PNC Financial Services Group Inc. Sells 14,158 Shares of Corteva, Inc. (NYSE:CTVA)

PNC Financial Services Group Inc. reduced its stake in shares of Corteva, Inc. (NYSE:CTVA) by 1.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 729,547 shares of the company’s stock after selling 14,158 shares during the period. PNC Financial Services Group Inc. owned 0.11% of Corteva worth $41,555,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. State Street Corp raised its holdings in Corteva by 2.3% during the third quarter. State Street Corp now owns 34,290,086 shares of the company’s stock valued at $2,015,914,000 after buying an additional 768,519 shares in the last quarter. Geode Capital Management LLC raised its holdings in Corteva by 2.0% during the third quarter. Geode Capital Management LLC now owns 17,703,771 shares of the company’s stock valued at $1,037,505,000 after buying an additional 355,206 shares in the last quarter. Franklin Resources Inc. raised its holdings in Corteva by 6.1% during the third quarter. Franklin Resources Inc. now owns 14,788,607 shares of the company’s stock valued at $860,746,000 after buying an additional 856,007 shares in the last quarter. Harris Associates L P raised its holdings in Corteva by 1.4% during the third quarter. Harris Associates L P now owns 14,362,309 shares of the company’s stock valued at $844,360,000 after buying an additional 200,917 shares in the last quarter. Finally, FMR LLC raised its holdings in Corteva by 1.9% during the third quarter. FMR LLC now owns 10,747,791 shares of the company’s stock valued at $631,863,000 after buying an additional 203,126 shares in the last quarter. 81.54% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on CTVA shares. Royal Bank of Canada lifted their price objective on Corteva from $72.00 to $73.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Oppenheimer lifted their price objective on Corteva from $70.00 to $72.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. UBS Group dropped their price objective on Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a research note on Friday, January 10th. Bank of America lifted their price objective on Corteva from $69.00 to $73.00 and gave the stock a “buy” rating in a research note on Tuesday, February 11th. Finally, Citigroup lifted their price objective on Corteva from $69.00 to $74.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, Corteva currently has an average rating of “Moderate Buy” and a consensus price target of $67.79.

Insider Activity

In related news, insider Brian Titus sold 26,560 shares of the stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $63.74, for a total transaction of $1,692,934.40. Following the sale, the insider now directly owns 11,347 shares in the company, valued at $723,257.78. This represents a 70.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.14% of the company’s stock.

Corteva Trading Down 0.4 %

CTVA stock opened at $60.62 on Monday. Corteva, Inc. has a 1-year low of $50.01 and a 1-year high of $66.24. The firm has a market cap of $41.56 billion, a P/E ratio of 46.99, a P/E/G ratio of 1.68 and a beta of 0.79. The business’s 50 day moving average is $61.66 and its 200-day moving average is $59.57. 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 (NYSE:CTVA) last released its quarterly earnings data on Wednesday, February 5th. The company reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.02). Corteva had a net margin of 5.36% and a return on equity of 7.19%. Equities analysts anticipate that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Announces Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.68 annualized dividend and a dividend yield of 1.12%. Corteva’s dividend payout ratio is currently 52.71%.

Corteva announced that its board has approved a share buyback program on Tuesday, November 19th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 7.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

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.