ING Groep NV Lowers Position in Corteva, Inc. (NYSE:CTVA)

ING Groep NV lessened its holdings in Corteva, Inc. (NYSE:CTVA) by 50.1% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 87,663 shares of the company’s stock after selling 87,919 shares during the quarter. ING Groep NV’s holdings in Corteva were worth $4,993,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Allspring Global Investments Holdings LLC increased its stake in Corteva by 19.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 48,470 shares of the company’s stock valued at $2,850,000 after acquiring an additional 7,923 shares during the last quarter. Sequoia Financial Advisors LLC increased its stake in Corteva by 31.7% in the third quarter. Sequoia Financial Advisors LLC now owns 22,682 shares of the company’s stock valued at $1,333,000 after acquiring an additional 5,466 shares during the last quarter. Private Advisor Group LLC increased its stake in Corteva by 1.1% in the third quarter. Private Advisor Group LLC now owns 28,482 shares of the company’s stock valued at $1,674,000 after acquiring an additional 313 shares during the last quarter. International Assets Investment Management LLC bought a new position in Corteva in the third quarter valued at $8,239,000. Finally, Great Lakes Retirement Inc. increased its stake in Corteva by 8.4% in the third quarter. Great Lakes Retirement Inc. now owns 7,492 shares of the company’s stock valued at $440,000 after acquiring an additional 578 shares during the last quarter. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Stock Down 1.7 %

Shares of NYSE:CTVA opened at $62.75 on Friday. The stock’s 50-day moving average is $60.81 and its 200 day moving average is $58.82. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.45 and a quick ratio of 0.93. The company has a market cap of $43.02 billion, a PE ratio of 48.64, a P/E/G ratio of 1.67 and a beta of 0.78. Corteva, Inc. has a 1 year low of $50.01 and a 1 year high of $66.24.

Corteva (NYSE:CTVA) last posted its quarterly earnings data on Wednesday, February 5th. The company reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.02). Corteva had a net margin of 5.36% and a return on equity of 7.19%. Sell-side analysts anticipate that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Dividend Announcement

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

Corteva announced that its board has authorized a stock buyback plan on Tuesday, November 19th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 7.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Barclays increased their target price on Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 21st. UBS Group reduced their price objective on Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a research note on Friday, January 10th. KeyCorp raised their price objective on Corteva from $68.00 to $70.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. BNP Paribas raised Corteva to a “hold” rating in a research note on Monday, February 10th. Finally, Royal Bank of Canada raised their price objective on Corteva from $72.00 to $73.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, Corteva currently has an average rating of “Moderate Buy” and an average target price of $67.73.

Corteva Company 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.