Proficio Capital Partners LLC Takes $7.56 Million Position in Corteva, Inc. (NYSE:CTVA)

Proficio Capital Partners LLC bought a new position in shares of Corteva, Inc. (NYSE:CTVA) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 132,797 shares of the company’s stock, valued at approximately $7,564,000.

Several other hedge funds and other institutional investors have also modified their holdings of CTVA. Chicago Partners Investment Group LLC increased its position in Corteva by 1.2% during the 4th quarter. Chicago Partners Investment Group LLC now owns 13,282 shares of the company’s stock worth $759,000 after buying an additional 156 shares during the period. Avidian Wealth Enterprises LLC grew its stake in shares of Corteva by 3.6% in the fourth quarter. Avidian Wealth Enterprises LLC now owns 4,521 shares of the company’s stock valued at $258,000 after acquiring an additional 157 shares in the last quarter. Beacon Capital Management LLC increased its position in Corteva by 13.4% during the fourth quarter. Beacon Capital Management LLC now owns 1,341 shares of the company’s stock worth $76,000 after acquiring an additional 158 shares during the period. Lake Street Advisors Group LLC raised its stake in Corteva by 3.7% in the 4th quarter. Lake Street Advisors Group LLC now owns 4,514 shares of the company’s stock worth $257,000 after purchasing an additional 160 shares in the last quarter. Finally, Roble Belko & Company Inc boosted its holdings in Corteva by 5.5% in the 4th quarter. Roble Belko & Company Inc now owns 3,166 shares of the company’s stock valued at $180,000 after purchasing an additional 166 shares during the period. Institutional investors own 81.54% of the company’s stock.

Insider Transactions at Corteva

In other news, insider Brian Titus sold 26,560 shares of the firm’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $63.74, for a total transaction of $1,692,934.40. Following the completion of the transaction, the insider now owns 11,347 shares of the company’s stock, valued at approximately $723,257.78. This trade represents a 70.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.14% of the company’s stock.

Corteva Price Performance

CTVA stock opened at $59.90 on Monday. The stock has a market cap of $41.06 billion, a price-to-earnings ratio of 46.43, a P/E/G ratio of 1.68 and a beta of 0.79. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.45 and a quick ratio of 0.93. The company has a 50 day simple moving average of $61.96 and a 200 day simple moving average of $59.71. Corteva, Inc. has a 1 year low of $50.01 and a 1 year high of $66.24.

Corteva (NYSE:CTVA) last announced its quarterly earnings results on Wednesday, February 5th. The company reported $0.32 earnings per share (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%. Research analysts anticipate that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

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

Corteva Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date is Monday, March 3rd. Corteva’s payout ratio is 52.71%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CTVA. BNP Paribas raised shares of Corteva to a “hold” rating in a report on Monday, February 10th. Oppenheimer raised their price objective on Corteva from $70.00 to $72.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. KeyCorp upped their target price on Corteva from $68.00 to $70.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. The Goldman Sachs Group started coverage on Corteva in a report on Thursday. They set a “buy” rating and a $71.00 target price on the stock. Finally, Bank of America boosted their price target on Corteva from $69.00 to $73.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. 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 data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $68.00.

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.