Stonegate Investment Group LLC raised its holdings in Corteva, Inc. (NYSE:CTVA – Free Report) by 25.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 9,395 shares of the company’s stock after purchasing an additional 1,897 shares during the quarter. Stonegate Investment Group LLC’s holdings in Corteva were worth $535,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in shares of Corteva during the third quarter worth approximately $99,869,000. Franklin Resources Inc. raised its position in Corteva by 6.1% during the 3rd quarter. Franklin Resources Inc. now owns 14,788,607 shares of the company’s stock worth $860,746,000 after buying an additional 856,007 shares during the last quarter. KBC Group NV lifted its stake in shares of Corteva by 267.3% in the 3rd quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock worth $65,851,000 after acquiring an additional 815,135 shares during the period. State Street Corp boosted its holdings in shares of Corteva by 2.3% in the third quarter. State Street Corp now owns 34,290,086 shares of the company’s stock valued at $2,015,914,000 after acquiring an additional 768,519 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its stake in shares of Corteva by 176.0% during the third quarter. BNP Paribas Financial Markets now owns 934,748 shares of the company’s stock worth $54,954,000 after acquiring an additional 596,073 shares during the period. 81.54% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
CTVA has been the topic of a number of analyst reports. Wells Fargo & Company lifted their price objective on Corteva from $67.00 to $73.00 and gave the company an “overweight” rating in a report on Tuesday. Bank of America upped their price objective on Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Oppenheimer reissued an “outperform” rating and issued a $70.00 target price (up previously from $69.00) on shares of Corteva in a report on Friday, November 8th. KeyCorp lowered their price target on shares of Corteva from $69.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, January 10th. Finally, UBS Group reduced their price objective on shares of Corteva from $74.00 to $73.00 and set a “buy” rating for the company in a research note on Friday, January 10th. One research analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $65.94.
Corteva Trading Down 0.3 %
Corteva stock opened at $64.26 on Wednesday. The stock has a market cap of $44.16 billion, a PE ratio of 64.90, a P/E/G ratio of 1.63 and a beta of 0.77. 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 $59.71 and a 200 day moving average price of $57.61. Corteva, Inc. has a 52 week low of $45.30 and a 52 week high of $64.86.
Corteva declared that its Board of Directors has authorized a stock buyback plan on Tuesday, November 19th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the company to repurchase up to 7.5% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.
Corteva Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.06%. The ex-dividend date of this dividend is Monday, March 3rd. Corteva’s payout ratio is 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.
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