PNC Financial Services Group Inc. Has $41.56 Million Stock Holdings in Corteva, Inc. (NYSE:CTVA)

PNC Financial Services Group Inc. decreased its position in shares of Corteva, Inc. (NYSE:CTVA) by 1.9% during the 4th quarter, Holdings Channel reports. The institutional investor owned 729,547 shares of the company’s stock after selling 14,158 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Corteva were worth $41,555,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. Edgestream Partners L.P. acquired a new position in Corteva during the 4th quarter worth $2,006,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of Corteva in the 4th quarter valued at $413,000. Callan Family Office LLC acquired a new position in shares of Corteva in the 4th quarter valued at $669,000. Candriam S.C.A. lifted its stake in shares of Corteva by 14.4% in the 4th quarter. Candriam S.C.A. now owns 33,520 shares of the company’s stock valued at $1,909,000 after purchasing an additional 4,224 shares during the period. Finally, Ethos Financial Group LLC acquired a new position in shares of Corteva in the 4th quarter valued at $158,000. Institutional investors and hedge funds own 81.54% of the company’s stock.

Insider Activity

In related news, insider Brian Titus sold 26,560 shares of Corteva 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 transaction, the insider now 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.14% of the stock is owned by corporate insiders.

Corteva Price Performance

Shares of NYSE CTVA opened at $60.62 on Monday. The stock has a market capitalization of $41.56 billion, a price-to-earnings ratio of 46.99, a PEG ratio of 1.68 and a beta of 0.79. The business has a 50-day moving average of $61.66 and a 200-day moving average of $59.57. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.45 and a quick ratio of 0.93. Corteva, Inc. has a fifty-two week low of $50.01 and a fifty-two week high of $66.24.

Corteva (NYSE:CTVA) last announced 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 net margin of 5.36% and a return on equity of 7.19%. As a group, sell-side analysts predict that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva declared that its board has approved a share 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 stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Corteva Dividend Announcement

The business also recently disclosed 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 annualized dividend and a dividend yield of 1.12%. The ex-dividend date is Monday, March 3rd. Corteva’s payout ratio is 52.71%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Barclays increased their price target on Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 21st. Citigroup increased their price target on Corteva from $69.00 to $74.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. Bank of America increased their price target on Corteva from $69.00 to $73.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. BNP Paribas raised Corteva to a “hold” rating in a research note on Monday, February 10th. Finally, KeyCorp raised their price objective on Corteva from $68.00 to $70.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Corteva currently has a consensus rating of “Moderate Buy” and an average 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.