HITE Hedge Asset Management LLC Purchases Shares of 100,000 Corteva, Inc. (NYSE:CTVA)

HITE Hedge Asset Management LLC acquired a new position in Corteva, Inc. (NYSE:CTVA) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 100,000 shares of the company’s stock, valued at approximately $5,696,000.

Several other large investors have also modified their holdings of CTVA. Flagship Wealth Advisors LLC acquired a new position in Corteva during the 4th quarter worth $25,000. Noble Wealth Management PBC bought a new position in shares of Corteva in the fourth quarter worth about $26,000. Hager Investment Management Services LLC acquired a new position in shares of Corteva during the 4th quarter worth about $27,000. Golden State Wealth Management LLC bought a new stake in Corteva during the 4th quarter valued at approximately $32,000. Finally, Centricity Wealth Management LLC bought a new position in Corteva in the 4th quarter worth approximately $34,000. 81.54% of the stock is owned by institutional investors.

Insider Transactions at Corteva

In other news, insider Brian Titus sold 26,560 shares of the company’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $63.74, for a total transaction of $1,692,934.40. Following the transaction, the insider now owns 11,347 shares of the company’s stock, valued at $723,257.78. This represents a 70.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.14% of the stock is owned by company insiders.

Analyst Ratings Changes

CTVA has been the topic of several research analyst reports. The Goldman Sachs Group started coverage on shares of Corteva in a research note on Thursday, March 13th. They issued a “buy” rating and a $71.00 price objective on the stock. Wells Fargo & Company upped their price objective on shares of Corteva from $67.00 to $73.00 and gave the company an “overweight” rating in a research report on Tuesday, January 28th. Citigroup lifted their target price on Corteva from $69.00 to $74.00 and gave the stock a “buy” rating in a research report on Wednesday, January 29th. Royal Bank of Canada upped their price target on Corteva from $72.00 to $73.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Finally, BNP Paribas raised Corteva to a “hold” rating in a report on Monday, February 10th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $68.13.

Corteva Stock Up 0.8 %

NYSE CTVA opened at $59.69 on Friday. The stock’s 50 day simple moving average is $61.04 and its 200 day simple moving average is $60.27. 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, Inc. has a one year low of $50.01 and a one year high of $66.24. The firm has a market cap of $40.77 billion, a PE ratio of 46.27, a price-to-earnings-growth ratio of 1.68 and a beta of 0.73.

Corteva (NYSE:CTVA) last announced its 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 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 earnings per share for the current fiscal year.

Corteva Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date was Monday, March 3rd. Corteva’s dividend payout ratio is presently 52.71%.

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.