Proficio Capital Partners LLC Makes New $7.56 Million Investment in Corteva, Inc. (NYSE:CTVA)

Proficio Capital Partners LLC acquired a new stake in Corteva, Inc. (NYSE:CTVA) during the fourth quarter, Holdings Channel reports. The institutional investor acquired 132,797 shares of the company’s stock, valued at approximately $7,564,000.

A number of other hedge funds have also modified their holdings of the company. Chicago Partners Investment Group LLC boosted its position in Corteva by 1.2% in the fourth quarter. Chicago Partners Investment Group LLC now owns 13,282 shares of the company’s stock valued at $759,000 after buying an additional 156 shares during the last quarter. Avidian Wealth Enterprises LLC boosted its holdings in shares of Corteva by 3.6% in the 4th quarter. Avidian Wealth Enterprises LLC now owns 4,521 shares of the company’s stock valued at $258,000 after acquiring an additional 157 shares during the last quarter. Beacon Capital Management LLC increased its stake in shares of Corteva by 13.4% in the fourth quarter. Beacon Capital Management LLC now owns 1,341 shares of the company’s stock worth $76,000 after acquiring an additional 158 shares during the period. Lake Street Advisors Group LLC increased its stake in shares of Corteva by 3.7% in the fourth quarter. Lake Street Advisors Group LLC now owns 4,514 shares of the company’s stock worth $257,000 after acquiring an additional 160 shares during the period. Finally, Roble Belko & Company Inc raised its holdings in shares of Corteva by 5.5% during the fourth quarter. Roble Belko & Company Inc now owns 3,166 shares of the company’s stock worth $180,000 after purchasing an additional 166 shares during the last quarter. 81.54% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Corteva

In other Corteva news, insider Brian Titus sold 26,560 shares of the stock in a transaction dated Thursday, February 20th. The shares were 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 owns 11,347 shares in the company, valued at approximately $723,257.78. This represents a 70.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.14% of the stock is currently owned by insiders.

Corteva Stock Up 0.2 %

CTVA stock opened at $62.96 on Monday. Corteva, Inc. has a 52 week low of $50.01 and a 52 week high of $66.24. The company has a quick ratio of 0.93, a current ratio of 1.45 and a debt-to-equity ratio of 0.08. The firm has a 50-day simple moving average of $61.34 and a 200-day simple moving average of $59.33. The stock has a market capitalization 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 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 return on equity of 7.19% and a net margin of 5.36%. Equities analysts forecast that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva announced that its board has initiated a share repurchase plan on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 7.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Corteva Announces Dividend

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

Analyst Ratings Changes

Several equities research analysts have commented on the stock. BNP Paribas raised shares of Corteva to a “hold” rating in a report on Monday, February 10th. UBS Group lowered their target price on Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a research note on Friday, January 10th. Bank of America lifted their price target on Corteva from $69.00 to $73.00 and gave the company a “buy” rating in a research report on Tuesday, February 11th. Wells Fargo & Company upped their price objective on Corteva from $67.00 to $73.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 28th. Finally, Barclays raised their price objective 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 analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, Corteva presently has an average rating of “Moderate Buy” and a consensus price target of $67.79.

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.