WCM Investment Management LLC Sells 42,393 Shares of Corteva, Inc. (NYSE:CTVA)

WCM Investment Management LLC decreased its stake in shares of Corteva, Inc. (NYSE:CTVA) by 0.6% in the 4th quarter, Holdings Channel reports. The fund owned 6,879,417 shares of the company’s stock after selling 42,393 shares during the quarter. WCM Investment Management LLC’s holdings in Corteva were worth $389,100,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Farmers & Merchants Investments Inc. boosted its holdings in Corteva by 6.1% during the fourth quarter. Farmers & Merchants Investments Inc. now owns 3,701 shares of the company’s stock worth $211,000 after purchasing an additional 213 shares during the last quarter. Apollon Wealth Management LLC boosted its holdings in Corteva by 10.9% during the fourth quarter. Apollon Wealth Management LLC now owns 6,891 shares of the company’s stock worth $392,000 after purchasing an additional 678 shares during the last quarter. Cidel Asset Management Inc. boosted its holdings in Corteva by 5.7% during the fourth quarter. Cidel Asset Management Inc. now owns 3,756 shares of the company’s stock worth $214,000 after purchasing an additional 204 shares during the last quarter. Golden State Wealth Management LLC acquired a new position in Corteva during the fourth quarter worth $32,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in Corteva by 1.6% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 75,555 shares of the company’s stock worth $4,304,000 after purchasing an additional 1,165 shares during the last quarter. Institutional investors own 81.54% of the company’s stock.

Corteva Price Performance

NYSE:CTVA opened at $62.32 on Friday. Corteva, Inc. has a 52 week low of $50.01 and a 52 week high of $66.24. The firm has a market cap of $42.83 billion, a price-to-earnings ratio of 48.31, a P/E/G ratio of 1.85 and a beta of 0.78. The firm’s 50-day simple moving average is $60.22 and its 200 day simple moving average is $58.19. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.45.

Corteva (NYSE:CTVA) last released its quarterly earnings results on Wednesday, February 5th. The company reported $0.32 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.02). Corteva had a return on equity of 7.19% and a net margin of 5.36%. As a group, sell-side analysts predict that Corteva, Inc. will post 2.83 earnings per share for the current year.

Corteva declared that its board has approved a stock repurchase plan on Tuesday, November 19th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 7.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Corteva Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.09%. 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 research analysts recently commented on the stock. Bank of America increased their target price on shares of Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. KeyCorp increased their price target on shares of Corteva from $68.00 to $70.00 and gave the company an “overweight” rating in a research note on Friday. Royal Bank of Canada increased their price target on shares of Corteva from $72.00 to $73.00 and gave the company an “outperform” rating in a research note on Friday. Citigroup increased their price target on shares of Corteva from $69.00 to $74.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. Finally, Wells Fargo & Company increased their price target on shares of Corteva from $67.00 to $73.00 and gave the company an “overweight” rating in a research note on Tuesday, January 28th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $67.31.

Corteva Company 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.