CIBC Asset Management Inc Has $6.29 Million Position in Corteva, Inc. (NYSE:CTVA)

CIBC Asset Management Inc lifted its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 3.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 110,499 shares of the company’s stock after buying an additional 3,520 shares during the period. CIBC Asset Management Inc’s holdings in Corteva were worth $6,294,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. State Street Corp raised its stake in shares of Corteva by 2.3% during the 3rd 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 increased its holdings in Corteva by 2.0% during the third 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 during the last quarter. Franklin Resources Inc. raised its holdings in shares of Corteva by 6.1% in the 3rd 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 lifted its stake 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 purchasing an additional 200,917 shares during the last quarter. Finally, FMR LLC grew 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 during the period. 81.54% of the stock is owned by institutional investors and hedge funds.

Corteva Stock Performance

Shares of Corteva stock opened at $63.65 on Thursday. The stock has a market cap of $43.75 billion, a price-to-earnings ratio of 49.34, a P/E/G ratio of 1.68 and a beta of 0.78. 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, Inc. has a twelve month low of $50.01 and a twelve month high of $66.24. The company’s fifty day moving average is $60.65 and its 200 day moving average is $58.71.

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

Corteva declared that its Board of Directors has initiated a stock buyback plan on Tuesday, November 19th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 7.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Corteva Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be given a dividend of $0.17 per share. The ex-dividend date is Monday, March 3rd. This represents a $0.68 annualized dividend and a dividend yield of 1.07%. Corteva’s payout ratio is 52.71%.

Analyst Ratings Changes

Several analysts have issued reports on CTVA shares. Bank of America upped their price objective on Corteva from $69.00 to $73.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. BNP Paribas upgraded shares of Corteva to a “hold” rating in a research report on Monday, February 10th. Barclays lifted their target price on Corteva from $62.00 to $64.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 21st. Citigroup boosted their price target on Corteva from $69.00 to $74.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. Finally, KeyCorp increased 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. One 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. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.