SouthState Corp Sells 596 Shares of Corteva, Inc. (NYSE:CTVA)

SouthState Corp decreased its position in shares of Corteva, Inc. (NYSE:CTVA) by 11.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 4,823 shares of the company’s stock after selling 596 shares during the quarter. SouthState Corp’s holdings in Corteva were worth $275,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of CTVA. Oak Thistle LLC bought a new stake in shares of Corteva during the fourth quarter valued at approximately $1,514,000. Charles Schwab Investment Management Inc. increased its holdings in Corteva by 1.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,523,996 shares of the company’s stock valued at $265,966,000 after acquiring an additional 66,052 shares during the last quarter. Van ECK Associates Corp increased its holdings in Corteva by 5.9% in the 4th quarter. Van ECK Associates Corp now owns 9,428,206 shares of the company’s stock valued at $537,031,000 after acquiring an additional 525,531 shares during the last quarter. Swedbank AB boosted its holdings in shares of Corteva by 51.9% during the 4th quarter. Swedbank AB now owns 695,641 shares of the company’s stock valued at $39,624,000 after purchasing an additional 237,764 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its position in shares of Corteva by 755.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 552,769 shares of the company’s stock valued at $31,486,000 after purchasing an additional 488,181 shares in the last quarter. Institutional investors own 81.54% of the company’s stock.

Corteva Stock Up 3.1 %

Shares of CTVA opened at $61.67 on Tuesday. The firm has a fifty day moving average price of $62.05 and a 200-day moving average price of $59.74. 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 capitalization of $42.28 billion, a P/E ratio of 47.81, 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.

Corteva (NYSE:CTVA) last released its quarterly earnings data 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%. Equities research analysts expect that Corteva, Inc. will post 2.96 earnings per share for the current year.

Corteva Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.10%. The ex-dividend date of this dividend was Monday, March 3rd. Corteva’s dividend payout ratio (DPR) is presently 52.71%.

Corteva declared that its Board of Directors has approved a share repurchase program on Tuesday, November 19th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the company to reacquire up to 7.5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. KeyCorp increased their price target on Corteva from $68.00 to $70.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. Wells Fargo & Company raised their target price on shares of Corteva from $67.00 to $73.00 and gave the company an “overweight” rating in a report on Tuesday, January 28th. Oppenheimer upped their price target on shares of Corteva from $70.00 to $72.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Barclays lifted their price objective on shares of Corteva from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 21st. Finally, BNP Paribas upgraded shares of Corteva to a “hold” rating in a research report on Monday, February 10th. One analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $68.00.

Insider Buying and Selling at Corteva

In other news, insider Brian Titus sold 26,560 shares of the business’s stock in a transaction dated Thursday, February 20th. The shares were 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 owns 11,347 shares in the company, valued at approximately $723,257.78. The trade was a 70.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.14% of the stock is currently 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.