has been the topic of several recent research reports. Barclays raised their price target on Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a report on Friday, November 8th. JPMorgan Chase & Co. dropped their target price on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Argus cut Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. Citigroup assumed coverage on Corteva in a report on Wednesday, October 23rd. They set a “buy” rating and a $68.00 target price on the stock. Finally, Oppenheimer reissued an “outperform” rating and set a $70.00 price objective (up previously from $69.00) on shares of Corteva in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, Corteva currently has a consensus rating of “Moderate Buy” and an average price target of $63.68.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Acadian Asset Management LLC bought a new position in Corteva in the first quarter valued at about $25,000. Capital Advisors Ltd. LLC raised its position in shares of Corteva by 44.4% during 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. Cultivar Capital Inc. bought a new position in Corteva during the second quarter worth $34,000. Redwood Wealth Management Group LLC acquired a new position in shares of Corteva in the 2nd quarter valued at about $43,000. Finally, Triad Wealth Partners LLC acquired a new position in Corteva in the second quarter valued at approximately $45,000. Institutional investors own 81.54% of the company’s stock.

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.