Ninety One UK Ltd Grows Holdings in Corteva, Inc. (NYSE:CTVA)

Ninety One UK Ltd boosted its stake in Corteva, Inc. (NYSE:CTVA) by 7.2% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 433,687 shares of the company’s stock after acquiring an additional 29,091 shares during the period. Ninety One UK Ltd owned 0.06% of Corteva worth $24,703,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. KBC Group NV raised its position in Corteva by 267.3% in the third quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock worth $65,851,000 after acquiring an additional 815,135 shares during the period. Oak Thistle LLC bought a new stake in Corteva in the fourth quarter worth about $1,514,000. Charles Schwab Investment Management Inc. raised its position 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 acquiring an additional 66,052 shares during the period. Swedbank AB raised its position in Corteva by 51.9% in the fourth quarter. Swedbank AB now owns 695,641 shares of the company’s stock worth $39,624,000 after acquiring an additional 237,764 shares during the period. Finally, Assenagon Asset Management S.A. raised its position in Corteva by 755.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 552,769 shares of the company’s stock worth $31,486,000 after acquiring an additional 488,181 shares during the period. Institutional investors own 81.54% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on the stock. Royal Bank of Canada lifted their price objective on shares of Corteva from $68.00 to $73.00 and gave the stock an “outperform” rating in a research report on Thursday, December 19th. Barclays boosted their price target 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. UBS Group lowered their price target on shares of Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a research report on Friday, January 10th. Wells Fargo & Company boosted their price target on shares of Corteva from $67.00 to $73.00 and gave the company an “overweight” rating in a research report on Tuesday, January 28th. Finally, Oppenheimer reissued an “outperform” rating and issued a $70.00 price target (up previously from $69.00) on shares of Corteva in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Corteva currently has an average rating of “Moderate Buy” and a consensus price target of $67.06.

Corteva Price Performance

CTVA stock opened at $63.62 on Thursday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96. Corteva, Inc. has a one year low of $50.01 and a one year high of $66.24. The stock has a market cap of $43.72 billion, a PE ratio of 64.26, a P/E/G ratio of 1.71 and a beta of 0.78. The firm has a 50 day simple moving average of $60.20 and a two-hundred day simple moving average of $58.07.

Corteva (NYSE:CTVA) last released its quarterly earnings results on Wednesday, February 5th. The company reported $0.32 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.02). Corteva had a return on equity of 6.63% and a net margin of 4.18%. On average, analysts predict that Corteva, Inc. will post 2.58 EPS for the current fiscal year.

Corteva announced that its Board of Directors has initiated a share 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 board believes its shares are undervalued.

Corteva Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be paid a $0.17 dividend. The ex-dividend date is Monday, March 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.07%. Corteva’s dividend payout ratio (DPR) is 68.69%.

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.