Summit Place Financial Advisors LLC Lowers Stake in Corteva, Inc. (NYSE:CTVA)

Summit Place Financial Advisors LLC reduced its position in shares of Corteva, Inc. (NYSE:CTVA) by 1.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 50,579 shares of the company’s stock after selling 685 shares during the quarter. Corteva accounts for approximately 1.6% of Summit Place Financial Advisors LLC’s investment portfolio, making the stock its 27th biggest holding. Summit Place Financial Advisors LLC’s holdings in Corteva were worth $2,881,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of CTVA. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of Corteva during the 3rd quarter worth about $99,869,000. Franklin Resources Inc. raised its position in shares of Corteva by 6.1% during the 3rd quarter. Franklin Resources Inc. now owns 14,788,607 shares of the company’s stock worth $860,746,000 after purchasing an additional 856,007 shares during the last quarter. KBC Group NV raised its position in shares of Corteva by 267.3% during the 3rd quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock worth $65,851,000 after purchasing an additional 815,135 shares during the last quarter. State Street Corp raised its position in shares of Corteva by 2.3% during the 3rd quarter. State Street Corp now owns 34,290,086 shares of the company’s stock worth $2,015,914,000 after purchasing an additional 768,519 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its position in shares of Corteva by 176.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 934,748 shares of the company’s stock worth $54,954,000 after purchasing an additional 596,073 shares during the last quarter. 81.54% of the stock is owned by hedge funds and other institutional investors.

Corteva Stock Performance

NYSE:CTVA opened at $64.51 on Wednesday. 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 stock has a market capitalization of $44.33 billion, a P/E ratio of 50.01, a PEG ratio of 1.68 and a beta of 0.78. The company has a 50 day moving average price of $60.58 and a 200 day moving average price of $58.67. Corteva, Inc. has a fifty-two week low of $50.01 and a fifty-two week high of $66.24.

Corteva (NYSE:CTVA) last posted its quarterly earnings data 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 return on equity of 7.19% and a net margin of 5.36%. Equities research analysts forecast that Corteva, Inc. will post 2.96 EPS for the current year.

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

Corteva Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be given a $0.17 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.68 annualized dividend and a yield of 1.05%. Corteva’s dividend payout ratio is presently 52.71%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on CTVA shares. KeyCorp upped their price target on shares of Corteva from $68.00 to $70.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. BNP Paribas upgraded shares of Corteva to a “hold” rating in a research report on Monday, February 10th. Bank of America upped their price target on shares of Corteva from $69.00 to $73.00 and gave the stock a “buy” rating in a research report on Tuesday, February 11th. Royal Bank of Canada increased their price objective on shares of Corteva from $72.00 to $73.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Finally, Wells Fargo & Company increased their price objective on shares of Corteva from $67.00 to $73.00 and gave the company an “overweight” rating in a report on Tuesday, January 28th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $67.73.

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.