Corteva, Inc. (NYSE:CTVA) Shares Sold by Spinnaker Trust

Spinnaker Trust cut its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 17.5% in the 4th quarter, Holdings Channel reports. The firm owned 6,285 shares of the company’s stock after selling 1,333 shares during the period. Spinnaker Trust’s holdings in Corteva were worth $358,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Hager Investment Management Services LLC acquired a new stake in Corteva during the fourth quarter valued at approximately $27,000. Golden State Wealth Management LLC acquired a new stake in Corteva during the fourth quarter valued at approximately $32,000. Capital Advisors Ltd. LLC lifted its stake in Corteva by 44.4% during the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after purchasing an additional 174 shares during the last quarter. First Financial Corp IN purchased a new stake in shares of Corteva in the 4th quarter valued at approximately $35,000. Finally, Albion Financial Group UT lifted its position in shares of Corteva by 112.6% in the 4th quarter. Albion Financial Group UT now owns 606 shares of the company’s stock valued at $35,000 after acquiring an additional 321 shares in the last quarter. 81.54% of the stock is owned by institutional investors and hedge funds.

Corteva Price Performance

NYSE CTVA opened at $64.00 on Friday. The company has a current ratio of 1.45, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The company has a fifty day simple moving average of $60.39 and a 200 day simple moving average of $58.47. The company has a market cap of $43.99 billion, a P/E ratio of 49.61, a P/E/G ratio of 1.85 and a beta of 0.78. Corteva, Inc. has a 1 year low of $50.01 and a 1 year high of $66.24.

Corteva (NYSE:CTVA) last posted 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 return on equity of 7.19% and a net margin of 5.36%. On average, sell-side analysts predict that Corteva, Inc. will post 2.83 EPS for the current year.

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

Corteva Announces Dividend

The company 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 dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.06%. The ex-dividend date of this dividend is Monday, March 3rd. Corteva’s dividend payout ratio is currently 52.71%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. KeyCorp upped their price target on shares of Corteva from $68.00 to $70.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. BNP Paribas upgraded shares of Corteva to a “hold” rating in a research report on Monday, February 10th. 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 report on Friday, February 7th. Barclays upped their price target on shares of Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 21st. Finally, Royal Bank of Canada upped their price target on shares of Corteva from $72.00 to $73.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. One analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Corteva presently has an average rating of “Moderate Buy” and a consensus target price of $67.73.

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.