Corteva, Inc. (NYSE:CTVA) Shares Sold by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. reduced its stake in shares of Corteva, Inc. (NYSE:CTVA) by 3.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 73,806 shares of the company’s stock after selling 2,514 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Corteva were worth $4,204,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Noble Wealth Management PBC purchased a new stake in Corteva in the 4th quarter valued at $26,000. Hager Investment Management Services LLC purchased a new stake in shares of Corteva in the fourth quarter valued at about $27,000. Golden State Wealth Management LLC purchased a new stake in shares of Corteva in the fourth quarter valued at about $32,000. Centricity Wealth Management LLC purchased a new position in Corteva during the fourth quarter worth about $34,000. Finally, First Financial Corp IN purchased a new position in Corteva during the fourth quarter worth about $35,000. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Barclays raised their price target on shares of Corteva from $62.00 to $64.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 21st. Wells Fargo & Company lifted 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. Oppenheimer increased 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. Royal Bank of Canada boosted 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. Finally, KeyCorp increased their target price on shares of Corteva from $68.00 to $70.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $68.00.

Corteva Price Performance

Shares of NYSE CTVA opened at $61.51 on Wednesday. The stock’s 50-day moving average is $62.14 and its two-hundred day moving average is $59.77. 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 company has a market cap of $42.17 billion, a price-to-earnings ratio of 47.68, a price-to-earnings-growth ratio of 1.68 and a beta of 0.79. Corteva, Inc. has a 1-year low of $50.01 and a 1-year high of $66.24.

Corteva (NYSE:CTVA) last issued its 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%. Analysts forecast that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were paid a dividend of $0.17 per share. The ex-dividend date was Monday, March 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.11%. Corteva’s payout ratio is currently 52.71%.

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

Insider Buying and Selling at Corteva

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 stock was sold at an average price of $63.74, for a total value of $1,692,934.40. Following the completion of the transaction, the insider now directly owns 11,347 shares of the company’s stock, valued at $723,257.78. This represents a 70.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.20% of the stock is owned by 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.