Parallel Advisors LLC Buys 943 Shares of Corteva, Inc. (NYSE:CTVA)

Parallel Advisors LLC increased its position in shares of Corteva, Inc. (NYSE:CTVA) by 2.9% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 33,712 shares of the company’s stock after acquiring an additional 943 shares during the period. Parallel Advisors LLC’s holdings in Corteva were worth $1,920,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Noble Wealth Management PBC bought a new stake in shares of Corteva during the fourth quarter worth about $26,000. Hager Investment Management Services LLC acquired a new stake in Corteva during the 4th quarter worth approximately $27,000. Golden State Wealth Management LLC bought a new stake in Corteva during the 4th quarter worth approximately $32,000. Centricity Wealth Management LLC acquired a new position in Corteva in the 4th quarter valued at approximately $34,000. Finally, First Financial Corp IN acquired a new position in shares of Corteva during the fourth quarter worth $35,000. Institutional investors and hedge funds own 81.54% of the company’s stock.

Corteva Price Performance

Shares of NYSE CTVA opened at $61.51 on Wednesday. The stock has a market cap of $42.17 billion, a price-to-earnings ratio of 47.68, a PEG ratio of 1.68 and a beta of 0.79. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.93 and a current ratio of 1.45. Corteva, Inc. has a fifty-two week low of $50.01 and a fifty-two week high of $66.24. The firm’s 50-day simple moving average is $62.14 and its 200 day simple moving average is $59.77.

Corteva (NYSE:CTVA) last posted its earnings results on Wednesday, February 5th. The company reported $0.32 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.02). Corteva had a net margin of 5.36% and a return on equity of 7.19%. As a group, research analysts anticipate that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were issued a $0.17 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.68 annualized dividend and a dividend yield of 1.11%. Corteva’s dividend payout ratio is currently 52.71%.

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 outstanding shares. This repurchase authorization authorizes the company to purchase up to 7.5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

CTVA has been the subject of a number of recent research reports. Bank of America raised their target price on Corteva from $69.00 to $73.00 and gave the stock a “buy” rating in a research report on Tuesday, February 11th. Barclays raised their price objective on Corteva from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 21st. KeyCorp boosted their target price on shares of Corteva from $68.00 to $70.00 and gave the company an “overweight” rating in a report on Friday, February 7th. BNP Paribas upgraded Corteva to a “hold” rating in a research report on Monday, February 10th. Finally, Royal Bank of Canada lifted their target price on Corteva from $72.00 to $73.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have given 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 $68.00.

Insider Activity at Corteva

In related news, insider Brian Titus sold 26,560 shares of Corteva stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $63.74, for a total transaction of $1,692,934.40. Following the sale, the insider now directly owns 11,347 shares in the company, valued at approximately $723,257.78. This trade represents a 70.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.20% of the stock is owned by insiders.

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.