Sen. Gary C. Peters Sells Corteva, Inc. (NYSE:CTVA) Stock

Senator Gary C. Peters (Democratic-Michigan) recently sold shares of Corteva, Inc. (NYSE:CTVA). In a filing disclosed on May 11th, the Senator disclosed that they had sold between $15,001 and $50,000 in Corteva stock on April 23rd.

Corteva Stock Performance

Shares of NYSE CTVA traded down $1.13 during midday trading on Friday, hitting $82.17. 2,956,106 shares of the company’s stock were exchanged, compared to its average volume of 3,596,012. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.47 and a quick ratio of 1.03. The stock’s 50 day moving average price is $81.11 and its 200-day moving average price is $73.37. The firm has a market cap of $54.95 billion, a P/E ratio of 48.33, a PEG ratio of 2.56 and a beta of 0.59. Corteva, Inc. has a twelve month low of $60.53 and a twelve month high of $85.63.

Corteva (NYSE:CTVA) last released its earnings results on Tuesday, May 5th. The company reported $1.50 earnings per share for the quarter, topping analysts’ consensus estimates of $1.18 by $0.32. Corteva had a return on equity of 9.95% and a net margin of 6.50%.The firm had revenue of $4.91 billion during the quarter, compared to the consensus estimate of $4.64 billion. During the same period in the prior year, the firm posted $1.13 earnings per share. The firm’s revenue for the quarter was up 11.0% compared to the same quarter last year. Corteva has set its FY 2026 guidance at 3.450-3.700 EPS. Equities research analysts anticipate that Corteva, Inc. will post 3.7 EPS for the current year.

Corteva Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be given a dividend of $0.18 per share. The ex-dividend date is Monday, June 1st. This represents a $0.72 annualized dividend and a dividend yield of 0.9%. Corteva’s payout ratio is currently 42.35%.

Insider Activity

In related news, insider Brian Titus sold 8,311 shares of the stock in a transaction on Friday, February 20th. The stock was sold at an average price of $76.55, for a total transaction of $636,207.05. Following the completion of the sale, the insider directly owned 8,090 shares in the company, valued at approximately $619,289.50. This trade represents a 50.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.15% of the stock is owned by insiders.

Institutional Trading of Corteva

A number of hedge funds have recently modified their holdings of CTVA. Brighton Jones LLC lifted its holdings in shares of Corteva by 307.2% in the fourth quarter. Brighton Jones LLC now owns 15,588 shares of the company’s stock valued at $888,000 after purchasing an additional 11,760 shares in the last quarter. Woodline Partners LP lifted its holdings in shares of Corteva by 40.3% in the first quarter. Woodline Partners LP now owns 57,919 shares of the company’s stock valued at $3,645,000 after purchasing an additional 16,644 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Corteva by 62.1% in the second quarter. EverSource Wealth Advisors LLC now owns 2,559 shares of the company’s stock valued at $191,000 after purchasing an additional 980 shares in the last quarter. Cresset Asset Management LLC lifted its holdings in shares of Corteva by 2.6% in the second quarter. Cresset Asset Management LLC now owns 7,063 shares of the company’s stock valued at $526,000 after purchasing an additional 181 shares in the last quarter. Finally, Jump Financial LLC purchased a new stake in shares of Corteva in the second quarter valued at $1,464,000. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Oppenheimer upped their price objective on Corteva from $86.00 to $89.00 and gave the company an “outperform” rating in a report on Wednesday, April 22nd. Zacks Research lowered Corteva from a “strong-buy” rating to a “hold” rating in a report on Friday, February 20th. Deutsche Bank Aktiengesellschaft upped their price objective on Corteva from $90.00 to $100.00 in a report on Monday, May 11th. JPMorgan Chase & Co. lowered Corteva from an “overweight” rating to a “neutral” rating and upped their price objective for the company from $75.00 to $77.00 in a report on Thursday, February 5th. Finally, Argus upped their price objective on Corteva from $80.00 to $91.00 and gave the company a “buy” rating in a report on Tuesday, March 31st. Thirteen equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $88.14.

About Senator Peters

Gary Peters (Democratic Party) is a member of the U.S. Senate from Michigan. He assumed office on January 3, 2015. His current term ends on January 3, 2027. Peters (Democratic Party) ran for re-election to the U.S. Senate to represent Michigan. He won in the general election on November 3, 2020. Peters completed Ballotpedia’s Candidate Connection survey in 2020. Click here to read the survey answers. Peters was elected to the Senate in 2014. On May 1, 2013, Peters announced he would seek election to the United States Senate seat that was being vacated in 2014 by retiring Michigan Sen. Carl Levin. Peters ran unopposed in the Democratic primary on August 5, 2014, before he defeated Terri Lynn Land (R), Jim Fulner (Libertarian), Richard Matkin (U.S. Taxpayers), and Chris Wahmhoff (Green) in the general election on November 4, 2014. Peters was previously a member of the U.S. House of Representatives representing Michigan’s 9th Congressional District from 2009 to 2013 and Michigan’s 14th Congressional District from 2013 to 2015. He also served as Commissioner of the Michigan Lottery from 2003 to 2007. As of a 2014 analysis of multiple outside rankings, Peters is an average Democratic member of Congress, meaning he will vote with the Democratic Party on the majority of bills. On January 28, 2021, Senate Majority Leader Chuck Schumer (D-N.Y.) appointed Peters to head the Democratic Senatorial Campaign Committee for the 2022 campaign cycle. Peters was born in 1958 in Pontiac, Michigan. After graduating from Alma College in 1980, Peters went on to receive his M.B.A. from the University of Detroit and his J.D. from Wayne State University in 1985 and 1989, respectively. Prior to his political career, Peters worked as a professor and investment banker. He also served in the United States Naval Reserve from 1993 to 2000 and from 2001 to 2005.

Corteva Company Profile

Corteva, Inc (NYSE: CTVA) is an independent global agriculture company that was established as a publicly traded firm in mid?2019 following the separation of the agriculture businesses from DowDuPont. The company focuses on delivering technologies and products that help farmers increase productivity and manage crop health. Corteva’s operations combine seed genetics, crop protection chemistries, digital tools and biological solutions to address the full cycle of crop production.

Core business activities include research and development of seed genetics and trait technologies, formulation and sale of crop protection products (such as herbicides, insecticides and fungicides), and the development of seed treatments and biologicals.