Strategic Financial Concepts LLC Acquires New Shares in Corteva, Inc. (NYSE:CTVA)

Strategic Financial Concepts LLC bought a new position in Corteva, Inc. (NYSE:CTVA) in the 4th quarter, HoldingsChannel reports. The institutional investor bought 11,499 shares of the company’s stock, valued at approximately $655,000.

A number of other hedge funds have also added to or reduced their stakes in CTVA. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in shares of Corteva during the third quarter worth about $99,869,000. Franklin Resources Inc. grew its stake in Corteva by 6.1% in 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 in the last quarter. KBC Group NV increased its holdings in shares of Corteva by 267.3% in the 3rd quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock worth $65,851,000 after buying an additional 815,135 shares during the last quarter. State Street Corp lifted its holdings in shares of 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 acquiring an additional 768,519 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its position in Corteva by 176.0% in the third quarter. BNP Paribas Financial Markets now owns 934,748 shares of the company’s stock worth $54,954,000 after acquiring an additional 596,073 shares in the last quarter. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Price Performance

NYSE CTVA opened at $63.01 on Wednesday. The stock has a market capitalization of $43.31 billion, a price-to-earnings ratio of 48.85, a PEG ratio of 1.85 and a beta of 0.78. Corteva, Inc. has a 1-year low of $50.01 and a 1-year 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 0.96. The business’s fifty day moving average price is $60.22 and its 200-day moving average price is $58.30.

Corteva (NYSE:CTVA) last announced its 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 net margin of 5.36% and a return on equity of 7.19%. On average, equities analysts predict that Corteva, Inc. will post 2.83 earnings per share for the current year.

Corteva declared that its board has approved a stock repurchase program on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 7.5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

Corteva Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be given a dividend of $0.17 per share. The ex-dividend date is Monday, March 3rd. This represents a $0.68 annualized dividend and a yield of 1.08%. Corteva’s dividend payout ratio (DPR) is presently 52.71%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on CTVA shares. Citigroup lifted their price target on Corteva from $69.00 to $74.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. Barclays upped their target price on Corteva from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 21st. Wells Fargo & Company boosted their price objective on shares of Corteva from $67.00 to $73.00 and gave the stock an “overweight” rating in a report on Tuesday, January 28th. Oppenheimer increased their target price on shares of Corteva from $70.00 to $72.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Finally, Bank of America boosted their price target on shares of Corteva from $69.00 to $73.00 and gave the stock a “buy” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.56.

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.