Perigon Wealth Management LLC Raises Stock Holdings in Corteva, Inc. (NYSE:CTVA)

Perigon Wealth Management LLC grew its holdings in Corteva, Inc. (NYSE:CTVA) by 5.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 14,062 shares of the company’s stock after buying an additional 760 shares during the quarter. Perigon Wealth Management LLC’s holdings in Corteva were worth $867,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in Corteva in the 3rd quarter worth $99,869,000. Franklin Resources Inc. increased its stake in shares of Corteva by 6.1% during the third quarter. Franklin Resources Inc. now owns 14,788,607 shares of the company’s stock worth $860,746,000 after purchasing an additional 856,007 shares in the last quarter. KBC Group NV raised its position in shares of Corteva by 267.3% during the 3rd quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock worth $65,851,000 after purchasing an additional 815,135 shares during the last quarter. State Street Corp lifted its stake in Corteva by 2.3% in the 3rd quarter. State Street Corp now owns 34,290,086 shares of the company’s stock valued at $2,015,914,000 after buying an additional 768,519 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in Corteva by 176.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 934,748 shares of the company’s stock worth $54,954,000 after buying an additional 596,073 shares during the last quarter. 81.54% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have commented on CTVA. Oppenheimer reissued an “outperform” rating and set a $70.00 target price (up previously from $69.00) on shares of Corteva in a report on Friday, November 8th. Bank of America increased their price objective on Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. UBS Group lowered their target price on shares of Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a research note on Friday, January 10th. Citigroup increased their target price on shares of Corteva from $69.00 to $74.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Royal Bank of Canada boosted their price target on shares of Corteva from $68.00 to $73.00 and gave the stock an “outperform” rating in a research report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Corteva presently has an average rating of “Moderate Buy” and an average price target of $66.24.

Corteva Price Performance

NYSE:CTVA opened at $66.15 on Friday. Corteva, Inc. has a 52 week low of $45.46 and a 52 week high of $66.24. The stock’s fifty day moving average is $59.96 and its two-hundred day moving average is $57.74. The company has a market capitalization of $45.46 billion, a P/E ratio of 66.81, a P/E/G ratio of 1.63 and a beta of 0.77. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08.

Corteva Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be given a $0.17 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 1.03%. Corteva’s payout ratio is currently 68.69%.

Corteva announced that its Board of Directors has authorized a share repurchase plan on Tuesday, November 19th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the company to repurchase up to 7.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

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.