Allianz SE Acquires New Position in Corteva, Inc. (NYSE:CTVA)

Allianz SE bought a new position in shares of Corteva, Inc. (NYSE:CTVA) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 25,804 shares of the company’s stock, valued at approximately $1,459,000.

Other large investors have also added to or reduced their stakes in the company. Fisher Asset Management LLC boosted its holdings in Corteva by 12.9% in the 3rd quarter. Fisher Asset Management LLC now owns 9,043 shares of the company’s stock worth $532,000 after buying an additional 1,030 shares during the period. Townsquare Capital LLC boosted its stake in shares of Corteva by 13.1% in the third quarter. Townsquare Capital LLC now owns 29,739 shares of the company’s stock worth $1,748,000 after acquiring an additional 3,449 shares during the period. Public Sector Pension Investment Board grew its position in shares of Corteva by 11.3% during the third quarter. Public Sector Pension Investment Board now owns 29,502 shares of the company’s stock worth $1,734,000 after purchasing an additional 3,000 shares in the last quarter. Verition Fund Management LLC lifted its holdings in Corteva by 8.5% in the 3rd quarter. Verition Fund Management LLC now owns 69,153 shares of the company’s stock worth $4,066,000 after purchasing an additional 5,426 shares in the last quarter. Finally, Ironwood Investment Counsel LLC boosted its stake in Corteva by 2.7% in the 3rd quarter. Ironwood Investment Counsel LLC now owns 65,128 shares of the company’s stock worth $3,829,000 after purchasing an additional 1,729 shares during the period. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CTVA. KeyCorp lifted their price objective on shares of Corteva from $68.00 to $70.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. Barclays lifted their price target 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. Wells Fargo & Company raised their price objective on Corteva from $67.00 to $73.00 and gave the company an “overweight” rating in a research report on Tuesday, January 28th. Oppenheimer boosted their target price on Corteva from $70.00 to $72.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Finally, Royal Bank of Canada lifted their price objective on Corteva from $72.00 to $73.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Corteva currently has a consensus rating of “Moderate Buy” and an average target price of $68.00.

Insider Buying and Selling

In other Corteva news, insider Brian Titus sold 26,560 shares of Corteva stock in a transaction that occurred 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 sale, the insider now directly owns 11,347 shares in the company, valued at approximately $723,257.78. The trade was a 70.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.14% of the stock is currently owned by company insiders.

Corteva Stock Down 2.2 %

Shares of CTVA stock opened at $61.08 on Friday. The stock’s fifty day moving average price is $62.53 and its 200 day moving average price is $60.10. Corteva, Inc. has a 1-year low of $50.01 and a 1-year high of $66.24. The company has a market cap of $41.72 billion, a price-to-earnings ratio of 47.35, a price-to-earnings-growth 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.

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

Corteva Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were given a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.11%. The ex-dividend date of this dividend was Monday, March 3rd. Corteva’s payout ratio is 52.71%.

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.