Rhumbline Advisers Sells 13,335 Shares of Corteva, Inc. (NYSE:CTVA)

Rhumbline Advisers cut its stake in Corteva, Inc. (NYSE:CTVA - Free Report) by 1.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,269,122 shares of the company's stock after selling 13,335 shares during the period. Rhumbline Advisers owned approximately 0.18% of Corteva worth $72,289,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Hager Investment Management Services LLC acquired a new position in Corteva during the fourth quarter worth about $27,000. Golden State Wealth Management LLC acquired a new position in shares of Corteva in the 4th quarter worth approximately $32,000. Capital Advisors Ltd. LLC raised its holdings in shares of Corteva by 44.4% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company's stock worth $33,000 after purchasing an additional 174 shares in the last quarter. First Financial Corp IN bought a new stake in shares of Corteva in the 4th quarter worth approximately $35,000. Finally, Albion Financial Group UT lifted its stake in Corteva by 112.6% during the fourth quarter. Albion Financial Group UT now owns 606 shares of the company's stock valued at $35,000 after purchasing an additional 321 shares during the last quarter. Institutional investors and hedge funds own 81.54% of the company's stock.

Corteva Stock Performance

Shares of NYSE:CTVA traded up $0.13 during midday trading on Thursday, hitting $63.77. The company's stock had a trading volume of 2,241,587 shares, compared to its average volume of 3,611,757. Corteva, Inc. has a fifty-two week low of $50.01 and a fifty-two week high of $66.24. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.93 and a current ratio of 1.45. The stock has a market capitalization of $43.72 billion, a price-to-earnings ratio of 49.44, a PEG ratio of 1.70 and a beta of 0.78. The stock's 50 day simple moving average is $60.65 and its 200 day simple moving average is $58.71.

Corteva (NYSE:CTVA - Get Free Report) last issued its quarterly 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 return on equity of 7.19% and a net margin of 5.36%. As a group, research analysts anticipate that Corteva, Inc. will post 2.96 earnings per share for the current year.

Corteva declared that its Board of Directors has approved a share buyback plan on Tuesday, November 19th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 7.5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its shares are undervalued.

Corteva Dividend Announcement

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. This represents a $0.68 dividend on an annualized basis and a yield of 1.07%. The ex-dividend date is Monday, March 3rd. Corteva's dividend payout ratio (DPR) is presently 52.71%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on CTVA shares. Oppenheimer upped their price target on Corteva from $70.00 to $72.00 and gave the company an "outperform" rating in a report on Friday, February 7th. Barclays boosted their target price on Corteva from $62.00 to $64.00 and gave the stock an "equal weight" rating in a research report on Tuesday, January 21st. BNP Paribas upgraded Corteva to a "hold" rating in a research report on Monday, February 10th. UBS Group dropped their price target on Corteva from $74.00 to $73.00 and set a "buy" rating on the stock in a research note on Friday, January 10th. Finally, Wells Fargo & Company upped their price objective on shares of Corteva from $67.00 to $73.00 and gave the company an "overweight" rating in a research note on Tuesday, January 28th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $67.73.

About Corteva

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.