Strategic Financial Concepts LLC Buys New Shares in Corteva, Inc. (NYSE:CTVA)

Strategic Financial Concepts LLC bought a new stake in shares of Corteva, Inc. (NYSE:CTVA) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 11,499 shares of the company’s stock, valued at approximately $655,000.

A number of other large investors also recently modified their holdings of the company. State Street Corp boosted its position in shares of Corteva by 2.3% during the third quarter. State Street Corp now owns 34,290,086 shares of the company’s stock worth $2,015,914,000 after acquiring an additional 768,519 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Corteva by 2.0% during the third quarter. Geode Capital Management LLC now owns 17,703,771 shares of the company’s stock worth $1,037,505,000 after acquiring an additional 355,206 shares during the last quarter. Franklin Resources Inc. boosted its position 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 acquiring an additional 856,007 shares during the last quarter. Harris Associates L P boosted its position in shares of Corteva by 1.4% during the third quarter. Harris Associates L P now owns 14,362,309 shares of the company’s stock worth $844,360,000 after acquiring an additional 200,917 shares during the last quarter. Finally, FMR LLC increased its holdings in shares of Corteva by 1.9% in the third quarter. FMR LLC now owns 10,747,791 shares of the company’s stock worth $631,863,000 after purchasing an additional 203,126 shares during the last quarter. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Trading Down 1.3 %

CTVA opened at $63.65 on Thursday. Corteva, Inc. has a one year low of $50.01 and a one year high of $66.24. The stock has a market cap of $43.75 billion, a price-to-earnings ratio of 49.34, a P/E/G ratio of 1.68 and a beta of 0.78. The stock’s 50 day moving average price is $60.65 and its 200-day moving average price is $58.71. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.93 and a current ratio of 1.45.

Corteva (NYSE:CTVA) last released 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 return on equity of 7.19% and a net margin of 5.36%. On average, equities analysts forecast that Corteva, Inc. will post 2.96 EPS for the current year.

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 paid 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 1.07%. Corteva’s dividend payout ratio is currently 52.71%.

Corteva announced that its Board of Directors has authorized a share buyback plan on Tuesday, November 19th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the company to purchase up to 7.5% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CTVA. BNP Paribas raised Corteva to a “hold” rating in a report on Monday, February 10th. UBS Group lowered their target price on Corteva from $74.00 to $73.00 and set a “buy” rating for the company in a research report on Friday, January 10th. KeyCorp increased their target price on Corteva from $68.00 to $70.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. Citigroup boosted their target price on shares of Corteva from $69.00 to $74.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. Finally, Bank of America boosted their target price on shares of Corteva from $69.00 to $73.00 and gave the stock a “buy” rating in a report on Tuesday, February 11th. One 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, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $67.73.

About Corteva

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.