SouthState Corp Cuts Holdings in Corteva, Inc. (NYSE:CTVA)

SouthState Corp reduced its position in Corteva, Inc. (NYSE:CTVA) by 4.7% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 5,419 shares of the company’s stock after selling 270 shares during the period. SouthState Corp’s holdings in Corteva were worth $319,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in CTVA. Anomaly Capital Management LP purchased a new position in shares of Corteva in the 2nd quarter worth $188,578,000. Vaughan Nelson Investment Management L.P. raised its position in Corteva by 392.3% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 4,083,685 shares of the company’s stock valued at $220,274,000 after purchasing an additional 3,254,126 shares during the period. Bank of New York Mellon Corp raised its position in Corteva by 28.4% in the second quarter. Bank of New York Mellon Corp now owns 6,842,907 shares of the company’s stock valued at $369,106,000 after purchasing an additional 1,514,954 shares during the period. Panagora Asset Management Inc. raised its position in Corteva by 700.2% in the second quarter. Panagora Asset Management Inc. now owns 1,301,996 shares of the company’s stock valued at $70,230,000 after purchasing an additional 1,139,297 shares during the period. Finally, Natixis Advisors LLC raised its position in Corteva by 155.7% in the second quarter. Natixis Advisors LLC now owns 1,694,214 shares of the company’s stock valued at $91,389,000 after purchasing an additional 1,031,678 shares during the period. 81.54% of the stock is owned by hedge funds and other institutional investors.

Corteva Stock Performance

Shares of NYSE CTVA opened at $58.25 on Wednesday. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08. The firm’s 50-day moving average price is $58.42 and its two-hundred day moving average price is $55.70. Corteva, Inc. has a 52-week low of $43.89 and a 52-week high of $63.75. The stock has a market capitalization of $40.03 billion, a P/E ratio of 58.84, a P/E/G ratio of 1.77 and a beta of 0.77.

Corteva declared that its Board of Directors has initiated a share buyback program on Tuesday, November 19th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 7.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Corteva Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a $0.17 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 1.17%. Corteva’s dividend payout ratio is currently 68.69%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. KeyCorp cut their price objective on Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Oppenheimer reissued an “outperform” rating and issued a $70.00 price objective (up from $69.00) on shares of Corteva in a research report on Friday, November 8th. Bank of America raised Corteva from a “neutral” rating to a “buy” rating and raised their price objective for the company from $59.00 to $67.00 in a research report on Wednesday, October 16th. Morgan Stanley restated an “overweight” rating and set a $65.00 target price on shares of Corteva in a research note on Tuesday, September 24th. Finally, Citigroup assumed coverage on Corteva in a research note on Wednesday, October 23rd. They set a “buy” rating and a $68.00 target price for the company. One analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $63.68.

About Corteva

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.