Ipswich Investment Management Co. Inc. Sells 1,682 Shares of Corteva, Inc. (NYSE:CTVA)

Ipswich Investment Management Co. Inc. cut its position in Corteva, Inc. (NYSE:CTVA) by 26.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,652 shares of the company’s stock after selling 1,682 shares during the quarter. Ipswich Investment Management Co. Inc.’s holdings in Corteva were worth $265,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of CTVA. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in Corteva in the 3rd quarter valued at $99,869,000. Franklin Resources Inc. grew its stake in Corteva by 6.1% in the 3rd quarter. Franklin Resources Inc. now owns 14,788,607 shares of the company’s stock valued at $860,746,000 after buying an additional 856,007 shares during the last quarter. KBC Group NV grew its stake in Corteva by 267.3% in the 3rd quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock valued at $65,851,000 after buying an additional 815,135 shares during the last quarter. State Street Corp grew its position in Corteva by 2.3% in the 3rd quarter. State Street Corp now owns 34,290,086 shares of the company’s stock worth $2,015,914,000 after purchasing an additional 768,519 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its position in Corteva by 176.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 934,748 shares of the company’s stock worth $54,954,000 after purchasing an additional 596,073 shares during the last quarter. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have issued reports on CTVA shares. UBS Group decreased their price target on shares of Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a research report on Friday, January 10th. Wells Fargo & Company raised their price target on shares of Corteva from $67.00 to $73.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 28th. Royal Bank of Canada raised their price target on shares of Corteva from $72.00 to $73.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Barclays raised their price target on shares of Corteva from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 21st. Finally, Citigroup raised their price target on shares of Corteva from $69.00 to $74.00 and gave the stock a “buy” rating in a research report on Wednesday, January 29th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $67.73.

Corteva Trading Down 1.7 %

Shares of CTVA stock opened at $62.75 on Friday. Corteva, Inc. has a 12-month low of $50.01 and a 12-month high of $66.24. The company has a market capitalization of $43.02 billion, a P/E ratio of 48.64, a P/E/G ratio of 1.67 and a beta of 0.78. The firm has a 50-day moving average price of $60.81 and a 200 day moving average price of $58.82. The company has a quick ratio of 0.93, a current ratio of 1.45 and a debt-to-equity ratio of 0.08.

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 net margin of 5.36% and a return on equity of 7.19%. Research analysts forecast that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva declared that its Board of Directors has authorized a share buyback program on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 7.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Corteva Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.08%. The ex-dividend date of this dividend is Monday, March 3rd. Corteva’s dividend payout ratio is presently 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.