Stonegate Investment Group LLC Boosts Holdings in Corteva, Inc. (NYSE:CTVA)

Stonegate Investment Group LLC lifted its stake in shares of Corteva, Inc. (NYSE:CTVA) by 25.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,395 shares of the company’s stock after acquiring an additional 1,897 shares during the period. Stonegate Investment Group LLC’s holdings in Corteva were worth $535,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. KBC Group NV boosted its holdings in shares of Corteva by 267.3% in the 3rd quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock valued at $65,851,000 after purchasing an additional 815,135 shares during the last quarter. Oak Thistle LLC purchased a new position in shares of Corteva in the 4th quarter worth $1,514,000. Charles Schwab Investment Management Inc. boosted its holdings in Corteva by 1.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,523,996 shares of the company’s stock valued at $265,966,000 after acquiring an additional 66,052 shares during the last quarter. Assenagon Asset Management S.A. grew its position in Corteva by 755.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 552,769 shares of the company’s stock valued at $31,486,000 after acquiring an additional 488,181 shares during the period. Finally, S.E.E.D. Planning Group LLC increased its stake in Corteva by 54.5% during the fourth quarter. S.E.E.D. Planning Group LLC now owns 96,103 shares of the company’s stock worth $5,474,000 after acquiring an additional 33,886 shares during the last quarter. 81.54% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Royal Bank of Canada boosted their target price on Corteva from $68.00 to $73.00 and gave the stock an “outperform” rating in a report on Thursday, December 19th. Barclays raised their target price on shares of Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 21st. Bank of America upped their price target on shares of Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. KeyCorp cut their price objective on Corteva from $69.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, January 10th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $70.00 target price (up previously from $69.00) on shares of Corteva in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $65.94.

Corteva Stock Performance

Shares of Corteva stock opened at $64.26 on Wednesday. The firm has a market cap of $44.16 billion, a PE ratio of 64.90, a price-to-earnings-growth ratio of 1.63 and a beta of 0.77. Corteva, Inc. has a 1 year low of $45.30 and a 1 year high of $64.86. The firm’s 50-day simple moving average is $59.71 and its 200-day simple moving average is $57.61. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50.

Corteva Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be given a $0.17 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.68 annualized dividend and a dividend yield of 1.06%. Corteva’s payout ratio is 68.69%.

Corteva declared that its Board of Directors has initiated a stock buyback program on Tuesday, November 19th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 7.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

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.