Cidel Asset Management Inc. Raises Stock Position in Corteva, Inc. (NYSE:CTVA)

Cidel Asset Management Inc. grew its holdings in Corteva, Inc. (NYSE:CTVA) by 5.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,756 shares of the company’s stock after acquiring an additional 204 shares during the period. Cidel Asset Management Inc.’s holdings in Corteva were worth $214,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in Corteva in the 3rd quarter valued at $99,869,000. Franklin Resources Inc. grew 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 valued at $860,746,000 after purchasing an additional 856,007 shares in the last quarter. KBC Group NV increased its holdings in shares of Corteva by 267.3% in the third quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock worth $65,851,000 after purchasing an additional 815,135 shares during the last quarter. State Street Corp lifted its position in shares of Corteva by 2.3% in the third quarter. State Street Corp now owns 34,290,086 shares of the company’s stock worth $2,015,914,000 after buying an additional 768,519 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its stake in Corteva by 176.0% during the third quarter. BNP Paribas Financial Markets now owns 934,748 shares of the company’s stock valued at $54,954,000 after buying an additional 596,073 shares during the last quarter. Institutional investors own 81.54% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on CTVA shares. Bank of America lifted their price objective on Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. Barclays boosted their price target on shares of Corteva from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 21st. Citigroup increased their price objective on shares of Corteva from $69.00 to $74.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. Oppenheimer boosted their target price on shares of Corteva from $70.00 to $72.00 and gave the stock an “outperform” rating in a report on Friday. Finally, UBS Group lowered their price target on shares of Corteva from $74.00 to $73.00 and set a “buy” rating for the company in a report on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $67.31.

Corteva Trading Down 0.1 %

CTVA stock opened at $62.32 on Monday. Corteva, Inc. has a 12 month low of $50.01 and a 12 month high of $66.24. The firm’s 50-day moving average is $60.22 and its 200 day moving average is $58.22. The company has a market capitalization of $42.83 billion, a PE ratio of 48.31, a P/E/G ratio of 1.85 and a beta of 0.78. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.45 and a quick ratio of 0.96.

Corteva (NYSE:CTVA) last issued its earnings results on Wednesday, February 5th. The company reported $0.32 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.02). Corteva had a return on equity of 7.19% and a net margin of 5.36%. On average, research analysts anticipate that Corteva, Inc. will post 2.83 EPS for the current year.

Corteva announced that its board has authorized a stock repurchase plan on Tuesday, November 19th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the company to repurchase up to 7.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Corteva Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.09%. The ex-dividend date of this dividend is Monday, March 3rd. Corteva’s dividend payout ratio is 52.71%.

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.