Beacon Financial Group Sells 1,188 Shares of Corteva, Inc. (NYSE:CTVA)

Beacon Financial Group lowered its holdings in Corteva, Inc. (NYSE:CTVA) by 5.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 22,723 shares of the company’s stock after selling 1,188 shares during the period. Beacon Financial Group’s holdings in Corteva were worth $1,294,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. B. Metzler seel. Sohn & Co. Holding AG bought a new position in Corteva in the 3rd quarter worth about $99,869,000. Franklin Resources Inc. boosted its position in shares of Corteva by 6.1% in the third quarter. Franklin Resources Inc. now owns 14,788,607 shares of the company’s stock valued at $860,746,000 after acquiring an additional 856,007 shares during the period. KBC Group NV grew its stake 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 acquiring an additional 815,135 shares in the last quarter. State Street Corp increased its holdings in Corteva by 2.3% during the 3rd quarter. State Street Corp now owns 34,290,086 shares of the company’s stock worth $2,015,914,000 after acquiring an additional 768,519 shares during the period. Finally, BNP Paribas Financial Markets lifted its stake in 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 purchasing an additional 596,073 shares in the last quarter. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on CTVA. Oppenheimer increased their price objective on Corteva from $70.00 to $72.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Bank of America raised their price target on Corteva from $69.00 to $73.00 and gave the company a “buy” rating in a report on Tuesday. Wells Fargo & Company boosted their price objective on Corteva from $67.00 to $73.00 and gave the stock an “overweight” rating in a report on Tuesday, January 28th. Citigroup raised their target price on shares of Corteva from $69.00 to $74.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. Finally, UBS Group cut their price target on shares of Corteva from $74.00 to $73.00 and set a “buy” rating for the company in a research note on Friday, January 10th. One analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $67.73.

Corteva Stock Performance

Corteva stock opened at $62.02 on Thursday. The firm has a fifty day simple moving average of $60.24 and a two-hundred day simple moving average of $58.35. Corteva, Inc. has a twelve month low of $50.01 and a twelve month high of $66.24. The company has a market capitalization of $42.63 billion, a PE ratio of 48.08, a P/E/G ratio of 1.85 and a beta of 0.78. The company has a quick ratio of 0.96, a current ratio of 1.45 and a debt-to-equity ratio of 0.08.

Corteva (NYSE:CTVA) last issued its earnings results 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%. Research analysts expect that Corteva, Inc. will post 2.83 EPS for the current year.

Corteva announced that its Board of Directors has initiated a share repurchase program on Tuesday, November 19th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 7.5% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are 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 issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 1.10%. Corteva’s dividend payout ratio is currently 52.71%.

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.