The Manufacturers Life Insurance Company reduced its position in Corteva, Inc. (NYSE:CTVA – Get Rating) by 1.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,585,649 shares of the company’s stock after selling 32,077 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.36% of Corteva worth $148,646,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Toroso Investments LLC lifted its position in Corteva by 3.4% in the first quarter. Toroso Investments LLC now owns 119,902 shares of the company’s stock worth $6,892,000 after purchasing an additional 3,982 shares during the period. Chicago Partners Investment Group LLC raised its stake in Corteva by 93.8% during the first quarter. Chicago Partners Investment Group LLC now owns 9,147 shares of the company’s stock worth $522,000 after acquiring an additional 4,427 shares in the last quarter. Orion Portfolio Solutions LLC acquired a new position in Corteva during the first quarter worth $231,000. BNP Paribas Arbitrage SA raised its stake in Corteva by 42.3% during the first quarter. BNP Paribas Arbitrage SA now owns 268,423 shares of the company’s stock worth $15,429,000 after acquiring an additional 79,843 shares in the last quarter. Finally, Sawgrass Asset Management LLC acquired a new position in Corteva during the first quarter worth $695,000. 79.02% of the stock is owned by institutional investors.
Corteva Price Performance
Shares of CTVA stock opened at $63.81 on Thursday. The stock has a 50-day moving average price of $58.21 and a 200 day moving average price of $57.46. The company has a quick ratio of 1.35, a current ratio of 1.88 and a debt-to-equity ratio of 0.05. The firm has a market cap of $46.18 billion, a price-to-earnings ratio of 26.92, a PEG ratio of 1.59 and a beta of 0.68. Corteva, Inc. has a 12 month low of $40.72 and a 12 month high of $64.30.
Corteva declared that its Board of Directors has initiated a share buyback program on Tuesday, September 13th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 4.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
Corteva Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Friday, August 12th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, August 11th. This represents a $0.60 dividend on an annualized basis and a yield of 0.94%. This is a boost from Corteva’s previous quarterly dividend of $0.14. Corteva’s dividend payout ratio (DPR) is 25.32%.
Analysts Set New Price Targets
CTVA has been the subject of several recent analyst reports. Royal Bank of Canada increased their price objective on Corteva from $67.00 to $72.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 9th. Citigroup increased their price objective on Corteva from $63.00 to $69.00 and gave the stock a “buy” rating in a research note on Monday, August 8th. KeyCorp raised their target price on Corteva from $64.00 to $72.00 and gave the company an “overweight” rating in a research note on Wednesday. JPMorgan Chase & Co. upgraded Corteva from a “neutral” rating to an “overweight” rating and raised their target price for the company from $58.00 to $63.00 in a research note on Monday, August 8th. Finally, UBS Group lowered their target price on Corteva from $68.00 to $64.00 in a research note on Wednesday, July 13th. One analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $68.13.
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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