Stonebridge Financial Group LLC Purchases New Position in Corteva, Inc. (NYSE:CTVA)

Stonebridge Financial Group LLC purchased a new stake in Corteva, Inc. (NYSE:CTVA) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 1,209 shares of the company’s stock, valued at approximately $69,000.

Other hedge funds have also recently bought and sold shares of the company. Essex Financial Services Inc. grew its stake in Corteva by 56.0% during the fourth quarter. Essex Financial Services Inc. now owns 10,677 shares of the company’s stock worth $608,000 after buying an additional 3,833 shares during the last quarter. Cambiar Investors LLC boosted its holdings in shares of Corteva by 4.7% in the 4th quarter. Cambiar Investors LLC now owns 735,180 shares of the company’s stock worth $41,876,000 after acquiring an additional 32,699 shares in the last quarter. Summit Trail Advisors LLC grew its position in Corteva by 1.4% during the 4th quarter. Summit Trail Advisors LLC now owns 20,798 shares of the company’s stock worth $1,185,000 after acquiring an additional 281 shares during the last quarter. Arlington Trust Co LLC acquired a new stake in Corteva during the 4th quarter valued at $85,000. Finally, Arlington Partners LLC raised its position in Corteva by 0.3% in the 4th quarter. Arlington Partners LLC now owns 75,921 shares of the company’s stock valued at $4,324,000 after purchasing an additional 223 shares during the last quarter. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Royal Bank of Canada increased 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. KeyCorp increased their price objective on shares of Corteva from $68.00 to $70.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. Bank of America boosted their target price on shares of Corteva from $69.00 to $73.00 and gave the stock a “buy” rating in a research note on Tuesday. UBS Group decreased 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. Finally, Citigroup raised their price target on shares of Corteva from $69.00 to $74.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. One analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $67.73.

Corteva Stock Up 1.4 %

NYSE:CTVA opened at $62.90 on Friday. The company has a quick ratio of 0.96, 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. The stock’s fifty day simple moving average is $60.26 and its 200-day simple moving average is $58.38. The firm has a market capitalization of $43.23 billion, a P/E ratio of 48.76, a P/E/G ratio of 1.85 and a beta of 0.78.

Corteva (NYSE:CTVA) last issued 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%. Equities research analysts expect that Corteva, Inc. will post 2.83 earnings per share for the current year.

Corteva declared that its Board of Directors has authorized a share repurchase program on Tuesday, November 19th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 7.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Corteva Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.08%. The ex-dividend date is Monday, March 3rd. Corteva’s dividend payout ratio is currently 52.71%.

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.