Maryland State Retirement & Pension System Sells 2,662 Shares of Corteva, Inc. (NYSE:CTVA)

Maryland State Retirement & Pension System reduced its stake in Corteva, Inc. (NYSE:CTVA) by 6.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 37,351 shares of the company’s stock after selling 2,662 shares during the period. Maryland State Retirement & Pension System’s holdings in Corteva were worth $2,128,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CTVA. Flagship Wealth Advisors LLC bought a new stake in Corteva in the fourth quarter valued at $25,000. Noble Wealth Management PBC bought a new stake in Corteva in the fourth quarter valued at $26,000. Hager Investment Management Services LLC bought a new stake in Corteva in the fourth quarter valued at $27,000. Golden State Wealth Management LLC bought a new stake in Corteva in the fourth quarter valued at $32,000. Finally, Centricity Wealth Management LLC bought a new stake in Corteva in the fourth quarter valued at $34,000. 81.54% of the stock is owned by institutional investors.

Corteva Stock Down 1.0 %

CTVA opened at $61.86 on Friday. The company has a quick ratio of 0.93, a current ratio of 1.45 and a debt-to-equity ratio of 0.08. The stock has a market cap of $42.41 billion, a price-to-earnings ratio of 47.95, a PEG ratio of 1.68 and a beta of 0.79. Corteva, Inc. has a twelve month low of $50.01 and a twelve month high of $66.24. The company’s 50-day moving average price is $62.34 and its two-hundred day moving average price is $59.81.

Corteva (NYSE:CTVA) last posted its quarterly earnings results 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 net margin of 5.36% and a return on equity of 7.19%. As a group, equities analysts expect that Corteva, Inc. will post 2.96 earnings per share for the current year.

Corteva Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were given a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.10%. The ex-dividend date was Monday, March 3rd. Corteva’s dividend payout ratio (DPR) is currently 52.71%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on CTVA shares. Royal Bank of Canada lifted their price objective on shares of Corteva from $72.00 to $73.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Wells Fargo & Company lifted their price objective on shares of Corteva from $67.00 to $73.00 and gave the company an “overweight” rating in a report on Tuesday, January 28th. Bank of America lifted their price objective on shares of Corteva from $69.00 to $73.00 and gave the company a “buy” rating in a report on Tuesday, February 11th. KeyCorp lifted their price objective on shares of Corteva from $68.00 to $70.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Finally, BNP Paribas upgraded shares of Corteva to a “hold” rating in a report on Monday, February 10th. One research analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, Corteva presently has a consensus rating of “Moderate Buy” and an average price target of $68.00.

Insider Activity

In related news, insider Brian Titus sold 26,560 shares of the company’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 sale, the insider now owns 11,347 shares of the company’s stock, valued at approximately $723,257.78. This represents a 70.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.20% of the company’s stock.

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.