Proficio Capital Partners LLC Invests $7.56 Million in Corteva, Inc. (NYSE:CTVA)

Proficio Capital Partners LLC acquired a new position in shares of Corteva, Inc. (NYSE:CTVA - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 132,797 shares of the company's stock, valued at approximately $7,564,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. State Street Corp lifted its stake 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 purchasing an additional 768,519 shares in the last quarter. Geode Capital Management LLC lifted its stake in Corteva by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 17,703,771 shares of the company's stock worth $1,037,505,000 after acquiring an additional 355,206 shares in the last quarter. Franklin Resources Inc. lifted its stake in Corteva by 6.1% during the 3rd quarter. Franklin Resources Inc. now owns 14,788,607 shares of the company's stock worth $860,746,000 after acquiring an additional 856,007 shares in the last quarter. Harris Associates L P grew 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 acquiring an additional 200,917 shares in the last quarter. Finally, FMR LLC increased its stake in Corteva by 1.9% during the third quarter. FMR LLC now owns 10,747,791 shares of the company's stock worth $631,863,000 after purchasing an additional 203,126 shares during the period. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Corteva Stock Down 1.0 %

Shares of NYSE CTVA traded down $0.60 during mid-day trading on Thursday, reaching $61.86. The company had a trading volume of 1,242,962 shares, compared to its average volume of 3,034,642. The firm has a 50 day simple moving average of $62.25 and a two-hundred day simple moving average of $59.79. Corteva, Inc. has a 52-week low of $50.01 and a 52-week high of $66.24. The company has a current ratio of 1.45, a quick ratio of 0.93 and a debt-to-equity ratio of 0.08. The stock has a market cap of $42.41 billion, a P/E ratio of 48.05, a PEG ratio of 1.68 and a beta of 0.79.

Remove Ads

Corteva (NYSE:CTVA - Get Free Report) last posted its 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 return on equity of 7.19% and a net margin of 5.36%. Sell-side analysts predict that Corteva, Inc. will post 2.96 earnings per share for the current year.

Corteva Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.10%. The ex-dividend date of this dividend was Monday, March 3rd. Corteva's payout ratio is currently 52.71%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CTVA. BNP Paribas upgraded shares of Corteva to a "hold" rating in a report on Monday, February 10th. Wells Fargo & Company upped their price objective on Corteva from $67.00 to $73.00 and gave the stock an "overweight" rating in a research report on Tuesday, January 28th. UBS Group decreased their target price on Corteva from $74.00 to $73.00 and set a "buy" rating for the company in a report on Friday, January 10th. Royal Bank of Canada upped their price target on Corteva from $72.00 to $73.00 and gave the stock an "outperform" rating in a report on Friday, February 7th. Finally, Oppenheimer lifted their price objective on Corteva from $70.00 to $72.00 and gave the company an "outperform" rating in a research note on Friday, February 7th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $68.00.

Insider Transactions at Corteva

In other news, insider Brian Titus sold 26,560 shares of the stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $63.74, for a total transaction of $1,692,934.40. Following the completion of the sale, the insider now owns 11,347 shares in the company, valued at approximately $723,257.78. This represents a 70.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.20% of the company's stock.

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.