Swiss National Bank Sells 109,000 Shares of Corteva, Inc. (NYSE:CTVA)

Swiss National Bank lowered its position in Corteva, Inc. (NYSE:CTVA) by 4.9% during the 1st quarter, HoldingsChannel reports. The firm owned 2,110,483 shares of the company’s stock after selling 109,000 shares during the period. Swiss National Bank’s holdings in Corteva were worth $121,712,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in CTVA. CVA Family Office LLC bought a new position in Corteva in the fourth quarter valued at $25,000. Redmont Wealth Advisors LLC bought a new stake in shares of Corteva in the first quarter worth about $25,000. BKM Wealth Management LLC bought a new stake in shares of Corteva in the fourth quarter worth about $27,000. Rise Advisors LLC grew its stake in shares of Corteva by 2,522.2% in the first quarter. Rise Advisors LLC now owns 472 shares of the company’s stock worth $27,000 after purchasing an additional 454 shares during the last quarter. Finally, ICA Group Wealth Management LLC bought a new stake in shares of Corteva in the fourth quarter worth about $28,000. Institutional investors own 81.54% of the company’s stock.

Corteva Stock Performance

NYSE:CTVA traded down $0.43 during trading hours on Monday, reaching $52.67. The company had a trading volume of 115,665 shares, compared to its average volume of 3,481,595. Corteva, Inc. has a 52 week low of $43.22 and a 52 week high of $58.76. The firm’s 50 day moving average price is $54.16 and its 200-day moving average price is $53.18. The company has a current ratio of 1.51, a quick ratio of 0.97 and a debt-to-equity ratio of 0.10. The firm has a market cap of $36.71 billion, a price-to-earnings ratio of 67.22, a PEG ratio of 1.43 and a beta of 0.77.

Corteva (NYSE:CTVA) last issued its quarterly earnings data on Wednesday, May 1st. The company reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.10. Corteva had a net margin of 3.32% and a return on equity of 6.68%. The firm had revenue of $4.49 billion during the quarter, compared to the consensus estimate of $4.65 billion. During the same quarter in the previous year, the firm posted $1.16 EPS. The company’s revenue for the quarter was down 8.0% compared to the same quarter last year. On average, analysts forecast that Corteva, Inc. will post 2.79 EPS for the current year.

Corteva Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 18th. Stockholders of record on Tuesday, June 4th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date was Tuesday, June 4th. Corteva’s payout ratio is 81.01%.

Insider Activity

In other news, insider Brian Titus sold 12,134 shares of the business’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $56.65, for a total transaction of $687,391.10. Following the completion of the sale, the insider now owns 13,495 shares of the company’s stock, valued at approximately $764,491.75. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, insider Samuel R. Eathington sold 31,686 shares of Corteva stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $57.64, for a total transaction of $1,826,381.04. Following the transaction, the insider now owns 53,854 shares in the company, valued at approximately $3,104,144.56. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Brian Titus sold 12,134 shares of Corteva stock in a transaction on Monday, May 6th. The shares were sold at an average price of $56.65, for a total transaction of $687,391.10. Following the transaction, the insider now owns 13,495 shares in the company, valued at approximately $764,491.75. The disclosure for this sale can be found here. Insiders sold a total of 83,556 shares of company stock valued at $4,795,016 in the last 90 days. Company insiders own 0.14% of the company’s stock.

Wall Street Analyst Weigh In

CTVA has been the subject of several research analyst reports. Wells Fargo & Company raised their price objective on shares of Corteva from $66.00 to $67.00 and gave the stock an “overweight” rating in a report on Friday, May 3rd. BMO Capital Markets lifted their target price on shares of Corteva from $64.00 to $67.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. Royal Bank of Canada lifted their target price on shares of Corteva from $62.00 to $64.00 and gave the company an “outperform” rating in a report on Monday, May 6th. KeyCorp raised their price target on shares of Corteva from $63.00 to $66.00 and gave the company an “overweight” rating in a research report on Tuesday, April 9th. Finally, Canaccord Genuity Group raised their price target on shares of Corteva from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, May 3rd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $63.00.

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.