48,818 Shares in Corteva, Inc. (NYSE:CTVA) Bought by Fisher Funds Management LTD

Fisher Funds Management LTD bought a new stake in Corteva, Inc. (NYSE:CTVA) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 48,818 shares of the company’s stock, valued at approximately $2,769,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Pinnacle Financial Partners Inc boosted its position in shares of Corteva by 9.5% during the fourth quarter. Pinnacle Financial Partners Inc now owns 4,909 shares of the company’s stock worth $280,000 after buying an additional 425 shares during the period. Oxbow Advisors LLC bought a new stake in Corteva during the 4th quarter valued at $2,678,000. Transcend Capital Advisors LLC boosted its position in Corteva by 21.2% during the 4th quarter. Transcend Capital Advisors LLC now owns 11,750 shares of the company’s stock worth $669,000 after acquiring an additional 2,054 shares during the period. Paradigm Asset Management Co. LLC bought a new position in shares of Corteva in the fourth quarter worth $1,840,000. Finally, Centricity Wealth Management LLC acquired a new position in shares of Corteva during the fourth quarter valued at $34,000. Institutional investors and hedge funds own 81.54% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Oppenheimer increased their target price on shares of Corteva from $70.00 to $72.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. BNP Paribas upgraded shares of Corteva to a “hold” rating in a report on Monday, February 10th. Barclays raised their price objective 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. KeyCorp increased their price target on Corteva from $68.00 to $70.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. Finally, Bank of America lifted their price target on Corteva from $69.00 to $73.00 and gave the company a “buy” rating in a research report on Tuesday, February 11th. One investment 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, Corteva has an average rating of “Moderate Buy” and a consensus price target of $67.73.

Corteva Price Performance

NYSE CTVA opened at $62.75 on Monday. The company has a current ratio of 1.45, a quick ratio of 0.93 and a debt-to-equity ratio of 0.08. Corteva, Inc. has a 1 year low of $50.01 and a 1 year high of $66.24. The company has a market cap of $43.02 billion, a PE ratio of 48.64, a PEG ratio of 1.68 and a beta of 0.78. The stock’s 50-day moving average price is $60.81 and its two-hundred day moving average price is $58.93.

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 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%. On average, analysts predict that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva announced that its Board of Directors has initiated a stock repurchase program on Tuesday, November 19th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the company to purchase up to 7.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Corteva Dividend Announcement

The firm 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 is Monday, March 3rd. This represents a $0.68 annualized dividend and a dividend yield of 1.08%. Corteva’s dividend payout ratio (DPR) is presently 52.71%.

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.