Corteva, Inc. (NYSE:CTVA) Shares Sold by Truist Financial Corp

Truist Financial Corp lowered its stake in shares of Corteva, Inc. (NYSE:CTVA) by 11.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 338,760 shares of the company’s stock after selling 42,746 shares during the period. Truist Financial Corp’s holdings in Corteva were worth $19,296,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. KBC Group NV boosted its stake in Corteva by 267.3% in the 3rd quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock worth $65,851,000 after buying an additional 815,135 shares during the last quarter. Oak Thistle LLC acquired a new stake in Corteva in the 4th quarter worth about $1,514,000. Charles Schwab Investment Management Inc. boosted its stake in Corteva by 1.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,523,996 shares of the company’s stock worth $265,966,000 after buying an additional 66,052 shares during the last quarter. Van ECK Associates Corp lifted its stake in shares of Corteva by 5.9% in the 4th quarter. Van ECK Associates Corp now owns 9,428,206 shares of the company’s stock valued at $537,031,000 after purchasing an additional 525,531 shares in the last quarter. Finally, Swedbank AB lifted its stake in shares of Corteva by 51.9% in the 4th quarter. Swedbank AB now owns 695,641 shares of the company’s stock valued at $39,624,000 after purchasing an additional 237,764 shares in the last quarter. Institutional investors and hedge funds own 81.54% of the company’s stock.

Corteva Price Performance

CTVA stock opened at $63.65 on Thursday. 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, Inc. has a 52-week low of $50.01 and a 52-week high of $66.24. The stock’s 50 day moving average is $60.65 and its two-hundred day moving average is $58.71. The company has a market capitalization of $43.75 billion, a PE ratio of 49.34, a P/E/G ratio of 1.68 and a beta of 0.78.

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

Corteva announced that its Board of Directors has authorized a share buyback plan on Tuesday, November 19th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the company to purchase up to 7.5% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Corteva Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Shareholders 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 annualized dividend and a yield of 1.07%. Corteva’s dividend payout ratio is presently 52.71%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Royal Bank of Canada lifted 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. Oppenheimer lifted their price objective on Corteva from $70.00 to $72.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. KeyCorp lifted 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, Barclays lifted their price objective on Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 21st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $67.73.

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.