Avantax Planning Partners Inc. purchased a new position in shares of Corteva, Inc. (NYSE:CTVA) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 6,674 shares of the company’s stock, valued at approximately $296,000.
A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Commonwealth Equity Services LLC boosted its holdings in Corteva by 3.5% in the 1st quarter. Commonwealth Equity Services LLC now owns 148,237 shares of the company’s stock valued at $6,910,000 after purchasing an additional 5,056 shares during the last quarter. Cullen Frost Bankers Inc. boosted its position in shares of Corteva by 18.6% in the first quarter. Cullen Frost Bankers Inc. now owns 9,488 shares of the company’s stock worth $442,000 after acquiring an additional 1,488 shares during the last quarter. Los Angeles Capital Management LLC boosted its position in shares of Corteva by 2.9% in the first quarter. Los Angeles Capital Management LLC now owns 193,683 shares of the company’s stock worth $9,030,000 after acquiring an additional 5,410 shares during the last quarter. GSB Wealth Management LLC acquired a new stake in shares of Corteva in the first quarter worth approximately $250,000. Finally, Newman Dignan & Sheerar Inc. acquired a new stake in shares of Corteva in the first quarter worth approximately $204,000. Hedge funds and other institutional investors own 78.51% of the company’s stock.
CTVA stock opened at $42.26 on Wednesday. The company has a market capitalization of $31.03 billion, a P/E ratio of 25.77, a PEG ratio of 1.36 and a beta of 0.82. The company has a 50-day simple moving average of $43.44 and a 200 day simple moving average of $45.20. Corteva, Inc. has a fifty-two week low of $27.18 and a fifty-two week high of $49.98. The company has a quick ratio of 1.48, a current ratio of 1.97 and a debt-to-equity ratio of 0.04.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 15th. Shareholders of record on Friday, August 13th will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.33%. This is an increase from Corteva’s previous quarterly dividend of $0.13. The ex-dividend date is Thursday, August 12th. Corteva’s dividend payout ratio is presently 37.33%.
Corteva announced that its board has initiated a stock buyback program on Thursday, August 5th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 4.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.
A number of research analysts have weighed in on the stock. Barclays reduced their price target on shares of Corteva from $53.00 to $51.00 and set an “equal weight” rating on the stock in a research report on Monday, August 9th. Berenberg Bank assumed coverage on shares of Corteva in a research note on Wednesday, September 1st. They set a “buy” rating and a $58.00 price objective on the stock. Zacks Investment Research upgraded shares of Corteva from a “sell” rating to a “hold” rating in a research note on Tuesday, August 10th. Royal Bank of Canada lifted their price objective on shares of Corteva from $52.00 to $54.00 and gave the company an “outperform” rating in a research note on Monday, August 9th. Finally, Monness Crespi & Hardt upgraded shares of Corteva from a “sell” rating to a “neutral” rating in a research note on Monday, August 9th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $49.33.
Corteva, Inc operates as a holding company. It engages in the provision of agricultural products. The firm operates through the following segments: Seed and Crop Protection. The Seed segment develops and supplies germplasm and traits that produce optimum yield for farms. The Crop Protection segment serves the global agricultural input industry with products that protect against weeds, insects and other pests, and disease and that improve overall crop health both above and below ground via nitrogen management and seed-applied technologies.
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