Glass Wealth Management Co LLC Decreases Stake in Corteva, Inc. (NYSE:CTVA)

Glass Wealth Management Co LLC lowered its position in shares of Corteva, Inc. (NYSE:CTVA) by 5.0% in the fourth quarter, Holdings Channel reports. The firm owned 37,708 shares of the company’s stock after selling 1,965 shares during the period. Glass Wealth Management Co LLC’s holdings in Corteva were worth $2,148,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Noble Wealth Management PBC purchased a new position in Corteva in the 4th quarter worth approximately $26,000. Hager Investment Management Services LLC purchased a new position in Corteva in the 4th quarter worth approximately $27,000. Golden State Wealth Management LLC purchased a new position in Corteva in the 4th quarter worth approximately $32,000. Centricity Wealth Management LLC purchased a new position in Corteva in the 4th quarter worth approximately $34,000. Finally, First Financial Corp IN purchased a new position in Corteva in the 4th quarter worth approximately $35,000. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Insiders Place Their Bets

In other Corteva news, insider Brian Titus sold 26,560 shares of the stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $63.74, for a total value of $1,692,934.40. Following the sale, the insider now directly owns 11,347 shares of the company’s stock, valued at $723,257.78. This trade represents a 70.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.14% of the stock is owned by corporate insiders.

Corteva Stock Performance

CTVA stock opened at $59.77 on Wednesday. The company has a current ratio of 1.45, a quick ratio of 0.93 and a debt-to-equity ratio of 0.08. The firm has a market cap of $40.97 billion, a P/E ratio of 46.33, a P/E/G ratio of 1.68 and a beta of 0.79. Corteva, Inc. has a 12-month low of $50.01 and a 12-month high of $66.24. The stock’s 50 day simple moving average is $61.45 and its 200 day simple moving average is $59.42.

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 research analysts predict that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva announced that its Board of Directors has authorized a stock buyback program on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 7.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Corteva Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.14%. The ex-dividend date is Monday, March 3rd. Corteva’s dividend payout ratio is presently 52.71%.

Analysts Set New Price Targets

CTVA has been the subject of a number of analyst reports. Oppenheimer upped their price target on Corteva from $70.00 to $72.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. Bank of America upped their price target on Corteva from $69.00 to $73.00 and gave the stock a “buy” rating in a report on Tuesday, February 11th. Citigroup upped their price target on Corteva from $69.00 to $74.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. Wells Fargo & Company upped their target price on Corteva from $67.00 to $73.00 and gave the company an “overweight” rating in a research report on Tuesday, January 28th. Finally, Royal Bank of Canada upped their target price on Corteva from $72.00 to $73.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, Corteva has an average rating of “Moderate Buy” and an average price target of $67.79.

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.