Truist Financial Corp Reduces Holdings in Corteva, Inc. (NYSE:CTVA)

Truist Financial Corp trimmed its stake in Corteva, Inc. (NYSE:CTVA - Free Report) by 11.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 338,760 shares of the company's stock after selling 42,746 shares during the quarter. Truist Financial Corp's holdings in Corteva were worth $19,296,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. KBC Group NV lifted its stake in shares of Corteva by 267.3% during the 3rd quarter. KBC Group NV now owns 1,120,104 shares of the company's stock valued at $65,851,000 after buying an additional 815,135 shares in the last quarter. Oak Thistle LLC purchased a new stake in shares of Corteva during the 4th quarter valued at approximately $1,514,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Corteva by 1.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,523,996 shares of the company's stock valued at $265,966,000 after buying an additional 66,052 shares in the last quarter. Van ECK Associates Corp increased its holdings in Corteva by 5.9% during the 4th quarter. Van ECK Associates Corp now owns 9,428,206 shares of the company's stock worth $537,031,000 after acquiring an additional 525,531 shares during the period. Finally, Swedbank AB increased its holdings in Corteva by 51.9% during the 4th quarter. Swedbank AB now owns 695,641 shares of the company's stock worth $39,624,000 after acquiring an additional 237,764 shares during the period. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Wells Fargo & Company upped their target price on shares of Corteva from $67.00 to $73.00 and gave the stock an "overweight" rating in a report on Tuesday, January 28th. BNP Paribas raised shares of Corteva to a "hold" rating in a report on Monday, February 10th. KeyCorp upped their target price on shares of Corteva from $68.00 to $70.00 and gave the stock an "overweight" rating in a report on Friday, February 7th. Oppenheimer upped their target price on shares of Corteva from $70.00 to $72.00 and gave the stock an "outperform" rating in a report on Friday, February 7th. Finally, UBS Group decreased their price target on shares of Corteva from $74.00 to $73.00 and set a "buy" rating on the stock in a report on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $67.73.

Corteva Trading Down 1.7 %

Shares of Corteva stock traded down $1.08 during trading on Friday, reaching $62.75. The company's stock had a trading volume of 2,476,698 shares, compared to its average volume of 3,943,916. Corteva, Inc. has a 52-week low of $50.01 and a 52-week high of $66.24. The company has a market cap of $43.02 billion, a price-to-earnings ratio of 48.64, a PEG ratio of 1.68 and a beta of 0.78. The firm's 50-day moving average is $60.81 and its two-hundred day moving average is $58.82. 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 (NYSE:CTVA - Get Free Report) last announced its quarterly earnings results 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%. On average, sell-side analysts anticipate that Corteva, Inc. will post 2.96 earnings per share for the current year.

Corteva Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be given 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 yield of 1.08%. Corteva's payout ratio is currently 52.71%.

Corteva announced that its Board of Directors has authorized a stock buyback plan on Tuesday, November 19th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the company to buy up to 7.5% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's leadership believes its stock is undervalued.

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.