Royal Bank of Canada Has $170.10 Million Stock Holdings in Corteva, Inc. (NYSE:CTVA)

Royal Bank of Canada increased its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 13.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,986,315 shares of the company’s stock after purchasing an additional 348,585 shares during the period. Royal Bank of Canada’s holdings in Corteva were worth $170,101,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Flagship Wealth Advisors LLC bought a new position in shares of Corteva during the 4th quarter worth about $25,000. Noble Wealth Management PBC acquired a new position in Corteva during the 4th quarter worth approximately $26,000. Hager Investment Management Services LLC bought a new position in Corteva in the fourth quarter worth approximately $27,000. LGT Financial Advisors LLC acquired a new stake in Corteva in the fourth quarter valued at approximately $31,000. Finally, Golden State Wealth Management LLC bought a new stake in shares of Corteva during the fourth quarter valued at approximately $32,000. 81.54% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, insider Brian Titus sold 26,560 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $63.74, for a total transaction of $1,692,934.40. Following the completion of the sale, the insider now owns 11,347 shares in the company, valued at $723,257.78. This trade represents a 70.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.14% of the stock is owned by insiders.

Corteva Price Performance

Corteva stock opened at $68.58 on Monday. Corteva, Inc. has a 52 week low of $50.01 and a 52 week high of $69.28. The company’s 50 day moving average price is $61.61 and its two-hundred day moving average price is $60.98. The stock has a market cap of $46.78 billion, a P/E ratio of 53.16, a P/E/G ratio of 1.68 and a beta of 0.72. The company has a quick ratio of 0.93, a current ratio of 1.45 and a debt-to-equity ratio of 0.08.

Corteva (NYSE:CTVA) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.25. Corteva had a return on equity of 7.19% and a net margin of 5.36%. The company had revenue of $4.42 billion during the quarter, compared to the consensus estimate of $4.56 billion. During the same period last year, the business posted $0.89 earnings per share. Corteva’s revenue was down 1.7% on a year-over-year basis. On average, equities analysts predict that Corteva, Inc. will post 2.96 earnings per share for the current year.

Corteva Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 2nd will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.99%. The ex-dividend date of this dividend is Monday, June 2nd. Corteva’s payout ratio is 41.46%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on CTVA shares. The Goldman Sachs Group began coverage on Corteva in a research report on Thursday, March 13th. They set a “buy” rating and a $71.00 target price on the stock. Argus upgraded shares of Corteva from a “hold” rating to a “buy” rating and set a $69.00 price objective on the stock in a report on Monday, March 31st. Wells Fargo & Company raised their price objective on shares of Corteva from $73.00 to $79.00 and gave the company an “overweight” rating in a research note on Monday, May 12th. Citigroup boosted their target price on shares of Corteva from $75.00 to $78.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Finally, Royal Bank of Canada upped their target price on shares of Corteva from $72.00 to $73.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given 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 $70.50.

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.