Fjarde AP Fonden Fourth Swedish National Pension Fund Buys 110,900 Shares of Corteva, Inc. (NYSE:CTVA)

Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its stake in Corteva, Inc. (NYSE:CTVA) by 2,639.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 115,101 shares of the company’s stock after acquiring an additional 110,900 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Corteva were worth $6,556,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in CTVA. Allspring Global Investments Holdings LLC lifted its position in Corteva by 19.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 48,470 shares of the company’s stock valued at $2,850,000 after acquiring an additional 7,923 shares in the last quarter. Private Advisor Group LLC lifted its position in Corteva by 1.1% in the 3rd quarter. Private Advisor Group LLC now owns 28,482 shares of the company’s stock valued at $1,674,000 after acquiring an additional 313 shares in the last quarter. International Assets Investment Management LLC bought a new stake in Corteva in the 3rd quarter valued at $8,239,000. Assenagon Asset Management S.A. lifted its position in Corteva by 288.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 64,588 shares of the company’s stock valued at $3,797,000 after acquiring an additional 47,953 shares in the last quarter. Finally, Allworth Financial LP lifted its position in Corteva by 5.3% in the 3rd quarter. Allworth Financial LP now owns 11,676 shares of the company’s stock valued at $686,000 after acquiring an additional 591 shares in the last quarter. 81.54% of the stock is owned by institutional investors.

Insider Activity at Corteva

In related news, insider Brian Titus sold 26,560 shares of the company’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $63.74, for a total value of $1,692,934.40. Following the transaction, the insider now owns 11,347 shares in the company, valued at approximately $723,257.78. This represents a 70.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.14% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on CTVA shares. Barclays boosted their price objective on shares of Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 21st. Wells Fargo & Company boosted their price target on shares of Corteva from $67.00 to $73.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 28th. Citigroup boosted their price target on shares of Corteva from $69.00 to $74.00 and gave the stock a “buy” rating in a research report on Wednesday, January 29th. Oppenheimer boosted their price target on shares of Corteva from $70.00 to $72.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Finally, BNP Paribas raised shares of Corteva to a “hold” rating in a research report on Monday, February 10th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, Corteva has a consensus rating of “Moderate Buy” and an average target price of $67.73.

Corteva Stock Down 0.3 %

Corteva stock opened at $62.59 on Tuesday. The firm has a market capitalization of $42.91 billion, a PE ratio of 48.52, a P/E/G ratio of 1.68 and a beta of 0.78. The company’s 50-day moving average is $60.88 and its 200-day moving average is $59.01. Corteva, Inc. has a fifty-two week low of $50.01 and a fifty-two week high of $66.24. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.45 and a quick ratio of 0.93.

Corteva (NYSE:CTVA) last released its quarterly earnings data on Wednesday, February 5th. The company reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.02). Corteva had a return on equity of 7.19% and a net margin of 5.36%. Sell-side analysts anticipate that Corteva, Inc. will post 2.96 earnings per share for the current year.

Corteva declared that its Board of Directors has approved a share buyback plan on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 7.5% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Corteva Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be paid a $0.17 dividend. The ex-dividend date is Monday, March 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 1.09%. Corteva’s dividend payout ratio (DPR) is currently 52.71%.

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.