Bridges Investment Management Inc. Sells 188 Shares of Corteva, Inc. (NYSE:CTVA)

Bridges Investment Management Inc. cut its stake in Corteva, Inc. (NYSE:CTVA) by 3.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,761 shares of the company’s stock after selling 188 shares during the quarter. Bridges Investment Management Inc.’s holdings in Corteva were worth $271,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Noble Wealth Management PBC bought a new stake in Corteva in the fourth quarter worth $26,000. Hager Investment Management Services LLC bought a new stake in Corteva in the fourth quarter worth $27,000. Golden State Wealth Management LLC bought a new stake in Corteva in the fourth quarter worth $32,000. Centricity Wealth Management LLC bought a new stake in shares of Corteva during the fourth quarter worth $34,000. Finally, First Financial Corp IN bought a new stake in shares of Corteva during the fourth quarter worth $35,000. 81.54% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, insider Brian Titus sold 26,560 shares of the company’s stock in a transaction dated 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 transaction, the insider now owns 11,347 shares in the company, valued at $723,257.78. This represents a 70.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.14% of the stock is currently owned by corporate insiders.

Corteva Stock Performance

Shares of Corteva stock opened at $60.28 on Tuesday. The company has a market capitalization of $41.33 billion, a PE ratio of 46.73, a P/E/G ratio of 1.68 and a beta of 0.78. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.93 and a current ratio of 1.45. The company has a 50-day simple moving average of $61.40 and a two-hundred day simple moving average of $59.38. Corteva, Inc. has a one year low of $50.01 and a one year high of $66.24.

Corteva (NYSE:CTVA) last announced its earnings results on Wednesday, February 5th. The company reported $0.32 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.02). Corteva had a return on equity of 7.19% and a net margin of 5.36%. Research analysts expect that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva declared that its board has initiated a stock buyback plan on Tuesday, November 19th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 7.5% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Corteva Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders 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 dividend on an annualized basis and a yield of 1.13%. Corteva’s dividend payout ratio is presently 52.71%.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Oppenheimer lifted their target price on Corteva from $70.00 to $72.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Citigroup lifted their target price on Corteva from $69.00 to $74.00 and gave the stock a “buy” rating in a research report on Wednesday, January 29th. BNP Paribas upgraded Corteva to a “hold” rating in a research report on Monday, February 10th. UBS Group decreased their target price on Corteva from $74.00 to $73.00 and set a “buy” rating for the company in a research report on Friday, January 10th. Finally, Bank of America lifted their target price on Corteva from $69.00 to $73.00 and gave the stock a “buy” rating in a research report on Tuesday, February 11th. 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 stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $67.79.

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.