Norden Group LLC Acquires 1,127 Shares of Corteva, Inc. (NYSE:CTVA)

Norden Group LLC lifted its holdings in Corteva, Inc. (NYSE:CTVA) by 24.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,811 shares of the company’s stock after purchasing an additional 1,127 shares during the quarter. Norden Group LLC’s holdings in Corteva were worth $331,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Farther Finance Advisors LLC boosted its position in Corteva by 26.5% during the third quarter. Farther Finance Advisors LLC now owns 4,210 shares of the company’s stock valued at $248,000 after purchasing an additional 881 shares during the last quarter. National Pension Service raised its stake in shares of Corteva by 10.3% during the 3rd quarter. National Pension Service now owns 2,137,825 shares of the company’s stock worth $125,683,000 after purchasing an additional 198,768 shares in the last quarter. QRG Capital Management Inc. boosted its holdings in shares of Corteva by 5.7% in the 3rd quarter. QRG Capital Management Inc. now owns 26,429 shares of the company’s stock valued at $1,554,000 after buying an additional 1,420 shares during the last quarter. Crestwood Advisors Group LLC grew its stake in shares of Corteva by 9.5% in the third quarter. Crestwood Advisors Group LLC now owns 4,889 shares of the company’s stock valued at $287,000 after buying an additional 423 shares in the last quarter. Finally, Radnor Capital Management LLC increased its holdings in Corteva by 7.1% during the third quarter. Radnor Capital Management LLC now owns 27,960 shares of the company’s stock worth $1,644,000 after buying an additional 1,842 shares during the last quarter. Institutional investors and hedge funds own 81.54% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on CTVA shares. Barclays lifted their price objective on shares of Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 21st. Wells Fargo & Company lifted their price target on Corteva from $67.00 to $73.00 and gave the stock an “overweight” rating in a report on Tuesday, January 28th. BNP Paribas raised Corteva to a “hold” rating in a research report on Monday, February 10th. Bank of America raised their price objective on Corteva from $69.00 to $73.00 and gave the company a “buy” rating in a research report on Tuesday, February 11th. Finally, Royal Bank of Canada boosted their target price on Corteva from $72.00 to $73.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, Corteva has a consensus rating of “Moderate Buy” and a consensus target price of $67.79.

Corteva Trading Down 1.1 %

Shares of Corteva stock opened at $59.77 on Wednesday. Corteva, Inc. has a 52-week low of $50.01 and a 52-week high of $66.24. The stock has a market cap of $40.97 billion, a PE ratio of 46.33, a PEG ratio of 1.68 and a beta of 0.79. The firm has a 50-day moving average of $61.45 and a 200-day moving average of $59.42. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.93 and a current ratio of 1.45.

Corteva (NYSE:CTVA) last announced 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 return on equity of 7.19% and a net margin of 5.36%. As a group, sell-side analysts forecast that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Announces Dividend

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

Corteva announced that its board has initiated a stock buyback program on Tuesday, November 19th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 7.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Corteva

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 transaction of $1,692,934.40. Following the sale, the insider now directly owns 11,347 shares in the company, valued at $723,257.78. This represents a 70.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.14% of the company’s stock.

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.