Cibc World Markets Corp Increases Stock Position in Corteva, Inc. (NYSE:CTVA)

Cibc World Markets Corp lifted its holdings in Corteva, Inc. (NYSE:CTVA) by 46.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 372,634 shares of the company’s stock after buying an additional 118,399 shares during the quarter. Cibc World Markets Corp owned approximately 0.05% of Corteva worth $21,225,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. GWN Securities Inc. bought a new position in shares of Corteva during the fourth quarter valued at $654,000. Sovereign Investment Advisors LLC bought a new stake in Corteva during the 4th quarter valued at about $305,000. Harbour Investments Inc. raised its holdings in Corteva by 14.4% in the fourth quarter. Harbour Investments Inc. now owns 1,790 shares of the company’s stock worth $102,000 after buying an additional 225 shares during the last quarter. Corient Private Wealth LLC raised its holdings in Corteva by 4.8% in the fourth quarter. Corient Private Wealth LLC now owns 224,732 shares of the company’s stock worth $12,801,000 after buying an additional 10,259 shares during the last quarter. Finally, Diversified Enterprises LLC lifted its stake in shares of Corteva by 8.6% in the fourth quarter. Diversified Enterprises LLC now owns 4,950 shares of the company’s stock worth $282,000 after buying an additional 393 shares in the last quarter. 81.54% of the stock is currently owned by institutional investors.

Corteva Trading Up 3.1 %

Shares of CTVA stock opened at $61.67 on Tuesday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.93 and a current ratio of 1.45. The stock has a fifty day simple moving average of $62.05 and a two-hundred day simple moving average of $59.74. The firm has a market capitalization of $42.28 billion, a PE ratio of 47.81, a PEG ratio of 1.68 and a beta of 0.79. Corteva, Inc. has a 52-week low of $50.01 and a 52-week high of $66.24.

Corteva (NYSE:CTVA) last issued its earnings results on Wednesday, February 5th. The company reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.02). Corteva had a net margin of 5.36% and a return on equity of 7.19%. On average, analysts predict that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.10%. The ex-dividend date was Monday, March 3rd. Corteva’s dividend payout ratio (DPR) is presently 52.71%.

Corteva announced that its Board of Directors has initiated a stock buyback program on Tuesday, November 19th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 7.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on CTVA shares. BNP Paribas upgraded shares of Corteva to a “hold” rating in a report on Monday, February 10th. Oppenheimer boosted their price target on Corteva from $70.00 to $72.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. KeyCorp raised their price target on shares of Corteva from $68.00 to $70.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Bank of America lifted their price objective on Corteva from $69.00 to $73.00 and gave the stock a “buy” rating in a report on Tuesday, February 11th. Finally, Royal Bank of Canada raised their price objective on shares of Corteva from $72.00 to $73.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, Corteva currently has a consensus rating of “Moderate Buy” and an average price target of $68.00.

Insider Buying and Selling

In other news, insider Brian Titus sold 26,560 shares of Corteva stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $63.74, for a total value of $1,692,934.40. Following the sale, the insider now directly owns 11,347 shares of the company’s stock, valued at approximately $723,257.78. The trade was a 70.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.14% of the stock is owned by company insiders.

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.