Corteva, Inc. (NYSE:CTVA) Shares Bought by Artemis Investment Management LLP

Artemis Investment Management LLP lifted its stake in shares of Corteva, Inc. (NYSE:CTVA) by 18.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,047,103 shares of the company’s stock after purchasing an additional 161,475 shares during the period. Artemis Investment Management LLP owned 0.15% of Corteva worth $59,643,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in CTVA. American Century Companies Inc. increased its stake in shares of Corteva by 3.8% in the 2nd quarter. American Century Companies Inc. now owns 117,070 shares of the company’s stock worth $6,315,000 after acquiring an additional 4,255 shares during the last quarter. Federated Hermes Inc. increased its position in Corteva by 20.0% during the second quarter. Federated Hermes Inc. now owns 14,350 shares of the company’s stock worth $774,000 after purchasing an additional 2,392 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its position in Corteva by 6.2% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 53,657 shares of the company’s stock worth $2,894,000 after purchasing an additional 3,126 shares during the last quarter. Benjamin Edwards Inc. purchased a new position in Corteva during the second quarter worth about $279,000. Finally, Bridges Investment Management Inc. purchased a new stake in shares of Corteva in the 2nd quarter valued at approximately $252,000. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Corteva Price Performance

Shares of NYSE CTVA opened at $62.30 on Friday. The stock’s 50-day moving average is $58.96 and its two-hundred day moving average is $57.06. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96. The company has a market cap of $42.82 billion, a price-to-earnings ratio of 62.93, a price-to-earnings-growth ratio of 1.49 and a beta of 0.77. Corteva, Inc. has a 1-year low of $44.01 and a 1-year high of $64.20.

Corteva declared that its board has approved a stock repurchase program on Tuesday, November 19th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the company to reacquire up to 7.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Corteva Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were issued a $0.17 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.68 annualized dividend and a yield of 1.09%. Corteva’s dividend payout ratio (DPR) is 68.69%.

Wall Street Analyst Weigh In

Several research firms have recently commented on CTVA. UBS Group reduced their price target on shares of Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a research report on Friday, January 10th. Oppenheimer reaffirmed an “outperform” rating and issued a $70.00 price target (up previously from $69.00) on shares of Corteva in a research note on Friday, November 8th. Royal Bank of Canada increased their price target on Corteva from $68.00 to $73.00 and gave the stock an “outperform” rating in a report on Thursday, December 19th. KeyCorp decreased their target price on shares of Corteva from $69.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, January 10th. Finally, Citigroup dropped their price target on shares of Corteva from $70.00 to $69.00 and set a “buy” rating for the company in a research report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $65.47.

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.