DoubleLine ETF Adviser LP Buys New Stake in Corteva, Inc. (NYSE:CTVA)

DoubleLine ETF Adviser LP purchased a new position in shares of Corteva, Inc. (NYSE:CTVA) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 77,475 shares of the company’s stock, valued at approximately $4,413,000. Corteva makes up about 1.2% of DoubleLine ETF Adviser LP’s investment portfolio, making the stock its 21st largest holding.

Several other hedge funds and other institutional investors have also modified their holdings of CTVA. Flagship Wealth Advisors LLC purchased a new position in Corteva in the 4th quarter valued at approximately $25,000. Noble Wealth Management PBC purchased a new position in Corteva in the fourth quarter valued at $26,000. Hager Investment Management Services LLC acquired a new position in Corteva during the 4th quarter worth $27,000. LGT Financial Advisors LLC purchased a new stake in Corteva during the 4th quarter worth about $31,000. Finally, Golden State Wealth Management LLC acquired a new stake in Corteva in the 4th quarter valued at about $32,000. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on CTVA shares. Bank of America boosted their price objective on Corteva from $69.00 to $73.00 and gave the stock a “buy” rating in a research report on Tuesday, February 11th. KeyCorp raised their price objective on shares of Corteva from $70.00 to $71.00 and gave the company an “overweight” rating in a report on Monday, April 14th. The Goldman Sachs Group started coverage on shares of Corteva in a research note on Thursday, March 13th. They set a “buy” rating and a $71.00 target price for the company. Oppenheimer lifted their price target on Corteva from $70.00 to $72.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. Finally, Citigroup increased their price objective on Corteva from $69.00 to $74.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $68.13.

Corteva Price Performance

Shares of NYSE:CTVA opened at $62.08 on Friday. Corteva, Inc. has a one year low of $50.01 and a one year high of $66.24. The stock has a market capitalization of $42.40 billion, a price-to-earnings ratio of 48.13, a PEG ratio of 1.68 and a beta of 0.73. The company has a 50-day simple moving average of $60.61 and a 200-day simple moving average of $60.52. 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 posted its quarterly earnings data on Wednesday, February 5th. The company reported $0.32 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.02). Corteva had a net margin of 5.36% and a return on equity of 7.19%. On average, analysts predict that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 2nd will be given a $0.17 dividend. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 1.10%. Corteva’s dividend payout ratio (DPR) is 52.71%.

Insiders Place Their Bets

In other Corteva news, insider Brian Titus sold 26,560 shares of the business’s stock in a transaction that occurred 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 in the company, valued at approximately $723,257.78. The trade was a 70.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.14% of the stock is owned by insiders.

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.