Corteva, Inc. (NYSE:CTVA) Shares Acquired by Jennison Associates LLC

Jennison Associates LLC lifted its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 14.1% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 244,408 shares of the company’s stock after acquiring an additional 30,155 shares during the period. Jennison Associates LLC’s holdings in Corteva were worth $13,921,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Czech National Bank boosted its position in shares of Corteva by 6.2% in the 3rd quarter. Czech National Bank now owns 141,018 shares of the company’s stock valued at $8,290,000 after purchasing an additional 8,202 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Corteva by 50.6% in the third quarter. GAMMA Investing LLC now owns 11,029 shares of the company’s stock valued at $648,000 after acquiring an additional 3,705 shares during the period. Bangor Savings Bank grew its position in shares of Corteva by 34.7% during the third quarter. Bangor Savings Bank now owns 935 shares of the company’s stock worth $55,000 after acquiring an additional 241 shares during the last quarter. Atomi Financial Group Inc. acquired a new position in shares of Corteva in the 3rd quarter valued at $253,000. Finally, City Holding Co. raised its position in Corteva by 1.6% in the 3rd quarter. City Holding Co. now owns 15,525 shares of the company’s stock valued at $913,000 after purchasing an additional 246 shares during the last quarter. 81.54% of the stock is owned by institutional investors and hedge funds.

Corteva Stock Performance

CTVA opened at $63.62 on Thursday. Corteva, Inc. has a 1-year low of $50.01 and a 1-year high of $66.24. The stock has a market cap of $43.72 billion, a P/E ratio of 64.26, a P/E/G ratio of 1.71 and a beta of 0.78. The stock’s 50 day simple moving average is $60.20 and its 200 day simple moving average is $58.07. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96.

Corteva (NYSE:CTVA) last posted its earnings results on Wednesday, February 5th. The company reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.02). Corteva had a net margin of 4.18% and a return on equity of 6.63%. As a group, equities analysts anticipate that Corteva, Inc. will post 2.58 EPS for the current fiscal year.

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

Corteva Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.07%. The ex-dividend date of this dividend is Monday, March 3rd. Corteva’s dividend payout ratio (DPR) is presently 68.69%.

Analyst Upgrades and Downgrades

CTVA has been the topic of a number of recent research reports. UBS Group dropped their price objective 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. KeyCorp dropped their price target on Corteva from $69.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, January 10th. Bank of America increased their price objective on Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Barclays boosted their target price on Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a report on Tuesday, January 21st. Finally, Wells Fargo & Company increased their price target on Corteva from $67.00 to $73.00 and gave the stock an “overweight” rating in a report on Tuesday, January 28th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $67.06.

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.