Cullen Frost Bankers Inc. Sells 656 Shares of Corteva, Inc. (NYSE:CTVA)

Cullen Frost Bankers Inc. reduced its stake in Corteva, Inc. (NYSE:CTVA) by 11.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,999 shares of the company’s stock after selling 656 shares during the period. Cullen Frost Bankers Inc.’s holdings in Corteva were worth $285,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. State Street Corp increased its stake in Corteva by 2.3% in the third quarter. State Street Corp now owns 34,290,086 shares of the company’s stock valued at $2,015,914,000 after purchasing an additional 768,519 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Corteva by 2.0% during the third quarter. Geode Capital Management LLC now owns 17,703,771 shares of the company’s stock worth $1,037,505,000 after acquiring an additional 355,206 shares in the last quarter. Franklin Resources Inc. increased its position in shares of Corteva by 6.1% during the third quarter. Franklin Resources Inc. now owns 14,788,607 shares of the company’s stock worth $860,746,000 after acquiring an additional 856,007 shares in the last quarter. Harris Associates L P increased its position in shares of Corteva by 1.4% during the third quarter. Harris Associates L P now owns 14,362,309 shares of the company’s stock worth $844,360,000 after acquiring an additional 200,917 shares in the last quarter. Finally, FMR LLC increased its position in shares of Corteva by 1.9% during the third quarter. FMR LLC now owns 10,747,791 shares of the company’s stock worth $631,863,000 after acquiring an additional 203,126 shares in the last quarter. 81.54% of the stock is owned by institutional investors.

Corteva Stock Down 0.4 %

CTVA opened at $60.62 on Friday. 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 $41.56 billion, a price-to-earnings ratio of 46.99, a PEG ratio of 1.68 and a beta of 0.79. Corteva, Inc. has a twelve month low of $50.01 and a twelve month high of $66.24. The company’s 50-day moving average price is $61.66 and its two-hundred day moving average price is $59.53.

Corteva (NYSE:CTVA) last released its earnings results on Wednesday, February 5th. The company reported $0.32 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.02). Corteva had a net margin of 5.36% and a return on equity of 7.19%. As a group, equities analysts expect that Corteva, Inc. will post 2.96 earnings per share for the current year.

Corteva declared that its board has approved a stock buyback plan on Tuesday, November 19th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 7.5% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its shares are undervalued.

Corteva Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.12%. The ex-dividend date is Monday, March 3rd. Corteva’s payout ratio is 52.71%.

Insider Transactions at Corteva

In related news, insider Brian Titus sold 26,560 shares of the stock in a transaction 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 owns 11,347 shares of the company’s stock, valued at approximately $723,257.78. This trade represents a 70.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.14% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Wells Fargo & Company boosted their target price on shares of Corteva from $67.00 to $73.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 28th. BNP Paribas raised shares of Corteva to a “hold” rating in a research report on Monday, February 10th. UBS Group decreased their target price on shares of Corteva from $74.00 to $73.00 and set a “buy” rating for the company in a research report on Friday, January 10th. KeyCorp upped their price objective on shares of Corteva from $68.00 to $70.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Finally, Barclays upped their price objective on shares of Corteva from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 21st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.79.

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.