Sigma Planning Corp Sells 1,002 Shares of Corteva, Inc. (NYSE:CTVA)

Sigma Planning Corp cut its stake in Corteva, Inc. (NYSE:CTVAGet Rating) by 4.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,738 shares of the company’s stock after selling 1,002 shares during the quarter. Sigma Planning Corp’s holdings in Corteva were worth $1,069,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. EverSource Wealth Advisors LLC increased its holdings in shares of Corteva by 7.6% during the first quarter. EverSource Wealth Advisors LLC now owns 2,434 shares of the company’s stock valued at $141,000 after acquiring an additional 171 shares in the last quarter. Brown Brothers Harriman & Co. lifted its stake in shares of Corteva by 0.4% in the second quarter. Brown Brothers Harriman & Co. now owns 47,190 shares of the company’s stock worth $2,555,000 after buying an additional 186 shares in the last quarter. Wilbanks Smith & Thomas Asset Management LLC increased its position in shares of Corteva by 5.2% during the second quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 3,862 shares of the company’s stock valued at $209,000 after acquiring an additional 191 shares in the last quarter. Smith Moore & CO. raised its holdings in Corteva by 2.2% in the 1st quarter. Smith Moore & CO. now owns 8,945 shares of the company’s stock worth $514,000 after acquiring an additional 196 shares during the last quarter. Finally, Capital Investment Advisory Services LLC boosted its stake in Corteva by 3.2% during the 2nd quarter. Capital Investment Advisory Services LLC now owns 6,305 shares of the company’s stock valued at $341,000 after purchasing an additional 198 shares during the last quarter. 79.02% of the stock is currently owned by hedge funds and other institutional investors.

Corteva Stock Down 0.4 %

Shares of CTVA stock opened at $65.20 on Monday. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.69 and a quick ratio of 1.08. Corteva, Inc. has a one year low of $43.74 and a one year high of $68.43. The company’s fifty day moving average price is $62.72 and its 200-day moving average price is $59.45. The company has a market capitalization of $46.58 billion, a price-to-earnings ratio of 34.87, a PEG ratio of 1.59 and a beta of 0.74.

Corteva (NYSE:CTVAGet Rating) last posted its earnings results on Friday, November 4th. The company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.23) by $0.11. Corteva had a net margin of 7.95% and a return on equity of 7.31%. The company had revenue of $2.78 billion during the quarter, compared to analysts’ expectations of $2.58 billion. During the same period last year, the company posted ($0.14) earnings per share. Corteva’s quarterly revenue was up 17.1% on a year-over-year basis. Sell-side analysts expect that Corteva, Inc. will post 2.57 EPS for the current fiscal year.

Corteva declared that its board has approved a stock repurchase program on Tuesday, September 13th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to repurchase up to 4.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Corteva Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Monday, November 14th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, November 10th. This represents a $0.60 annualized dividend and a dividend yield of 0.92%. Corteva’s dividend payout ratio (DPR) is 32.09%.

Insider Buying and Selling

In related news, insider Audrey Grimm sold 10,000 shares of the stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $62.79, for a total value of $627,900.00. Following the completion of the transaction, the insider now owns 7,511 shares of the company’s stock, valued at approximately $471,615.69. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.08% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on CTVA shares. KeyCorp upped their price target on Corteva from $64.00 to $72.00 and gave the company an “overweight” rating in a report on Wednesday, September 14th. JPMorgan Chase & Co. raised shares of Corteva from a “neutral” rating to an “overweight” rating and raised their price target for the company from $58.00 to $63.00 in a report on Monday, August 8th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Corteva from $68.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, September 15th. Loop Capital downgraded shares of Corteva from a “buy” rating to a “hold” rating and lifted their target price for the stock from $70.00 to $71.00 in a research report on Tuesday, November 15th. Finally, Credit Suisse Group increased their price target on Corteva from $72.00 to $74.00 and gave the company an “outperform” rating in a report on Friday, November 4th. Three equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $71.93.

About Corteva

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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.

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Institutional Ownership by Quarter for Corteva (NYSE:CTVA)

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