Fisher Funds Management LTD Buys Shares of 48,818 Corteva, Inc. (NYSE:CTVA)

Fisher Funds Management LTD purchased a new position in Corteva, Inc. (NYSE:CTVA) during the fourth quarter, Holdings Channel.com reports. The firm purchased 48,818 shares of the company’s stock, valued at approximately $2,769,000.

Several other hedge funds and other institutional investors have also modified their holdings of CTVA. KBC Group NV increased its position in Corteva by 267.3% in 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. Oak Thistle LLC bought a new stake in shares of Corteva in the 4th quarter valued at approximately $1,514,000. Charles Schwab Investment Management Inc. increased its holdings in Corteva by 1.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,523,996 shares of the company’s stock worth $265,966,000 after buying an additional 66,052 shares during the last quarter. Van ECK Associates Corp raised its position in Corteva by 5.9% during the fourth quarter. Van ECK Associates Corp now owns 9,428,206 shares of the company’s stock valued at $537,031,000 after acquiring an additional 525,531 shares in the last quarter. Finally, Swedbank AB lifted its stake in Corteva by 51.9% in the fourth quarter. Swedbank AB now owns 695,641 shares of the company’s stock valued at $39,624,000 after acquiring an additional 237,764 shares during the last quarter. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CTVA has been the topic of several analyst reports. UBS Group dropped their price target on shares of Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a research note on Friday, January 10th. Oppenheimer increased their target price on shares of Corteva from $70.00 to $72.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Wells Fargo & Company boosted their price target on Corteva from $67.00 to $73.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 28th. KeyCorp increased their price objective on Corteva from $68.00 to $70.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Finally, Barclays raised their price objective on Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 21st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.73.

Corteva Trading Down 1.7 %

Shares of CTVA stock opened at $62.75 on Monday. The firm has a market capitalization of $43.02 billion, a P/E ratio of 48.64, a price-to-earnings-growth ratio of 1.68 and a beta of 0.78. Corteva, Inc. has a 1 year low of $50.01 and a 1 year high of $66.24. The firm’s fifty day simple moving average is $60.81 and its 200 day simple moving average is $58.93. The company has a current ratio of 1.45, a quick ratio of 0.93 and a debt-to-equity ratio of 0.08.

Corteva (NYSE:CTVA) last posted its quarterly earnings data on Wednesday, February 5th. The company reported $0.32 earnings per share (EPS) 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, sell-side analysts predict that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders 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 annualized dividend and a yield of 1.08%. Corteva’s dividend payout ratio (DPR) is 52.71%.

Corteva announced that its Board of Directors has authorized 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 buy up to 7.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

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.