HBK Sorce Advisory LLC Purchases 814 Shares of Corteva, Inc. (NYSE:CTVA)

HBK Sorce Advisory LLC boosted its position in Corteva, Inc. (NYSE:CTVA) by 11.8% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 7,710 shares of the company’s stock after acquiring an additional 814 shares during the period. HBK Sorce Advisory LLC’s holdings in Corteva were worth $439,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CTVA. Raymond James Financial Inc. bought a new stake in shares of Corteva during the fourth quarter valued at about $161,052,000. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of Corteva during the third quarter valued at about $99,869,000. Franklin Resources Inc. increased its position 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 buying an additional 856,007 shares during the period. State Street Corp increased its position in shares of Corteva by 2.3% during the third quarter. State Street Corp now owns 34,290,086 shares of the company’s stock valued at $2,015,914,000 after buying an additional 768,519 shares during the period. Finally, BNP Paribas Financial Markets increased its position in shares of Corteva by 176.0% during the third quarter. BNP Paribas Financial Markets now owns 934,748 shares of the company’s stock valued at $54,954,000 after buying an additional 596,073 shares during the period. 81.54% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, insider Brian Titus sold 26,560 shares of the firm’s stock in a transaction 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 completion of the transaction, the insider now directly owns 11,347 shares in the company, valued at $723,257.78. This trade represents a 70.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.14% of the stock is owned by corporate insiders.

Corteva Price Performance

Shares of Corteva stock opened at $59.90 on Friday. The company has a quick ratio of 0.93, a current ratio of 1.45 and a debt-to-equity ratio of 0.08. The company has a market cap of $41.06 billion, a PE ratio of 46.43, a P/E/G ratio of 1.68 and a beta of 0.79. The business has a 50 day moving average of $61.96 and a 200 day moving average of $59.66. Corteva, Inc. has a 52 week low of $50.01 and a 52 week high of $66.24.

Corteva (NYSE:CTVA) last announced its 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 net margin of 5.36% and a return on equity of 7.19%. As a group, equities research analysts forecast that Corteva, Inc. will post 2.96 earnings per share for the current year.

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

Corteva Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be issued a $0.17 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 1.14%. Corteva’s dividend payout ratio (DPR) is 52.71%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Barclays upped their price target on Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 21st. BNP Paribas raised Corteva to a “hold” rating in a report on Monday, February 10th. The Goldman Sachs Group initiated coverage on Corteva in a report on Thursday. They set a “buy” rating and a $71.00 price objective for the company. Royal Bank of Canada boosted their price objective on Corteva from $72.00 to $73.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. Finally, UBS Group cut their price objective on Corteva from $74.00 to $73.00 and set a “buy” rating for the company in a report on Friday, January 10th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, Corteva has a consensus rating of “Moderate Buy” and a consensus price target of $68.00.

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.