Smartleaf Asset Management LLC Boosts Stock Position in Corteva, Inc. (NYSE:CTVA)

Smartleaf Asset Management LLC boosted its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 61.6% during the fourth quarter, Holdings Channel.com reports. The firm owned 5,928 shares of the company’s stock after acquiring an additional 2,260 shares during the period. Smartleaf Asset Management LLC’s holdings in Corteva were worth $335,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of CTVA. Noble Wealth Management PBC purchased a new position in shares of Corteva in the 4th quarter worth approximately $26,000. Hager Investment Management Services LLC bought a new stake in Corteva in the fourth quarter worth $27,000. Golden State Wealth Management LLC bought a new stake in Corteva in the fourth quarter worth $32,000. Centricity Wealth Management LLC purchased a new position in Corteva during the fourth quarter worth $34,000. Finally, First Financial Corp IN bought a new position in Corteva during the fourth quarter valued at $35,000. Institutional investors own 81.54% of the company’s stock.

Corteva Stock Down 1.1 %

NYSE:CTVA opened at $59.77 on Wednesday. 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 firm has a market cap of $40.97 billion, a PE ratio of 46.33, a price-to-earnings-growth ratio of 1.68 and a beta of 0.79. The company has a 50-day moving average of $61.45 and a 200 day moving average of $59.42. Corteva, Inc. has a 1-year low of $50.01 and a 1-year high of $66.24.

Corteva (NYSE:CTVA) last announced its quarterly earnings results on Wednesday, February 5th. The company reported $0.32 earnings per share 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%. As a group, research analysts anticipate that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva announced that its Board of Directors has authorized a stock buyback plan 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 plans are typically an indication that the company’s leadership believes its shares are undervalued.

Corteva Dividend Announcement

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

Insider Activity

In other news, insider Brian Titus sold 26,560 shares of Corteva 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 transaction, the insider now owns 11,347 shares of the company’s stock, valued at $723,257.78. The trade was a 70.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.14% of the company’s stock.

Analyst Upgrades and Downgrades

CTVA has been the subject of several analyst reports. Oppenheimer raised their target price on shares of Corteva from $70.00 to $72.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. Barclays raised their price objective on shares of Corteva from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 21st. UBS Group cut their target price on Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a research note on Friday, January 10th. Wells Fargo & Company raised their price target on Corteva from $67.00 to $73.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 28th. Finally, Citigroup upped their price objective on Corteva from $69.00 to $74.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. One analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $67.79.

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.