Allstate Corp Acquires Shares of 20,694 Corteva, Inc. (NYSE:CTVA)

Allstate Corp acquired a new position in shares of Corteva, Inc. (NYSE:CTVA) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 20,694 shares of the company’s stock, valued at approximately $1,179,000.

Several other institutional investors and hedge funds also recently modified their holdings of CTVA. Norges Bank purchased a new position in Corteva in the 4th quarter worth approximately $251,892,000. Raymond James Financial Inc. acquired a new position in shares of Corteva during the fourth quarter worth $161,052,000. Franklin Resources Inc. grew its holdings in Corteva by 6.1% during the 3rd 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. State Street Corp increased its stake in Corteva by 2.3% during the 3rd 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 during the period. Finally, Vanguard Group Inc. lifted its holdings in Corteva by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 79,174,847 shares of the company’s stock worth $4,509,799,000 after buying an additional 646,459 shares in the last quarter. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Insider Buying and Selling

In other Corteva 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 completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.14% of the company’s stock.

Corteva Stock Performance

Shares of NYSE CTVA opened at $61.08 on Monday. The company has a quick ratio of 0.93, a current ratio of 1.45 and a debt-to-equity ratio of 0.08. The firm’s 50-day moving average price is $62.53 and its two-hundred day moving average price is $60.13. Corteva, Inc. has a 52-week low of $50.01 and a 52-week high of $66.24. The stock 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.

Corteva (NYSE:CTVA) last announced its quarterly earnings results on Wednesday, February 5th. The company reported $0.32 earnings per share (EPS) 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%. As a group, sell-side analysts forecast that Corteva, Inc. will post 2.96 earnings per share for the current year.

Corteva Announces Dividend

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

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. UBS Group dropped their target price on Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a research report on Friday, January 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. BNP Paribas upgraded Corteva to a “hold” rating in a research note on Monday, February 10th. Royal Bank of Canada lifted their price target on shares of Corteva from $72.00 to $73.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Finally, Wells Fargo & Company increased their price objective on shares of Corteva from $67.00 to $73.00 and gave the company an “overweight” rating in a research note on Tuesday, January 28th. One research analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $68.00.

Corteva 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.