Cibc World Markets Corp Acquires 118,399 Shares of Corteva, Inc. (NYSE:CTVA)

Cibc World Markets Corp lifted its holdings in Corteva, Inc. (NYSE:CTVA) by 46.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 372,634 shares of the company’s stock after acquiring an additional 118,399 shares during the period. Cibc World Markets Corp’s holdings in Corteva were worth $21,225,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Noble Wealth Management PBC purchased a new position in Corteva during the fourth quarter worth $26,000. Hager Investment Management Services LLC purchased a new position in shares of Corteva during the 4th quarter worth about $27,000. Golden State Wealth Management LLC bought a new position in Corteva during the 4th quarter valued at about $32,000. Centricity Wealth Management LLC bought a new stake in Corteva in the fourth quarter worth about $34,000. Finally, First Financial Corp IN purchased a new position in shares of Corteva during the fourth quarter valued at approximately $35,000. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Price Performance

Shares of CTVA stock opened at $61.67 on Tuesday. The stock’s 50-day moving average is $62.05 and its 200 day moving average is $59.74. Corteva, Inc. has a 1-year low of $50.01 and a 1-year high of $66.24. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.45 and a quick ratio of 0.93. The company has a market cap of $42.28 billion, a P/E ratio of 47.81, a PEG ratio of 1.68 and a beta of 0.79.

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

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

Corteva Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were issued a dividend of $0.17 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.68 annualized dividend and a dividend yield of 1.10%. Corteva’s dividend payout ratio is presently 52.71%.

Insider Activity

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

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on CTVA shares. Oppenheimer raised their price target on Corteva from $70.00 to $72.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. BNP Paribas upgraded Corteva to a “hold” rating in a research report on Monday, February 10th. UBS Group cut their price target on shares of Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a report on Friday, January 10th. Barclays lifted their price objective on shares of Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a report on Tuesday, January 21st. Finally, Bank of America upped their target price on shares of Corteva from $69.00 to $73.00 and gave the stock a “buy” rating in a research note on Tuesday, February 11th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average 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.