Triangle Securities Wealth Management Sells 437 Shares of Corteva, Inc. (NYSE:CTVA)

Triangle Securities Wealth Management lessened its stake in shares of Corteva, Inc. (NYSE:CTVA) by 1.6% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 27,424 shares of the company’s stock after selling 437 shares during the period. Triangle Securities Wealth Management’s holdings in Corteva were worth $1,562,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. KBC Group NV grew its position in Corteva by 267.3% during the 3rd quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock worth $65,851,000 after acquiring an additional 815,135 shares during the last quarter. 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 shares of Corteva by 1.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,523,996 shares of the company’s stock valued at $265,966,000 after purchasing an additional 66,052 shares in the last quarter. Thrivent Financial for Lutherans increased its holdings in shares of Corteva by 16.1% in the third quarter. Thrivent Financial for Lutherans now owns 1,025,266 shares of the company’s stock valued at $60,275,000 after purchasing an additional 141,898 shares in the last quarter. Finally, S.E.E.D. Planning Group LLC raised its position in Corteva by 54.5% in the 4th quarter. S.E.E.D. Planning Group LLC now owns 96,103 shares of the company’s stock worth $5,474,000 after purchasing an additional 33,886 shares during the last quarter. Institutional investors and hedge funds own 81.54% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CTVA. Bank of America raised their price target on Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Royal Bank of Canada upped their target price on shares of Corteva from $68.00 to $73.00 and gave the company an “outperform” rating in a research report on Thursday, December 19th. Wells Fargo & Company raised their price target on Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 20th. Oppenheimer reiterated an “outperform” rating and issued a $70.00 price objective (up previously from $69.00) on shares of Corteva in a report on Friday, November 8th. Finally, KeyCorp reduced their price objective on shares of Corteva from $69.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, January 10th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, Corteva has an average rating of “Moderate Buy” and a consensus target price of $65.47.

Corteva Stock Performance

Shares of CTVA stock opened at $62.30 on Friday. The company has a fifty day moving average price of $58.96 and a two-hundred day moving average price of $57.06. Corteva, Inc. has a one year low of $44.01 and a one year high of $64.20. The stock has a market cap of $42.82 billion, a P/E ratio of 62.93, a P/E/G ratio of 1.49 and a beta of 0.77. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96.

Corteva Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date of this dividend was Monday, December 2nd. Corteva’s payout ratio is presently 68.69%.

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

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.