MFG Wealth Management Inc. Buys Shares of 17,304 Corteva, Inc. (NYSE:CTVA)

MFG Wealth Management Inc. purchased a new stake in Corteva, Inc. (NYSE:CTVA - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 17,304 shares of the company's stock, valued at approximately $986,000.

Several other hedge funds also recently made changes to their positions in CTVA. Hager Investment Management Services LLC purchased a new position in Corteva during the fourth quarter worth about $27,000. Golden State Wealth Management LLC purchased a new position in Corteva during the fourth quarter worth about $32,000. Capital Advisors Ltd. LLC grew its position in Corteva by 44.4% during the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company's stock worth $33,000 after buying an additional 174 shares in the last quarter. First Financial Corp IN purchased a new position in Corteva during the fourth quarter worth about $35,000. Finally, Albion Financial Group UT grew its position in Corteva by 112.6% during the fourth quarter. Albion Financial Group UT now owns 606 shares of the company's stock worth $35,000 after buying an additional 321 shares in the last quarter. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Corteva Trading Up 1.8 %

CTVA traded up $1.14 during midday trading on Friday, reaching $64.00. 3,906,167 shares of the company's stock traded hands, compared to its average volume of 3,806,061. The firm has a fifty day moving average of $60.39 and a two-hundred day moving average of $58.49. The stock has a market capitalization of $43.99 billion, a price-to-earnings ratio of 49.61, a P/E/G ratio of 1.85 and a beta of 0.78. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.45 and a quick ratio of 0.96. Corteva, Inc. has a 52 week low of $50.01 and a 52 week high of $66.24.

Corteva (NYSE:CTVA - Get Free Report) last released its quarterly 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 analysts anticipate that Corteva, Inc. will post 2.83 earnings per share for the current fiscal year.

Corteva declared that its board has authorized a share repurchase program on Tuesday, November 19th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the company to buy up to 7.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board believes its shares are undervalued.

Corteva Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be issued a dividend of $0.17 per share. The ex-dividend date is Monday, March 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.06%. Corteva's dividend payout ratio (DPR) is 52.71%.

Analysts Set New Price Targets

Several research firms recently commented on CTVA. 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 report on Friday, February 7th. BNP Paribas raised Corteva to a "hold" rating in a research note on Monday, February 10th. UBS Group dropped their price target on Corteva from $74.00 to $73.00 and set a "buy" rating for the company in a research note on Friday, January 10th. Oppenheimer lifted their price target on Corteva from $70.00 to $72.00 and gave the stock an "outperform" rating in a research note on Friday, February 7th. Finally, Barclays lifted their price target on Corteva from $62.00 to $64.00 and gave the stock an "equal weight" rating in a research note on Tuesday, January 21st. 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 data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $67.73.

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.