Truist Financial Corp Reduces Stock Position in Corteva, Inc. $CTVA

Truist Financial Corp decreased its holdings in Corteva, Inc. (NYSE:CTVA) by 2.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 308,003 shares of the company’s stock after selling 8,211 shares during the period. Truist Financial Corp’s holdings in Corteva were worth $22,955,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of CTVA. Maryland Capital Advisors Inc. bought a new position in shares of Corteva in the second quarter worth about $29,000. Valley National Advisers Inc. boosted its position in Corteva by 85.9% in the 1st quarter. Valley National Advisers Inc. now owns 526 shares of the company’s stock valued at $33,000 after buying an additional 243 shares during the period. Richardson Capital Management LLC purchased a new stake in Corteva in the 1st quarter valued at about $37,000. von Borstel & Associates Inc. bought a new stake in shares of Corteva during the first quarter valued at approximately $44,000. Finally, Horizon Financial Services LLC raised its stake in shares of Corteva by 4,444.4% during the first quarter. Horizon Financial Services LLC now owns 818 shares of the company’s stock valued at $51,000 after acquiring an additional 800 shares in the last quarter. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Insider Buying and Selling at Corteva

In other news, EVP Robert D. King sold 37,280 shares of the firm’s stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $74.20, for a total value of $2,766,176.00. Following the transaction, the executive vice president owned 49,262 shares in the company, valued at $3,655,240.40. This trade represents a 43.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.14% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Wall Street Zen upgraded Corteva from a “hold” rating to a “buy” rating in a report on Saturday, August 9th. Oppenheimer set a $87.00 price target on shares of Corteva and gave the company an “outperform” rating in a report on Tuesday, July 15th. KeyCorp reaffirmed a “sector weight” rating on shares of Corteva in a research report on Friday. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Corteva in a research report on Saturday, September 27th. Finally, UBS Group upped their target price on Corteva from $90.00 to $91.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $80.67.

Corteva Stock Performance

Shares of NYSE CTVA opened at $63.36 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.23 and a current ratio of 1.68. Corteva, Inc. has a 1 year low of $53.40 and a 1 year high of $77.41. The company’s fifty day moving average price is $71.24 and its 200 day moving average price is $68.85. The company has a market capitalization of $43.03 billion, a PE ratio of 30.91, a price-to-earnings-growth ratio of 1.43 and a beta of 0.76.

Corteva (NYSE:CTVA) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $2.20 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.31. Corteva had a return on equity of 8.68% and a net margin of 8.16%.The firm had revenue of $6.46 billion during the quarter, compared to analyst estimates of $6.26 billion. During the same quarter in the previous year, the business earned $1.83 EPS. Corteva’s revenue for the quarter was up 5.6% compared to the same quarter last year. On average, research analysts predict that Corteva, Inc. will post 2.96 earnings per share for the current year.

Corteva Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were given a dividend of $0.18 per share. This is a boost from Corteva’s previous quarterly dividend of $0.17. The ex-dividend date was Tuesday, September 2nd. This represents a $0.72 annualized dividend and a dividend yield of 1.1%. Corteva’s payout ratio is currently 35.12%.

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.