Allianz SE Invests $1.46 Million in Corteva, Inc. (NYSE:CTVA)

Allianz SE bought a new stake in Corteva, Inc. (NYSE:CTVA) in the 4th quarter, according to its most recent filing with the SEC. The fund bought 25,804 shares of the company’s stock, valued at approximately $1,459,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Corteva by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 79,174,847 shares of the company’s stock valued at $4,509,799,000 after acquiring an additional 646,459 shares during the period. State Street Corp grew its holdings in Corteva by 2.3% in the third quarter. State Street Corp now owns 34,290,086 shares of the company’s stock valued at $2,015,914,000 after purchasing an additional 768,519 shares during the period. Geode Capital Management LLC increased its position in shares of Corteva by 2.0% in the third quarter. Geode Capital Management LLC now owns 17,703,771 shares of the company’s stock valued at $1,037,505,000 after buying an additional 355,206 shares in the last quarter. Franklin Resources Inc. raised its stake in shares of Corteva by 6.1% during the 3rd quarter. Franklin Resources Inc. now owns 14,788,607 shares of the company’s stock worth $860,746,000 after buying an additional 856,007 shares during the period. Finally, Harris Associates L P lifted its position in shares of Corteva by 1.4% during the 3rd quarter. Harris Associates L P now owns 14,362,309 shares of the company’s stock valued at $844,360,000 after buying an additional 200,917 shares in the last quarter. 81.54% of the stock is owned by hedge funds and other institutional investors.

Corteva Stock Down 2.2 %

Shares of NYSE CTVA opened at $61.08 on Friday. The company has a market capitalization of $41.72 billion, a P/E ratio of 47.35, a P/E/G ratio of 1.68 and a beta of 0.79. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.45 and a quick ratio of 0.93. The company has a 50 day simple moving average of $62.53 and a 200-day simple moving average of $60.10. Corteva, Inc. has a 1 year low of $50.01 and a 1 year high of $66.24.

Corteva (NYSE:CTVA) last posted 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 net margin of 5.36% and a return on equity of 7.19%. On average, equities research analysts predict that Corteva, Inc. will post 2.96 earnings per share for the current year.

Corteva Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.11%. The ex-dividend date of this dividend was Monday, March 3rd. Corteva’s dividend payout ratio is presently 52.71%.

Analysts Set New Price Targets

Several brokerages recently commented on CTVA. Royal Bank of Canada boosted their price target on shares of Corteva from $72.00 to $73.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. BNP Paribas upgraded shares of Corteva to a “hold” rating in a research report on Monday, February 10th. Citigroup lifted their price objective on Corteva from $69.00 to $74.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. The Goldman Sachs Group assumed coverage on Corteva in a research report on Thursday, March 13th. They issued a “buy” rating and a $71.00 target price on the stock. Finally, Bank of America boosted their price target on Corteva from $69.00 to $73.00 and gave the stock a “buy” rating in a research report on Tuesday, February 11th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $68.00.

Insider Activity

In related news, insider Brian Titus sold 26,560 shares of the business’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $63.74, for a total value of $1,692,934.40. Following the sale, the insider now owns 11,347 shares in the company, valued at approximately $723,257.78. The trade was a 70.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.14% of the company’s stock.

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.