Mutual of America Capital Management LLC Trims Stock Holdings in Corteva, Inc. (NYSE:CTVA)

Mutual of America Capital Management LLC lessened its stake in shares of Corteva, Inc. (NYSE:CTVA) by 3.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 82,324 shares of the company’s stock after selling 2,911 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Corteva were worth $4,689,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in CTVA. Chicago Partners Investment Group LLC boosted its position in shares of Corteva by 1.2% during the 4th quarter. Chicago Partners Investment Group LLC now owns 13,282 shares of the company’s stock worth $759,000 after purchasing an additional 156 shares during the period. Avidian Wealth Enterprises LLC boosted its position in shares of Corteva by 3.6% during the fourth quarter. Avidian Wealth Enterprises LLC now owns 4,521 shares of the company’s stock worth $258,000 after buying an additional 157 shares during the period. Beacon Capital Management LLC grew its stake in shares of Corteva by 13.4% in the fourth quarter. Beacon Capital Management LLC now owns 1,341 shares of the company’s stock valued at $76,000 after buying an additional 158 shares in the last quarter. Lake Street Advisors Group LLC raised its holdings in shares of Corteva by 3.7% in the 4th quarter. Lake Street Advisors Group LLC now owns 4,514 shares of the company’s stock valued at $257,000 after buying an additional 160 shares during the period. Finally, Roble Belko & Company Inc lifted its stake in Corteva by 5.5% during the 4th quarter. Roble Belko & Company Inc now owns 3,166 shares of the company’s stock worth $180,000 after acquiring an additional 166 shares in the last quarter. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Corteva

In other news, insider Brian Titus sold 26,560 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $63.74, for a total transaction of $1,692,934.40. Following the transaction, 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 ownership of the stock. 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 Price Performance

Shares of NYSE CTVA opened at $59.77 on Wednesday. The stock’s 50-day simple moving average is $61.45 and its 200-day simple moving average is $59.42. The firm has a market capitalization of $40.97 billion, a PE ratio of 46.33, a price-to-earnings-growth ratio of 1.68 and a beta of 0.79. Corteva, Inc. has a fifty-two week low of $50.01 and a fifty-two week high of $66.24. 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 (NYSE:CTVA) last issued 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%. As a group, equities research analysts forecast that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

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

Corteva Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.14%. The ex-dividend date of this dividend is Monday, March 3rd. Corteva’s payout ratio is 52.71%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CTVA. Wells Fargo & Company lifted their target price on Corteva from $67.00 to $73.00 and gave the company an “overweight” rating in a research report on Tuesday, January 28th. Oppenheimer lifted their price objective on shares of Corteva from $70.00 to $72.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Citigroup increased their target price 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 boosted their price target on shares of Corteva from $72.00 to $73.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Finally, BNP Paribas upgraded Corteva to a “hold” rating in a research note on Monday, February 10th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, Corteva currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.79.

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.