M Holdings Securities Inc. acquired a new position in shares of Corteva, Inc. (NYSE:CTVA – Get Rating) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm acquired 3,495 shares of the company’s stock, valued at approximately $201,000.
Several other institutional investors also recently bought and sold shares of CTVA. Charles Schwab Investment Management Inc. increased its holdings in Corteva by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,469,865 shares of the company’s stock worth $164,056,000 after purchasing an additional 80,370 shares during the period. PFS Investments Inc. increased its holdings in Corteva by 17.5% during the 4th quarter. PFS Investments Inc. now owns 21,149 shares of the company’s stock worth $1,000,000 after purchasing an additional 3,155 shares during the period. Level Four Advisory Services LLC purchased a new position in Corteva during the 4th quarter worth $228,000. Gabelli Funds LLC increased its holdings in shares of Corteva by 34.2% in the 4th quarter. Gabelli Funds LLC now owns 68,636 shares of the company’s stock valued at $3,245,000 after acquiring an additional 17,500 shares during the period. Finally, Schroder Investment Management Group increased its holdings in shares of Corteva by 38.4% in the 4th quarter. Schroder Investment Management Group now owns 372,276 shares of the company’s stock valued at $17,601,000 after acquiring an additional 103,349 shares during the period. 79.02% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of brokerages have recently issued reports on CTVA. UBS Group cut their price target on Corteva from $68.00 to $64.00 in a report on Wednesday, July 13th. Mizuho lifted their price target on Corteva from $68.00 to $69.00 and gave the company a “buy” rating in a report on Monday, August 8th. Citigroup lifted their price target on Corteva from $63.00 to $69.00 and gave the company a “buy” rating in a report on Monday, August 8th. Barclays assumed coverage on Corteva in a report on Wednesday, June 1st. They issued an “overweight” rating and a $71.00 price target on the stock. Finally, KeyCorp boosted their target price on Corteva from $64.00 to $72.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 14th. One analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, Corteva has a consensus rating of “Moderate Buy” and a consensus price target of $68.60.
Corteva Stock Performance
Corteva (NYSE:CTVA – Get Rating) last issued its quarterly earnings results on Thursday, August 4th. The company reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.47 by $0.17. Corteva had a return on equity of 7.26% and a net margin of 10.31%. The company had revenue of $6.25 billion during the quarter, compared to analysts’ expectations of $6.09 billion. During the same quarter in the previous year, the firm posted $1.40 EPS. The firm’s revenue was up 11.6% compared to the same quarter last year. As a group, research analysts predict that Corteva, Inc. will post 2.6 EPS for the current year.
Corteva Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Friday, August 12th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 0.98%. The ex-dividend date was Thursday, August 11th. This is a boost from Corteva’s previous quarterly dividend of $0.14. Corteva’s payout ratio is 25.32%.
Corteva declared that its Board of Directors has initiated a stock buyback plan on Tuesday, September 13th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to buy up to 4.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
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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