Empower Advisory Group LLC Has $312,000 Position in Corteva, Inc. (NYSE:CTVA)

Empower Advisory Group LLC increased its stake in shares of Corteva, Inc. (NYSE:CTVA) by 9.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,481 shares of the company’s stock after purchasing an additional 483 shares during the quarter. Empower Advisory Group LLC’s holdings in Corteva were worth $312,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in the stock. Exchange Traded Concepts LLC raised its position in Corteva by 1,058.7% during the third quarter. Exchange Traded Concepts LLC now owns 2,329 shares of the company’s stock valued at $137,000 after acquiring an additional 2,128 shares in the last quarter. Creative Planning raised its position in Corteva by 1.3% during the third quarter. Creative Planning now owns 139,342 shares of the company’s stock valued at $8,192,000 after acquiring an additional 1,784 shares in the last quarter. Raymond James & Associates raised its position in Corteva by 23.1% during the third quarter. Raymond James & Associates now owns 505,375 shares of the company’s stock valued at $29,711,000 after acquiring an additional 94,689 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in Corteva by 19.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 48,470 shares of the company’s stock valued at $2,850,000 after acquiring an additional 7,923 shares in the last quarter. Finally, Oakworth Capital Inc. raised its position in Corteva by 67.8% during the third quarter. Oakworth Capital Inc. now owns 1,178 shares of the company’s stock valued at $69,000 after acquiring an additional 476 shares in the last quarter. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Wells Fargo & Company lifted their price target on shares of Corteva from $67.00 to $73.00 and gave the company an “overweight” rating in a research report on Tuesday, January 28th. UBS Group reduced their price objective on shares of Corteva from $74.00 to $73.00 and set a “buy” rating for the company in a research note on Friday, January 10th. Citigroup upped their price target on shares of Corteva from $69.00 to $74.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. Oppenheimer upped their price target on shares of Corteva from $70.00 to $72.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Finally, Royal Bank of Canada upped their price target on shares of Corteva from $72.00 to $73.00 and gave the company an “outperform” rating in a report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $67.73.

Corteva Stock Down 1.3 %

NYSE CTVA opened at $63.65 on Thursday. The stock has a market cap of $43.75 billion, a PE ratio of 49.34, a PEG ratio of 1.68 and a beta of 0.78. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.93 and a current ratio of 1.45. Corteva, Inc. has a twelve month low of $50.01 and a twelve month high of $66.24. The firm has a 50-day simple moving average of $60.65 and a 200 day simple moving average of $58.71.

Corteva (NYSE:CTVA) last announced its quarterly earnings results on Wednesday, February 5th. The company reported $0.32 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.02). Corteva had a return on equity of 7.19% and a net margin of 5.36%. On average, research analysts forecast that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Announces Dividend

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

Corteva announced that its board has authorized a stock buyback program on Tuesday, November 19th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the company to reacquire up to 7.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management 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.