Corteva, Inc. (NYSE:CTVA) Shares Sold by Spinnaker Trust

Spinnaker Trust lowered its position in Corteva, Inc. (NYSE:CTVA) by 17.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,285 shares of the company’s stock after selling 1,333 shares during the quarter. Spinnaker Trust’s holdings in Corteva were worth $358,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in CTVA. Exchange Traded Concepts LLC lifted its holdings in Corteva by 1,058.7% in the 3rd quarter. Exchange Traded Concepts LLC now owns 2,329 shares of the company’s stock worth $137,000 after buying an additional 2,128 shares in the last quarter. Creative Planning increased its position in shares of Corteva by 1.3% in the 3rd quarter. Creative Planning now owns 139,342 shares of the company’s stock worth $8,192,000 after purchasing an additional 1,784 shares during the last quarter. Good Life Advisors LLC increased its position in shares of Corteva by 15.9% in the 3rd quarter. Good Life Advisors LLC now owns 5,071 shares of the company’s stock worth $298,000 after purchasing an additional 697 shares during the last quarter. Secure Asset Management LLC bought a new stake in shares of Corteva in the 3rd quarter worth about $249,000. Finally, Cardinal Capital Management increased its position in shares of Corteva by 0.9% in the 3rd quarter. Cardinal Capital Management now owns 25,904 shares of the company’s stock worth $1,523,000 after purchasing an additional 235 shares during the last quarter. Institutional investors and hedge funds own 81.54% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CTVA. KeyCorp boosted their target price on shares of Corteva from $68.00 to $70.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Royal Bank of Canada boosted their target price on shares of Corteva from $72.00 to $73.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Wells Fargo & Company boosted their target price on shares of Corteva from $67.00 to $73.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 28th. Bank of America boosted their target price on shares of Corteva from $69.00 to $73.00 and gave the stock a “buy” rating in a research report on Tuesday, February 11th. Finally, BNP Paribas raised shares of Corteva to a “hold” rating in a research report on Monday, February 10th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, Corteva has a consensus rating of “Moderate Buy” and an average price target of $67.73.

Corteva Price Performance

NYSE CTVA opened at $64.00 on Friday. Corteva, Inc. has a 52 week low of $50.01 and a 52 week high of $66.24. The company has a current ratio of 1.45, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The stock has a market cap of $43.99 billion, a price-to-earnings ratio of 49.61, a price-to-earnings-growth ratio of 1.85 and a beta of 0.78. The company has a 50-day moving average price of $60.39 and a two-hundred day moving average price of $58.47.

Corteva (NYSE:CTVA) last posted its earnings results on Wednesday, February 5th. The company reported $0.32 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 forecast that Corteva, Inc. will post 2.83 EPS for the current year.

Corteva Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.06%. The ex-dividend date is Monday, March 3rd. Corteva’s dividend payout ratio is currently 52.71%.

Corteva announced that its Board of Directors has authorized a share repurchase program on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 7.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Corteva 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.