CVA Family Office LLC lifted its stake in shares of Corteva, Inc. (NYSE:CTVA – Get Rating) by 68.2% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 641 shares of the company’s stock after buying an additional 260 shares during the period. CVA Family Office LLC’s holdings in Corteva were worth $35,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. CWM LLC increased its position in shares of Corteva by 24.7% during the first quarter. CWM LLC now owns 10,658 shares of the company’s stock valued at $613,000 after buying an additional 2,108 shares during the period. Hazlett Burt & Watson Inc. purchased a new position in shares of Corteva during the first quarter valued at about $31,000. Buckingham Strategic Wealth LLC grew its holdings in Corteva by 4.0% in the first quarter. Buckingham Strategic Wealth LLC now owns 7,821 shares of the company’s stock worth $450,000 after purchasing an additional 298 shares during the period. Diversified Trust Co grew its holdings in Corteva by 25.7% in the first quarter. Diversified Trust Co now owns 25,245 shares of the company’s stock worth $1,451,000 after purchasing an additional 5,154 shares during the period. Finally, Toroso Investments LLC grew its holdings 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. Hedge funds and other institutional investors own 79.02% of the company’s stock.
Corteva Stock Down 0.0 %
Shares of Corteva stock opened at $61.40 on Wednesday. The company has a market cap of $44.44 billion, a price-to-earnings ratio of 25.91, a price-to-earnings-growth ratio of 1.55 and a beta of 0.68. The company’s 50 day moving average is $58.97 and its 200 day moving average is $57.81. Corteva, Inc. has a twelve month low of $41.13 and a twelve month high of $64.30. The company has a quick ratio of 1.35, a current ratio of 1.88 and a debt-to-equity ratio of 0.05.
Corteva declared that its board has authorized a stock buyback program on Tuesday, September 13th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 4.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
Corteva Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Friday, August 12th were given a dividend of $0.15 per share. This is an increase from Corteva’s previous quarterly dividend of $0.14. The ex-dividend date was Thursday, August 11th. This represents a $0.60 dividend on an annualized basis and a yield of 0.98%. Corteva’s dividend payout ratio is 25.32%.
Insider Activity at Corteva
In other Corteva news, insider Audrey Grimm sold 10,000 shares of the stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $62.79, for a total value of $627,900.00. Following the transaction, the insider now directly owns 7,511 shares in the company, valued at $471,615.69. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.08% of the stock is owned by insiders.
Wall Street Analyst Weigh In
A number of equities research analysts have weighed in on CTVA shares. Barclays started coverage on shares of Corteva in a report on Wednesday, June 1st. They issued an “overweight” rating and a $71.00 price objective on the stock. Roth Capital upgraded shares of Corteva from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $67.00 to $74.00 in a report on Monday, August 8th. Citigroup upped their price objective on shares of Corteva from $63.00 to $69.00 and gave the stock a “buy” rating in a report on Monday, August 8th. KeyCorp upped their price objective on shares of Corteva from $64.00 to $72.00 and gave the stock an “overweight” rating in a report on Wednesday, September 14th. Finally, BMO Capital Markets upped their target price on shares of Corteva from $66.00 to $72.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 14th. One research analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $68.60.
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.
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