Wolverine Asset Management LLC Sells 1,500 Shares of Corteva, Inc. (NYSE:CTVA)

Wolverine Asset Management LLC lessened its stake in Corteva, Inc. (NYSE:CTVA) by 15.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,500 shares of the company’s stock after selling 1,500 shares during the period. Wolverine Asset Management LLC’s holdings in Corteva were worth $484,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in CTVA. Chicago Partners Investment Group LLC raised its position in Corteva by 1.2% during the fourth quarter. Chicago Partners Investment Group LLC now owns 13,282 shares of the company’s stock valued at $759,000 after purchasing an additional 156 shares in the last quarter. Avidian Wealth Enterprises LLC increased its position in shares of Corteva by 3.6% during the 4th quarter. Avidian Wealth Enterprises LLC now owns 4,521 shares of the company’s stock valued at $258,000 after purchasing an additional 157 shares during the last quarter. Beacon Capital Management LLC raised its holdings in shares of Corteva by 13.4% during the 4th quarter. Beacon Capital Management LLC now owns 1,341 shares of the company’s stock valued at $76,000 after buying an additional 158 shares in the last quarter. Roble Belko & Company Inc lifted its position in Corteva by 5.5% in the 4th quarter. Roble Belko & Company Inc now owns 3,166 shares of the company’s stock worth $180,000 after buying an additional 166 shares during the last quarter. Finally, Rovin Capital UT ADV boosted its stake in Corteva by 1.3% in the third quarter. Rovin Capital UT ADV now owns 12,822 shares of the company’s stock worth $754,000 after buying an additional 168 shares in the last quarter. Institutional investors own 81.54% of the company’s stock.

Corteva Stock Down 1.7 %

Shares of Corteva stock opened at $62.75 on Monday. The company has a current ratio of 1.45, a quick ratio of 0.93 and a debt-to-equity ratio of 0.08. Corteva, Inc. has a 12-month low of $50.01 and a 12-month high of $66.24. The company has a market cap of $43.02 billion, a P/E ratio of 48.64, a PEG ratio of 1.68 and a beta of 0.78. The company’s fifty day simple moving average is $60.81 and its two-hundred day simple moving average is $58.93.

Corteva (NYSE:CTVA) last released its quarterly earnings results on Wednesday, February 5th. The company reported $0.32 earnings per share (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%. Research analysts anticipate that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.08%. The ex-dividend date of this dividend is Monday, March 3rd. Corteva’s payout ratio is presently 52.71%.

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

Analyst Ratings Changes

Several research analysts have commented on CTVA shares. Bank of America lifted their price target on shares of Corteva from $69.00 to $73.00 and gave the stock a “buy” rating in a research note on Tuesday, February 11th. Citigroup boosted their price target on shares of Corteva from $69.00 to $74.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. KeyCorp raised their price objective on Corteva from $68.00 to $70.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. Royal Bank of Canada boosted their target price on Corteva from $72.00 to $73.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Finally, BNP Paribas upgraded Corteva to a “hold” rating in a report on Monday, February 10th. One research analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.73.

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.