Westover Capital Advisors LLC Takes $930,000 Position in Corteva, Inc. (NYSE:CTVA)

Westover Capital Advisors LLC purchased a new position in shares of Corteva, Inc. (NYSE:CTVA) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 16,336 shares of the company’s stock, valued at approximately $930,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp raised its holdings in Corteva by 2.3% in the third quarter. State Street Corp now owns 34,290,086 shares of the company’s stock valued at $2,015,914,000 after acquiring an additional 768,519 shares in the last quarter. Geode Capital Management LLC grew its holdings in Corteva by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 17,703,771 shares of the company’s stock worth $1,037,505,000 after buying an additional 355,206 shares in the last quarter. Franklin Resources Inc. increased its holdings in shares of Corteva by 6.1% during the third quarter. Franklin Resources Inc. now owns 14,788,607 shares of the company’s stock valued at $860,746,000 after purchasing an additional 856,007 shares during the period. Harris Associates L P raised its position in shares of Corteva by 1.4% during the 3rd quarter. Harris Associates L P now owns 14,362,309 shares of the company’s stock worth $844,360,000 after buying an additional 200,917 shares in the last quarter. Finally, FMR LLC raised its holdings 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 in the last quarter. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Insider Activity

In other news, insider Brian Titus sold 26,560 shares of the business’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $63.74, for a total transaction of $1,692,934.40. Following the sale, the insider now directly owns 11,347 shares in the company, valued at approximately $723,257.78. The trade was a 70.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.14% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

CTVA has been the subject of several research reports. BNP Paribas raised Corteva to a “hold” rating in a research note on Monday, February 10th. KeyCorp lifted their price objective on shares of Corteva from $68.00 to $70.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. Citigroup raised their target price on shares of Corteva from $69.00 to $74.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. Bank of America increased their price objective on Corteva from $69.00 to $73.00 and gave the company a “buy” rating in a research report on Tuesday, February 11th. Finally, UBS Group cut their target price on Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a research report on Friday, January 10th. One research analyst has rated the stock with a sell rating, four have given a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $67.79.

Corteva Stock Down 4.3 %

CTVA opened at $60.28 on Tuesday. The business has a 50 day moving average price of $61.40 and a 200 day moving average price of $59.38. Corteva, Inc. has a twelve month low of $50.01 and a twelve month 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 firm has a market cap of $41.33 billion, a P/E ratio of 46.73, a price-to-earnings-growth ratio of 1.68 and a beta of 0.78.

Corteva (NYSE:CTVA) last posted its earnings results on Wednesday, February 5th. The company reported $0.32 earnings per share 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%. Research analysts forecast that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva announced that its Board of Directors has authorized a share repurchase plan on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 7.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Corteva Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.13%. The ex-dividend date is Monday, March 3rd. Corteva’s dividend payout ratio is currently 52.71%.

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.