Swiss National Bank Has $111.39 Million Stock Position in Corteva, Inc. (NYSE:CTVA)

Swiss National Bank decreased its position in Corteva, Inc. (NYSE:CTVA) by 5.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,955,583 shares of the company’s stock after selling 113,000 shares during the period. Swiss National Bank’s holdings in Corteva were worth $111,390,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Avantax Advisory Services Inc. grew its holdings in shares of Corteva by 16.9% in the 4th quarter. Avantax Advisory Services Inc. now owns 19,878 shares of the company’s stock valued at $1,132,000 after buying an additional 2,871 shares during the period. Great Lakes Advisors LLC lifted its position in Corteva by 4.4% in the 4th quarter. Great Lakes Advisors LLC now owns 25,738 shares of the company’s stock valued at $1,466,000 after acquiring an additional 1,087 shares in the last quarter. HighTower Advisors LLC lifted its position in Corteva by 4.9% in the 4th quarter. HighTower Advisors LLC now owns 165,368 shares of the company’s stock valued at $9,419,000 after acquiring an additional 7,654 shares in the last quarter. Staley Capital Advisers Inc. lifted its position in Corteva by 0.6% in the 4th quarter. Staley Capital Advisers Inc. now owns 559,282 shares of the company’s stock valued at $31,857,000 after acquiring an additional 3,550 shares in the last quarter. Finally, Global View Capital Management LLC bought a new stake in Corteva in the 4th quarter valued at $412,000. Institutional investors and hedge funds own 81.54% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on CTVA. KeyCorp boosted their price objective on shares of Corteva from $68.00 to $70.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. Oppenheimer boosted their price objective 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. Royal Bank of Canada boosted their price objective on shares of Corteva from $72.00 to $73.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Citigroup boosted their price objective on shares of Corteva from $69.00 to $74.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. Finally, The Goldman Sachs Group began coverage on shares of Corteva in a research report on Thursday. They issued a “buy” rating and a $71.00 price objective on the stock. 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 stock. According to data from MarketBeat, Corteva currently has an average rating of “Moderate Buy” and a consensus price target of $68.00.

Corteva Stock Up 2.2 %

Shares of CTVA stock opened at $59.90 on Friday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.93 and a current ratio of 1.45. The firm’s 50-day moving average is $61.96 and its 200-day moving average is $59.66. The stock has a market cap of $41.06 billion, a price-to-earnings ratio of 46.43, a PEG ratio of 1.68 and a beta of 0.79. Corteva, Inc. has a 52-week low of $50.01 and a 52-week high of $66.24.

Corteva (NYSE:CTVA) last issued its 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%. Sell-side analysts predict that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Dividend Announcement

The company also recently announced 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 payout ratio is 52.71%.

Corteva declared that its board has authorized a stock buyback plan on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 7.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other Corteva news, insider Brian Titus sold 26,560 shares of the stock in a transaction dated 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 directly owns 11,347 shares of the company’s stock, valued at $723,257.78. This represents a 70.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.14% of the stock is owned by insiders.

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.