Corteva, Inc. (NYSE:CTVA) Stake Cut by Moors & Cabot Inc.

Moors & Cabot Inc. reduced its holdings in Corteva, Inc. (NYSE:CTVA) by 1.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,831 shares of the company’s stock after selling 515 shares during the period. Moors & Cabot Inc.’s holdings in Corteva were worth $1,927,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. CWA Asset Management Group LLC acquired a new position in Corteva in the 3rd quarter worth about $273,000. Atria Investments Inc increased its position in Corteva by 1.6% in the 3rd quarter. Atria Investments Inc now owns 80,131 shares of the company’s stock worth $4,711,000 after purchasing an additional 1,256 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in Corteva in the 3rd quarter worth about $205,000. Ashton Thomas Securities LLC acquired a new position in Corteva in the 3rd quarter worth about $63,000. Finally, Nations Financial Group Inc. IA ADV increased its position in Corteva by 42.1% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 6,608 shares of the company’s stock worth $389,000 after purchasing an additional 1,959 shares during the last quarter. 81.54% of the stock is owned by hedge funds and other institutional investors.

Corteva Stock Performance

CTVA opened at $59.07 on Thursday. The firm has a market capitalization of $40.50 billion, a P/E ratio of 45.79, a price-to-earnings-growth ratio of 1.68 and a beta of 0.79. The stock’s 50 day moving average price is $61.84 and its two-hundred day moving average price is $59.63. The company has a quick ratio of 0.93, a current ratio of 1.45 and a debt-to-equity ratio of 0.08. Corteva, Inc. has a 12-month low of $50.01 and a 12-month high of $66.24.

Corteva (NYSE:CTVA) last released 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%. On average, equities analysts forecast that Corteva, Inc. will post 2.96 earnings per share for the current year.

Corteva Announces Dividend

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 1.15%. Corteva’s dividend payout ratio is currently 52.71%.

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

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Bank of America upped their target price on 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 upped their target price on Corteva from $72.00 to $73.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. KeyCorp upped their target price on Corteva from $68.00 to $70.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Barclays increased their price objective on Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a report on Tuesday, January 21st. Finally, Citigroup increased their price objective on Corteva from $69.00 to $74.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $67.79.

Insiders Place Their Bets

In other Corteva news, insider Brian Titus sold 26,560 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $63.74, for a total value of $1,692,934.40. Following the completion of the sale, the insider now owns 11,347 shares in the company, valued at approximately $723,257.78. This trade represents a 70.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.14% of the company’s stock.

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.