Allspring Global Investments Holdings LLC Raises Stake in Corteva, Inc. (NYSE:CTVA)

Allspring Global Investments Holdings LLC increased its stake in shares of Corteva, Inc. (NYSE:CTVA) by 4.7% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 42,470 shares of the company’s stock after buying an additional 1,898 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Corteva were worth $2,035,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Cornerstone Planning Group LLC purchased a new position in shares of Corteva during the 2nd quarter valued at $28,000. CVA Family Office LLC purchased a new stake in Corteva during the fourth quarter valued at about $25,000. PCA Investment Advisory Services Inc. purchased a new stake in Corteva during the second quarter valued at about $31,000. NewSquare Capital LLC boosted its position in Corteva by 70.6% during the third quarter. NewSquare Capital LLC now owns 546 shares of the company’s stock worth $28,000 after purchasing an additional 226 shares during the period. Finally, Glass Jacobson Investment Advisors llc increased its stake in shares of Corteva by 234.3% in the third quarter. Glass Jacobson Investment Advisors llc now owns 555 shares of the company’s stock worth $28,000 after purchasing an additional 389 shares in the last quarter. Institutional investors own 81.54% of the company’s stock.

Corteva Price Performance

CTVA opened at $54.80 on Monday. The company has a current ratio of 1.56, a quick ratio of 0.90 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $38.30 billion, a P/E ratio of 53.73, a PEG ratio of 1.44 and a beta of 0.77. The stock has a 50-day moving average price of $55.23 and a 200-day moving average price of $50.30. Corteva, Inc. has a 12-month low of $43.22 and a 12-month high of $62.10.

Corteva (NYSE:CTVA) last issued its earnings results on Thursday, February 1st. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.09. The business had revenue of $3.71 billion during the quarter, compared to analyst estimates of $3.54 billion. Corteva had a return on equity of 7.43% and a net margin of 4.27%. During the same quarter in the prior year, the firm earned $0.16 earnings per share. Equities analysts predict that Corteva, Inc. will post 2.84 earnings per share for the current fiscal year.

Corteva Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 1.17%. The ex-dividend date was Thursday, February 29th. Corteva’s payout ratio is presently 62.75%.

Analysts Set New Price Targets

Several research analysts recently commented on CTVA shares. Wells Fargo & Company raised their price objective on shares of Corteva from $54.00 to $65.00 and gave the stock an “overweight” rating in a report on Friday, February 2nd. Wolfe Research assumed coverage on Corteva in a research report on Friday, March 1st. They issued an “outperform” rating and a $67.00 price target for the company. JPMorgan Chase & Co. reissued a “neutral” rating and set a $57.00 price objective (down previously from $58.00) on shares of Corteva in a report on Friday, April 12th. TheStreet raised Corteva from a “c+” rating to a “b-” rating in a report on Tuesday, February 27th. Finally, KeyCorp increased their price target on shares of Corteva from $63.00 to $66.00 and gave the stock an “overweight” rating in a report on Tuesday, April 9th. Six equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $63.29.

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.