SouthState Corp Trims Stake in Corteva, Inc. (NYSE:CTVA)

SouthState Corp reduced its position in Corteva, Inc. (NYSE:CTVA) by 4.7% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 5,419 shares of the company’s stock after selling 270 shares during the period. SouthState Corp’s holdings in Corteva were worth $319,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CTVA. Acadian Asset Management LLC purchased a new stake in Corteva during the 1st quarter valued at approximately $25,000. Capital Advisors Ltd. LLC raised its stake in Corteva by 44.4% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after acquiring an additional 174 shares during the last quarter. Cultivar Capital Inc. purchased a new stake in Corteva during the 2nd quarter valued at approximately $34,000. Redwood Wealth Management Group LLC purchased a new stake in Corteva during the 2nd quarter valued at approximately $43,000. Finally, Triad Wealth Partners LLC purchased a new stake in Corteva during the 2nd quarter valued at approximately $45,000. 81.54% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on CTVA. Oppenheimer reaffirmed an “outperform” rating and set a $70.00 price objective (up from $69.00) on shares of Corteva in a research note on Friday, November 8th. Argus cut Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. Citigroup initiated coverage on Corteva in a research report on Wednesday, October 23rd. They set a “buy” rating and a $68.00 target price on the stock. JPMorgan Chase & Co. dropped their target price on Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Finally, UBS Group boosted their target price on Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $63.68.

Corteva Price Performance

Shares of NYSE:CTVA opened at $58.25 on Wednesday. Corteva, Inc. has a one year low of $43.89 and a one year high of $63.75. The stock has a market cap of $40.03 billion, a PE ratio of 58.84, a price-to-earnings-growth ratio of 1.77 and a beta of 0.77. The business’s fifty day moving average price is $58.42 and its two-hundred day moving average price is $55.70. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50.

Corteva declared that its Board of Directors has authorized a share repurchase program on Tuesday, November 19th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the company to buy up to 7.5% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Corteva Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva’s dividend payout ratio is presently 68.69%.

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.