Victory Capital Management Inc. Sells 34,751 Shares of Corteva, Inc. (NYSE:CTVA)

Victory Capital Management Inc. lessened its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 10.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 309,948 shares of the company’s stock after selling 34,751 shares during the period. Victory Capital Management Inc.’s holdings in Corteva were worth $17,655,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Noble Wealth Management PBC bought a new position in Corteva during the 4th quarter worth $26,000. Hager Investment Management Services LLC bought a new position in shares of Corteva in the fourth quarter worth $27,000. Golden State Wealth Management LLC acquired a new position in Corteva in the fourth quarter valued at about $32,000. Centricity Wealth Management LLC bought a new stake in Corteva during the fourth quarter worth about $34,000. Finally, First Financial Corp IN acquired a new stake in Corteva during the fourth quarter worth about $35,000. 81.54% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Citigroup upped their price target on shares of Corteva from $69.00 to $74.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. Royal Bank of Canada lifted their price target on Corteva from $72.00 to $73.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Wells Fargo & Company upped their price objective on Corteva from $67.00 to $73.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 28th. BNP Paribas upgraded Corteva to a “hold” rating in a research report on Monday, February 10th. Finally, Barclays increased their target price on shares of Corteva from $62.00 to $64.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 21st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, Corteva currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.79.

Corteva Price Performance

Shares of NYSE:CTVA opened at $59.98 on Wednesday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.93 and a current ratio of 1.45. Corteva, Inc. has a 52 week low of $50.01 and a 52 week high of $66.24. The firm has a market cap of $41.12 billion, a PE ratio of 46.50, a price-to-earnings-growth ratio of 1.68 and a beta of 0.79. The firm’s fifty day moving average is $61.79 and its 200-day moving average is $59.64.

Corteva (NYSE:CTVA) last announced its earnings results on Wednesday, February 5th. The company reported $0.32 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%. Sell-side analysts predict that Corteva, Inc. will post 2.96 earnings per share for the current year.

Corteva Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.13%. The ex-dividend date of this dividend is Monday, March 3rd. Corteva’s payout ratio is presently 52.71%.

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

Insider Buying and Selling at Corteva

In other Corteva news, insider Brian Titus sold 26,560 shares of the 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 completion of the sale, the insider now directly owns 11,347 shares in the company, valued at approximately $723,257.78. This trade represents a 70.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.14% of the company’s stock.

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.