Swiss National Bank Sells 113,000 Shares of Corteva, Inc. (NYSE:CTVA)

Swiss National Bank trimmed its holdings in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 5.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,955,583 shares of the company's stock after selling 113,000 shares during the period. Swiss National Bank owned 0.28% of Corteva worth $111,390,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of CTVA. Noble Wealth Management PBC acquired a new position in Corteva during the 4th quarter valued at approximately $26,000. Hager Investment Management Services LLC acquired a new position in shares of Corteva during the fourth quarter valued at $27,000. Golden State Wealth Management LLC bought a new position in shares of Corteva during the fourth quarter worth about $32,000. Centricity Wealth Management LLC acquired a new stake in shares of Corteva in the 4th quarter worth about $34,000. Finally, First Financial Corp IN bought a new stake in Corteva in the 4th quarter valued at about $35,000. 81.54% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, insider Brian Titus sold 26,560 shares of the company's stock in a transaction dated 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 owns 11,347 shares in the company, valued at approximately $723,257.78. This represents a 70.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.20% of the company's stock.

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Corteva Trading Up 1.5 %

NYSE CTVA traded up $0.92 on Wednesday, reaching $62.50. The company had a trading volume of 3,743,186 shares, compared to its average volume of 3,041,680. Corteva, Inc. has a 52 week low of $50.01 and a 52 week high of $66.24. The company has a quick ratio of 0.93, a current ratio of 1.45 and a debt-to-equity ratio of 0.08. The stock has a market cap of $42.85 billion, a price-to-earnings ratio of 48.45, a PEG ratio of 1.68 and a beta of 0.79. The stock's 50 day moving average is $62.14 and its 200-day moving average is $59.77.

Corteva (NYSE:CTVA - Get Free Report) last posted 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 return on equity of 7.19% and a net margin of 5.36%. Equities analysts predict that Corteva, Inc. will post 2.96 earnings per share for the current year.

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

Corteva Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were paid a $0.17 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.68 annualized dividend and a yield of 1.09%. Corteva's payout ratio is currently 52.71%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Oppenheimer raised their price target on shares of Corteva from $70.00 to $72.00 and gave the company an "outperform" rating in a research note on Friday, February 7th. KeyCorp raised their target price on Corteva from $68.00 to $70.00 and gave the company an "overweight" rating in a research report on Friday, February 7th. Barclays boosted their price target on Corteva from $62.00 to $64.00 and gave the stock an "equal weight" rating in a research report on Tuesday, January 21st. BNP Paribas raised Corteva to a "hold" rating in a report on Monday, February 10th. Finally, The Goldman Sachs Group assumed coverage on shares of Corteva in a research note on Thursday, March 13th. They set a "buy" rating and a $71.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $68.00.

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.