Oppenheimer & Co. Inc. Has $2.03 Million Position in Corteva, Inc. (NYSE:CTVA)

Oppenheimer & Co. Inc. lifted its stake in Corteva, Inc. (NYSE:CTVA) by 131.2% during the fourth quarter, HoldingsChannel reports. The fund owned 35,662 shares of the company’s stock after purchasing an additional 20,234 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Corteva were worth $2,031,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Hager Investment Management Services LLC bought a new position in Corteva during the fourth quarter valued at about $27,000. Golden State Wealth Management LLC bought a new stake in Corteva during the fourth quarter valued at about $32,000. Centricity Wealth Management LLC acquired a new stake in shares of Corteva in the fourth quarter valued at about $34,000. First Financial Corp IN bought a new position in shares of Corteva in the fourth quarter worth about $35,000. Finally, Albion Financial Group UT lifted its position in shares of Corteva by 112.6% during the 4th quarter. Albion Financial Group UT now owns 606 shares of the company’s stock worth $35,000 after purchasing an additional 321 shares during the last quarter. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Corteva Stock Performance

Shares of Corteva stock opened at $62.96 on Monday. 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 firm has a 50 day simple moving average of $61.34 and a 200 day simple moving average of $59.33. Corteva, Inc. has a fifty-two week low of $50.01 and a fifty-two week high of $66.24. The firm has a market cap of $43.16 billion, a P/E ratio of 48.81, a P/E/G ratio of 1.68 and a beta of 0.78.

Corteva (NYSE:CTVA) last posted 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%. Sell-side analysts predict that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be issued a $0.17 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.68 annualized dividend and a yield of 1.08%. Corteva’s dividend payout ratio is currently 52.71%.

Corteva announced that its Board of Directors has approved a stock buyback plan on Tuesday, November 19th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the company to reacquire up to 7.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Wells Fargo & Company raised their target price on Corteva from $67.00 to $73.00 and gave the company an “overweight” rating in a report on Tuesday, January 28th. UBS Group reduced their price target on shares of Corteva from $74.00 to $73.00 and set a “buy” rating for the company in a report on Friday, January 10th. Citigroup upped their price objective on shares of Corteva from $69.00 to $74.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. BNP Paribas upgraded Corteva to a “hold” rating in a research note on Monday, February 10th. Finally, 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 note on Tuesday, January 21st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $67.79.

Insider Buying and Selling at Corteva

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

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.