Janney Montgomery Scott LLC Buys 12,800 Shares of Corteva, Inc. (NYSE:CTVA)

Janney Montgomery Scott LLC lifted its position in shares of Corteva, Inc. (NYSE:CTVA) by 12.5% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 114,957 shares of the company’s stock after buying an additional 12,800 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Corteva were worth $6,548,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in CTVA. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in Corteva in the third quarter worth $99,869,000. Franklin Resources Inc. boosted its stake in shares of 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. KBC Group NV grew its stake in Corteva by 267.3% in the 3rd 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 in the last quarter. State Street Corp increased its holdings in Corteva by 2.3% during the 3rd quarter. State Street Corp now owns 34,290,086 shares of the company’s stock worth $2,015,914,000 after purchasing an additional 768,519 shares during the period. Finally, BNP Paribas Financial Markets raised its holdings in shares of Corteva by 176.0% in the third quarter. BNP Paribas Financial Markets now owns 934,748 shares of the company’s stock valued at $54,954,000 after acquiring an additional 596,073 shares in the last quarter. Institutional investors own 81.54% of the company’s stock.

Corteva Stock Down 0.3 %

Corteva stock opened at $64.26 on Wednesday. The company has a market capitalization of $44.16 billion, a P/E ratio of 64.90, a P/E/G ratio of 1.63 and a beta of 0.77. Corteva, Inc. has a 1-year low of $45.30 and a 1-year high of $64.86. The firm’s fifty day simple moving average is $59.71 and its 200-day simple moving average is $57.61. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08.

Corteva declared that its board has initiated a stock repurchase program on Tuesday, November 19th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 7.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is 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 1.06%. Corteva’s payout ratio is presently 68.69%.

Wall Street Analysts Forecast Growth

CTVA has been the subject of a number of recent research reports. Citigroup reduced their target price on shares of Corteva from $70.00 to $69.00 and set a “buy” rating for the company in a report on Wednesday, December 18th. Wells Fargo & Company lifted their price target on Corteva from $67.00 to $73.00 and gave the stock an “overweight” rating in a research report on Tuesday. Oppenheimer reiterated an “outperform” rating and issued a $70.00 price objective (up previously from $69.00) on shares of Corteva in a research note on Friday, November 8th. Royal Bank of Canada lifted their price target on Corteva from $68.00 to $73.00 and gave the company an “outperform” rating in a research report on Thursday, December 19th. Finally, Barclays lifted their price objective on shares of Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a report on Tuesday, January 21st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $65.94.

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.