DT Investment Partners LLC Decreases Stock Position in Corteva, Inc. (NYSE:CTVA)

DT Investment Partners LLC cut its holdings in Corteva, Inc. (NYSE:CTVA - Free Report) by 21.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 15,427 shares of the company's stock after selling 4,277 shares during the quarter. DT Investment Partners LLC's holdings in Corteva were worth $879,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in CTVA. State Street Corp boosted its holdings in Corteva by 2.3% during the third 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 last quarter. Geode Capital Management LLC lifted its holdings in shares of Corteva by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 17,703,771 shares of the company's stock valued at $1,037,505,000 after purchasing an additional 355,206 shares in the last quarter. Franklin Resources Inc. raised its position in Corteva by 6.1% in the 3rd quarter. Franklin Resources Inc. now owns 14,788,607 shares of the company's stock valued at $860,746,000 after buying an additional 856,007 shares during the last quarter. Harris Associates L P raised its position in Corteva by 1.4% in 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 during the last quarter. Finally, FMR LLC raised its position in Corteva by 1.9% in the 3rd quarter. FMR LLC now owns 10,747,791 shares of the company's stock valued at $631,863,000 after buying an additional 203,126 shares during the last quarter. Institutional investors own 81.54% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CTVA. Royal Bank of Canada boosted their price target on Corteva from $72.00 to $73.00 and gave the stock an "outperform" rating in a research report on Friday, February 7th. Bank of America lifted their target price on Corteva from $69.00 to $73.00 and gave the stock a "buy" rating in a research note on Tuesday, February 11th. Oppenheimer boosted their price target on Corteva from $70.00 to $72.00 and gave the company an "outperform" rating in a research note on Friday, February 7th. BNP Paribas upgraded Corteva to a "hold" rating in a research note on Monday, February 10th. Finally, Barclays upped their target price on Corteva from $62.00 to $64.00 and gave the company an "equal weight" rating in a research report on Tuesday, January 21st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat, Corteva presently has a consensus rating of "Moderate Buy" and an average price target of $67.73.

Corteva Stock Performance

NYSE:CTVA traded up $0.55 during trading hours on Tuesday, reaching $64.51. The stock had a trading volume of 3,446,248 shares, compared to its average volume of 3,695,563. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.45. The stock has a 50 day simple moving average of $60.48 and a 200 day simple moving average of $58.58. Corteva, Inc. has a 12-month low of $50.01 and a 12-month high of $66.24. The stock has a market cap of $44.33 billion, a P/E ratio of 50.01, a price-to-earnings-growth ratio of 1.85 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 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.34 by ($0.02). Corteva had a return on equity of 7.19% and a net margin of 5.36%. On average, research analysts forecast that Corteva, Inc. will post 2.83 EPS for the current fiscal year.

Corteva Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date is Monday, March 3rd. Corteva's payout ratio is currently 52.71%.

Corteva announced that its board has initiated a stock buyback plan on Tuesday, November 19th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the company to buy up to 7.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board believes its shares are undervalued.

Corteva Company 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.