Atomi Financial Group Inc. Increases Stock Position in Corteva, Inc. (NYSE:CTVA)

Atomi Financial Group Inc. raised its holdings in Corteva, Inc. (NYSE:CTVA) by 37.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,898 shares of the company’s stock after purchasing an additional 1,595 shares during the quarter. Atomi Financial Group Inc.’s holdings in Corteva were worth $336,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. Public Sector Pension Investment Board boosted its stake in shares of Corteva by 69.7% during the 2nd quarter. Public Sector Pension Investment Board now owns 26,502 shares of the company’s stock worth $1,430,000 after acquiring an additional 10,887 shares in the last quarter. Marshall Wace LLP purchased a new stake in Corteva in the 2nd quarter valued at approximately $15,286,000. AXA S.A. lifted its stake in Corteva by 19.9% in the 2nd quarter. AXA S.A. now owns 154,197 shares of the company’s stock valued at $8,317,000 after buying an additional 25,645 shares in the last quarter. APG Asset Management N.V. lifted its stake in Corteva by 195.5% in the 2nd quarter. APG Asset Management N.V. now owns 84,800 shares of the company’s stock valued at $4,268,000 after buying an additional 56,100 shares in the last quarter. Finally, MBB Public Markets I LLC purchased a new stake in Corteva in the 2nd quarter valued at approximately $2,767,000. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Stock Performance

NYSE:CTVA opened at $63.96 on Friday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96. The firm has a 50-day moving average of $59.56 and a two-hundred day moving average of $57.43. The stock has a market cap of $43.96 billion, a P/E ratio of 64.61, a PEG ratio of 1.63 and a beta of 0.77. Corteva, Inc. has a 1-year low of $45.01 and a 1-year high of $64.32.

Corteva declared that its Board of Directors has approved a stock repurchase program on Tuesday, November 19th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 7.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Corteva Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were given a $0.17 dividend. The ex-dividend date was Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 1.06%. Corteva’s payout ratio is currently 68.69%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on CTVA shares. Oppenheimer reaffirmed an “outperform” rating and issued a $70.00 target price (up previously from $69.00) on shares of Corteva in a research note on Friday, November 8th. KeyCorp cut their price target on Corteva from $69.00 to $68.00 and set an “overweight” rating for the company in a report on Friday, January 10th. Royal Bank of Canada boosted their price target on Corteva from $68.00 to $73.00 and gave the company an “outperform” rating in a report on Thursday, December 19th. Citigroup cut their price target on Corteva from $70.00 to $69.00 and set a “buy” rating for the company in a report on Wednesday, December 18th. Finally, UBS Group cut their price target on Corteva from $74.00 to $73.00 and set a “buy” rating for the company in a report on Friday, January 10th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $65.59.

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.