SouthState Corp Reduces Stock Position in Corteva, Inc. (NYSE:CTVA)

SouthState Corp decreased its holdings in Corteva, Inc. (NYSE:CTVA) by 12.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,707 shares of the company’s stock after selling 967 shares during the period. SouthState Corp’s holdings in Corteva were worth $321,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in CTVA. Harris Associates L P purchased a new stake in shares of Corteva in the 3rd quarter worth $246,423,000. Van ECK Associates Corp grew its holdings in Corteva by 78.7% during the 3rd quarter. Van ECK Associates Corp now owns 7,645,091 shares of the company’s stock worth $391,123,000 after acquiring an additional 3,366,106 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in Corteva by 29.8% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 11,095,076 shares of the company’s stock valued at $567,624,000 after purchasing an additional 2,545,570 shares during the period. Vanguard Group Inc. raised its holdings in shares of Corteva by 2.4% in the 3rd quarter. Vanguard Group Inc. now owns 81,346,924 shares of the company’s stock valued at $4,161,709,000 after purchasing an additional 1,941,323 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Corteva by 662.9% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,535,708 shares of the company’s stock valued at $73,591,000 after purchasing an additional 1,334,415 shares in the last quarter. 81.54% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Oppenheimer increased their price target on shares of Corteva from $67.00 to $69.00 and gave the company an “outperform” rating in a research report on Friday. BMO Capital Markets upped their price target on shares of Corteva from $64.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday. Barclays lifted their price objective on shares of Corteva from $55.00 to $58.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 10th. Loop Capital upgraded Corteva from a “hold” rating to a “buy” rating and raised their target price for the stock from $57.00 to $65.00 in a research note on Monday, February 12th. Finally, BNP Paribas upgraded Corteva from an “underperform” rating to a “neutral” rating and set a $53.00 price target on the stock in a research note on Friday, February 2nd. Six research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Corteva presently has an average rating of “Moderate Buy” and a consensus price target of $63.38.

Corteva Price Performance

CTVA traded up $0.18 during trading on Friday, hitting $57.16. The company’s stock had a trading volume of 2,977,563 shares, compared to its average volume of 2,761,026. The company has a current ratio of 1.51, a quick ratio of 0.90 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $39.95 billion, a price-to-earnings ratio of 72.37, a P/E/G ratio of 1.49 and a beta of 0.78. The business’s fifty day simple moving average is $55.33 and its 200 day simple moving average is $50.61. Corteva, Inc. has a twelve month low of $43.22 and a twelve month high of $60.57.

Corteva (NYSE:CTVA) last issued its quarterly earnings results on Wednesday, May 1st. The company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.79 by $0.10. Corteva had a net margin of 3.32% and a return on equity of 6.68%. The company had revenue of $4.49 billion during the quarter, compared to analyst estimates of $4.65 billion. During the same quarter in the previous year, the firm earned $1.16 EPS. The firm’s revenue was down 8.0% compared to the same quarter last year. On average, equities research analysts forecast that Corteva, Inc. will post 2.84 EPS for the current fiscal year.

Corteva Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Tuesday, June 4th will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 1.12%. The ex-dividend date is Tuesday, June 4th. Corteva’s payout ratio is 81.01%.

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.