Good Life Advisors LLC Reduces Holdings in Corteva, Inc. (NYSE:CTVA)

Good Life Advisors LLC trimmed its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 10.3% in the fourth quarter, HoldingsChannel reports. The firm owned 4,550 shares of the company’s stock after selling 521 shares during the period. Good Life Advisors LLC’s holdings in Corteva were worth $259,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Allspring Global Investments Holdings LLC grew its stake in Corteva by 19.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 48,470 shares of the company’s stock worth $2,850,000 after acquiring an additional 7,923 shares during the period. Sequoia Financial Advisors LLC grew its stake in Corteva by 31.7% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 22,682 shares of the company’s stock worth $1,333,000 after acquiring an additional 5,466 shares during the period. Private Advisor Group LLC grew its stake in Corteva by 1.1% in the 3rd quarter. Private Advisor Group LLC now owns 28,482 shares of the company’s stock worth $1,674,000 after acquiring an additional 313 shares during the period. International Assets Investment Management LLC purchased a new stake in Corteva in the 3rd quarter worth approximately $8,239,000. Finally, Great Lakes Retirement Inc. grew its stake in Corteva by 8.4% in the 3rd quarter. Great Lakes Retirement Inc. now owns 7,492 shares of the company’s stock worth $440,000 after acquiring an additional 578 shares during the period. 81.54% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have commented on the stock. Oppenheimer lifted their target price on shares of Corteva from $70.00 to $72.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Citigroup lifted their price target on shares of Corteva from $69.00 to $74.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. Barclays lifted their price target 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. Wells Fargo & Company lifted their price target on shares of Corteva from $67.00 to $73.00 and gave the company an “overweight” rating in a report on Tuesday, January 28th. Finally, Royal Bank of Canada lifted their price target on shares of Corteva from $72.00 to $73.00 and gave the company an “outperform” rating in a report on Friday, February 7th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $67.73.

Corteva Stock Performance

NYSE:CTVA opened at $62.75 on Friday. The company has a current ratio of 1.45, a quick ratio of 0.93 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $43.02 billion, a price-to-earnings ratio of 48.64, a PEG ratio of 1.67 and a beta of 0.78. The firm’s fifty day simple moving average is $60.81 and its 200 day simple moving average is $58.82. Corteva, Inc. has a twelve month low of $50.01 and a twelve month high of $66.24.

Corteva (NYSE:CTVA) last released 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 return on equity of 7.19% and a net margin of 5.36%. As a group, equities research analysts expect that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva announced that its board has initiated a stock buyback program on Tuesday, November 19th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the company to buy up to 7.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

Corteva Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be paid a dividend of $0.17 per share. 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 (DPR) is 52.71%.

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.