Cary Street Partners Financial LLC Takes $4.26 Million Position in Corteva, Inc. (NYSE:CTVA)

Cary Street Partners Financial LLC acquired a new position in Corteva, Inc. (NYSE:CTVA) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 74,758 shares of the company’s stock, valued at approximately $4,258,000.

Several other hedge funds have also recently bought and sold shares of CTVA. Capital World Investors raised its holdings in shares of Corteva by 2,874.6% during the fourth quarter. Capital World Investors now owns 12,812,151 shares of the company’s stock valued at $729,780,000 after buying an additional 12,381,436 shares during the last quarter. Independent Franchise Partners LLP raised its stake in Corteva by 51.5% during the 4th quarter. Independent Franchise Partners LLP now owns 16,496,508 shares of the company’s stock valued at $939,641,000 after acquiring an additional 5,604,838 shares in the last quarter. Norges Bank acquired a new position in Corteva during the 4th quarter worth $251,892,000. Raymond James Financial Inc. bought a new position in shares of Corteva in the fourth quarter worth $161,052,000. Finally, Franklin Resources Inc. increased its holdings in shares of Corteva by 9.2% during the fourth quarter. Franklin Resources Inc. now owns 16,143,025 shares of the company’s stock valued at $919,507,000 after purchasing an additional 1,354,418 shares during the period. 81.54% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CTVA has been the topic of several research analyst reports. Wells Fargo & Company raised their target price 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. UBS Group cut their target price on Corteva from $74.00 to $73.00 and set a “buy” rating for the company in a research report on Friday, January 10th. Oppenheimer lifted their price target on Corteva from $70.00 to $72.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Barclays upped their price objective on Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a report on Tuesday, January 21st. Finally, KeyCorp boosted their price target on shares of Corteva from $70.00 to $71.00 and gave the stock an “overweight” rating in a research report on Monday, April 14th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $68.43.

Insider Buying and Selling at Corteva

In other Corteva news, insider Brian Titus sold 26,560 shares of the company’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $63.74, for a total value of $1,692,934.40. Following the transaction, the insider now directly owns 11,347 shares of the company’s stock, valued at $723,257.78. This represents a 70.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.14% of the company’s stock.

Corteva Price Performance

Shares of NYSE:CTVA opened at $62.45 on Tuesday. The company’s fifty day moving average is $60.59 and its two-hundred day moving average is $60.60. The company has a market cap of $42.65 billion, a P/E ratio of 48.41, a price-to-earnings-growth ratio of 1.68 and a beta of 0.72. Corteva, Inc. has a 12-month low of $50.01 and a 12-month high of $66.24. The company has a quick ratio of 0.93, a current ratio of 1.45 and a debt-to-equity ratio of 0.08.

Corteva (NYSE:CTVA) last posted its quarterly 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 net margin of 5.36% and a return on equity of 7.19%. Equities analysts expect that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 2nd will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date is Monday, June 2nd. Corteva’s payout ratio is presently 52.71%.

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.