Affinity Wealth Management LLC Sells 501 Shares of Corteva, Inc. (NYSE:CTVA)

Affinity Wealth Management LLC lowered its position in shares of Corteva, Inc. (NYSE:CTVA) by 8.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,281 shares of the company’s stock after selling 501 shares during the period. Affinity Wealth Management LLC’s holdings in Corteva were worth $301,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in shares of Corteva in the third quarter worth $99,869,000. Franklin Resources Inc. raised its position in shares of Corteva by 6.1% in the 3rd quarter. Franklin Resources Inc. now owns 14,788,607 shares of the company’s stock worth $860,746,000 after acquiring an additional 856,007 shares in the last quarter. KBC Group NV lifted its position in Corteva by 267.3% during the third 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 period. State Street Corp boosted its holdings in shares of Corteva by 2.3% during the 3rd quarter. State Street Corp now owns 34,290,086 shares of the company’s stock valued at $2,015,914,000 after buying an additional 768,519 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its position in shares of 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 buying an additional 596,073 shares during the period. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Trading Down 0.4 %

NYSE:CTVA opened at $63.96 on Friday. The company has a market cap of $43.96 billion, a PE ratio of 64.61, a price-to-earnings-growth ratio of 1.63 and a beta of 0.77. Corteva, Inc. has a 12 month low of $45.01 and a 12 month high of $64.32. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The company has a 50 day simple moving average of $59.56 and a two-hundred day simple moving average of $57.43.

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

Corteva Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date of this dividend was Monday, December 2nd. Corteva’s dividend payout ratio is 68.69%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Wells Fargo & Company lifted their price target on shares of Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a research report on Wednesday, November 20th. Barclays lifted their target price on shares of Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a report on Tuesday, January 21st. UBS Group dropped their price target on Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a research report on Friday, January 10th. Bank of America raised their price objective on Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Finally, Oppenheimer reissued an “outperform” rating and issued a $70.00 target price (up from $69.00) on shares of Corteva in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $65.59.

Corteva 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.