M&T Bank Corp Cuts Stake in Corteva, Inc. (NYSE:CTVA)

M&T Bank Corp reduced its position in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 1.2% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,052,722 shares of the company's stock after selling 24,278 shares during the period. M&T Bank Corp owned approximately 0.30% of Corteva worth $116,923,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in CTVA. Farther Finance Advisors LLC boosted its position in shares of Corteva by 26.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 4,210 shares of the company's stock worth $248,000 after purchasing an additional 881 shares in the last quarter. National Pension Service lifted its stake in shares of Corteva by 10.3% in the third quarter. National Pension Service now owns 2,137,825 shares of the company's stock valued at $125,683,000 after purchasing an additional 198,768 shares during the period. QRG Capital Management Inc. boosted its holdings in Corteva by 5.7% during the third quarter. QRG Capital Management Inc. now owns 26,429 shares of the company's stock worth $1,554,000 after buying an additional 1,420 shares in the last quarter. Crestwood Advisors Group LLC grew its position in Corteva by 9.5% during the third quarter. Crestwood Advisors Group LLC now owns 4,889 shares of the company's stock worth $287,000 after buying an additional 423 shares during the period. Finally, Radnor Capital Management LLC increased its holdings in Corteva by 7.1% in the third quarter. Radnor Capital Management LLC now owns 27,960 shares of the company's stock valued at $1,644,000 after buying an additional 1,842 shares in the last quarter. Institutional investors and hedge funds own 81.54% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on CTVA shares. BNP Paribas raised Corteva to a "hold" rating in a research note on Monday, February 10th. Oppenheimer boosted their target price on Corteva from $70.00 to $72.00 and gave the stock an "outperform" rating in a research report on Friday, February 7th. Wells Fargo & Company raised their price target on Corteva from $67.00 to $73.00 and gave the company an "overweight" rating in a research report on Tuesday, January 28th. Royal Bank of Canada lifted their price target on Corteva from $72.00 to $73.00 and gave the stock an "outperform" rating in a research note on Friday, February 7th. Finally, UBS Group lowered their price objective on shares of Corteva from $74.00 to $73.00 and set a "buy" rating on the stock in a research note on Friday, January 10th. 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 company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $67.79.

Corteva Trading Up 2.3 %

Shares of CTVA traded up $1.37 on Wednesday, hitting $61.17. 3,807,538 shares of the stock traded hands, compared to its average volume of 3,566,760. The firm has a market capitalization of $41.94 billion, a P/E ratio of 47.42, a P/E/G ratio of 1.68 and a beta of 0.79. The company has a quick ratio of 0.93, a current ratio of 1.45 and a debt-to-equity ratio of 0.08. Corteva, Inc. has a 1 year low of $50.01 and a 1 year high of $66.24. The stock's 50 day moving average is $61.52 and its two-hundred day moving average is $59.44.

Corteva (NYSE:CTVA - Get Free Report) last posted its quarterly earnings data on Wednesday, February 5th. The company reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate 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 2.96 earnings per share for the current year.

Corteva Dividend Announcement

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 issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.68 annualized dividend and a dividend yield of 1.11%. Corteva's payout ratio is currently 52.71%.

Corteva announced that its board has initiated a share buyback plan on Tuesday, November 19th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the company to reacquire up to 7.5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's management believes its shares are undervalued.

Insider Transactions at Corteva

In other news, insider Brian Titus sold 26,560 shares of the company's stock in a transaction 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 completion of 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 filing with the SEC, which is available at this link. Insiders own 0.14% of the company's stock.

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.