Allspring Global Investments Holdings LLC Sells 2,404 Shares of Corteva, Inc. (NYSE:CTVA)

Allspring Global Investments Holdings LLC cut its holdings in Corteva, Inc. (NYSE:CTVA) by 5.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 46,066 shares of the company’s stock after selling 2,404 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Corteva were worth $2,595,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. State Street Corp raised its holdings in shares of Corteva by 2.3% in the third quarter. State Street Corp now owns 34,290,086 shares of the company’s stock valued at $2,015,914,000 after purchasing an additional 768,519 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of 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. raised its holdings in shares of Corteva by 6.1% in 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 last quarter. Harris Associates L P raised its holdings 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 purchasing an additional 200,917 shares during the last quarter. Finally, FMR LLC raised its holdings in shares of Corteva by 1.9% in the third quarter. FMR LLC now owns 10,747,791 shares of the company’s stock valued at $631,863,000 after purchasing an additional 203,126 shares during the last quarter. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently issued reports on CTVA shares. BNP Paribas upgraded shares of Corteva to a “hold” rating in a report on Monday, February 10th. Wells Fargo & Company boosted 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. 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 report on Tuesday, February 11th. Barclays boosted their target price on shares of Corteva from $62.00 to $64.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 21st. Finally, KeyCorp boosted their target price on shares of Corteva from $68.00 to $70.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $67.73.

Corteva Trading Down 1.7 %

Shares of Corteva stock opened at $62.75 on Friday. The firm has a 50-day moving average of $60.81 and a 200-day moving average of $58.82. The stock has a market cap of $43.02 billion, a PE ratio of 48.64, a PEG ratio of 1.67 and a beta of 0.78. Corteva, Inc. has a 52-week low of $50.01 and a 52-week high of $66.24. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.93 and a current ratio of 1.45.

Corteva (NYSE:CTVA) last announced 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 net margin of 5.36% and a return on equity of 7.19%. As a group, sell-side analysts forecast that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be given 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 1.08%. Corteva’s payout ratio is presently 52.71%.

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 usually an indication that the company’s board believes its stock is undervalued.

Corteva 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.