Bogart Wealth LLC Increases Position in Corteva, Inc. (NYSE:CTVA)

Bogart Wealth LLC increased its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 59.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,828 shares of the company’s stock after acquiring an additional 681 shares during the quarter. Bogart Wealth LLC’s holdings in Corteva were worth $104,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. State Street Corp grew 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 valued at $2,015,914,000 after acquiring an additional 768,519 shares during the period. Geode Capital Management LLC lifted its stake in Corteva by 2.0% in the third quarter. Geode Capital Management LLC now owns 17,703,771 shares of the company’s stock valued at $1,037,505,000 after purchasing an additional 355,206 shares during the last quarter. Franklin Resources Inc. grew its holdings in Corteva by 6.1% during the third quarter. Franklin Resources Inc. now owns 14,788,607 shares of the company’s stock valued at $860,746,000 after purchasing an additional 856,007 shares during the period. Harris Associates L P raised its stake in shares of Corteva by 1.4% in the third quarter. Harris Associates L P now owns 14,362,309 shares of the company’s stock valued at $844,360,000 after buying an additional 200,917 shares during the period. Finally, FMR LLC lifted its position in shares of Corteva by 1.9% during the 3rd quarter. FMR LLC now owns 10,747,791 shares of the company’s stock valued at $631,863,000 after buying an additional 203,126 shares during the last quarter. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Price Performance

Shares of Corteva stock opened at $64.00 on Friday. The firm has a market capitalization of $43.99 billion, a PE ratio of 49.61, a price-to-earnings-growth ratio of 1.85 and a beta of 0.78. The company has a current ratio of 1.45, a quick ratio of 0.96 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. The business’s 50-day moving average price is $60.30 and its 200-day moving average price is $58.41.

Corteva (NYSE:CTVA) last posted its quarterly earnings results on Wednesday, February 5th. The company reported $0.32 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%. Sell-side analysts forecast that Corteva, Inc. will post 2.83 EPS for the current fiscal year.

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

Corteva Dividend Announcement

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 dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.68 annualized dividend and a yield of 1.06%. Corteva’s payout ratio is 52.71%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Bank of America boosted their target price on shares of Corteva from $69.00 to $73.00 and gave the company a “buy” rating in a report on Tuesday. Barclays raised their target price on Corteva from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 21st. Royal Bank of Canada upped their price target on Corteva from $72.00 to $73.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Oppenheimer raised their price objective on shares of Corteva from $70.00 to $72.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Finally, Wells Fargo & Company upped their target price on shares of Corteva from $67.00 to $73.00 and gave the stock an “overweight” rating in a report on Tuesday, January 28th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $67.73.

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.