Chevy Chase Trust Holdings LLC decreased its holdings in Corteva, Inc. (NYSE:CTVA - Free Report) by 3.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 363,247 shares of the company's stock after selling 11,210 shares during the quarter. Chevy Chase Trust Holdings LLC owned 0.05% of Corteva worth $20,691,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Hager Investment Management Services LLC purchased a new stake in Corteva during the 4th quarter worth about $27,000. Golden State Wealth Management LLC purchased a new stake in shares of Corteva during the fourth quarter worth approximately $32,000. Capital Advisors Ltd. LLC raised its holdings in Corteva by 44.4% in the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company's stock valued at $33,000 after acquiring an additional 174 shares in the last quarter. First Financial Corp IN purchased a new position in Corteva in the fourth quarter worth approximately $35,000. Finally, Albion Financial Group UT grew its holdings in Corteva by 112.6% during the 4th quarter. Albion Financial Group UT now owns 606 shares of the company's stock worth $35,000 after acquiring an additional 321 shares in the last quarter. Institutional investors and hedge funds own 81.54% of the company's stock.
Corteva Trading Down 1.3 %
CTVA traded down $0.81 during trading on Wednesday, hitting $63.65. The company's stock had a trading volume of 2,379,875 shares, compared to its average volume of 3,651,365. Corteva, Inc. has a twelve month low of $50.01 and a twelve month high of $66.24. The firm's 50 day moving average price is $60.58 and its 200-day moving average price is $58.67. 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 stock has a market cap of $43.75 billion, a PE ratio of 49.34, a PEG ratio of 1.68 and a beta of 0.78.
Corteva (NYSE:CTVA - Get Free Report) last released its earnings results on Wednesday, February 5th. The company reported $0.32 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, analysts expect that Corteva, Inc. will post 2.96 earnings per share for the current year.
Corteva declared that its Board of Directors has authorized a share buyback plan on Tuesday, November 19th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 7.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.
Corteva Announces Dividend
The business also recently declared 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. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.07%. Corteva's dividend payout ratio (DPR) is presently 52.71%.
Analysts Set New Price Targets
A number of brokerages have recently weighed in on CTVA. Oppenheimer raised their price objective on shares of Corteva from $70.00 to $72.00 and gave the company an "outperform" rating in a report on Friday, February 7th. Royal Bank of Canada boosted their target price on Corteva from $72.00 to $73.00 and gave the stock an "outperform" rating in a research note on Friday, February 7th. UBS Group dropped their price target on shares of Corteva from $74.00 to $73.00 and set a "buy" rating on the stock in a research note on Friday, January 10th. Citigroup upped their price objective on shares of Corteva from $69.00 to $74.00 and gave the company a "buy" rating in a research note on Wednesday, January 29th. Finally, Bank of America raised their price objective on shares of Corteva from $69.00 to $73.00 and gave the stock a "buy" rating in a research report on Tuesday, February 11th. One 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.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $67.73.
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About Corteva
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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.
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