Wealthspire Advisors LLC Reduces Position in Corteva, Inc. (NYSE:CTVA)

Wealthspire Advisors LLC lessened its stake in shares of Corteva, Inc. (NYSE:CTVA) by 4.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,485 shares of the company’s stock after selling 301 shares during the quarter. Wealthspire Advisors LLC’s holdings in Corteva were worth $369,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Fisher Funds Management LTD purchased a new stake in shares of Corteva during the fourth quarter valued at approximately $2,769,000. Pinnacle Financial Partners Inc lifted its stake in Corteva by 9.5% in the fourth quarter. Pinnacle Financial Partners Inc now owns 4,909 shares of the company’s stock worth $280,000 after acquiring an additional 425 shares during the period. Oxbow Advisors LLC purchased a new stake in Corteva in the fourth quarter worth $2,678,000. Transcend Capital Advisors LLC lifted its stake in Corteva by 21.2% in the fourth quarter. Transcend Capital Advisors LLC now owns 11,750 shares of the company’s stock worth $669,000 after acquiring an additional 2,054 shares during the period. Finally, Paradigm Asset Management Co. LLC purchased a new stake in Corteva in the fourth quarter worth $1,840,000. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. KeyCorp raised their price target on Corteva from $68.00 to $70.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. Wells Fargo & Company raised their price target on Corteva from $67.00 to $73.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 28th. Oppenheimer raised their price target on Corteva from $70.00 to $72.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. UBS Group dropped their price target on Corteva from $74.00 to $73.00 and set a “buy” rating for the company in a research note on Friday, January 10th. Finally, Royal Bank of Canada raised their price target on Corteva from $72.00 to $73.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, Corteva presently has an average rating of “Moderate Buy” and an average price target of $67.73.

Corteva Price Performance

Shares of NYSE:CTVA opened at $62.65 on Thursday. Corteva, Inc. has a 1-year low of $50.01 and a 1-year high of $66.24. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.45 and a quick ratio of 0.93. The business has a fifty day moving average price of $61.09 and a 200-day moving average price of $59.12. The company has a market capitalization of $42.95 billion, a PE ratio of 48.57, a PEG ratio of 1.68 and a beta of 0.78.

Corteva (NYSE:CTVA) last issued its quarterly earnings results on Wednesday, February 5th. The company reported $0.32 earnings per share 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 EPS for the current fiscal year.

Corteva Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be issued a $0.17 dividend. The ex-dividend date is Monday, March 3rd. This represents a $0.68 annualized dividend and a yield of 1.09%. Corteva’s payout ratio is 52.71%.

Corteva declared that its Board of Directors has initiated a stock repurchase program on Tuesday, November 19th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits 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 believes its stock is undervalued.

Insider Buying and Selling

In related news, insider Brian Titus sold 26,560 shares of Corteva stock in a transaction dated 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 completion of the sale, the insider now directly owns 11,347 shares in the company, valued at approximately $723,257.78. This trade represents a 70.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.14% of the stock is owned by corporate insiders.

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.