Corteva, Inc. (NYSE:CTVA) Shares Sold by M&T Bank Corp

M&T Bank Corp cut its stake in Corteva, Inc. (NYSE:CTVA - Free Report) by 3.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,973,023 shares of the company's stock after selling 79,699 shares during the quarter. M&T Bank Corp owned about 0.29% of Corteva worth $124,162,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Flagship Wealth Advisors LLC purchased a new stake in Corteva in the fourth quarter worth $25,000. Pinney & Scofield Inc. purchased a new stake in Corteva in the fourth quarter worth $27,000. LGT Financial Advisors LLC purchased a new stake in Corteva in the fourth quarter worth $31,000. Valley National Advisers Inc. increased its stake in Corteva by 85.9% in the first quarter. Valley National Advisers Inc. now owns 526 shares of the company's stock worth $33,000 after purchasing an additional 243 shares during the period. Finally, Richardson Capital Management LLC purchased a new stake in Corteva in the first quarter worth $37,000. 81.54% of the stock is currently owned by institutional investors.

Corteva Stock Down 1.8%

CTVA traded down $1.33 on Friday, hitting $73.50. The company had a trading volume of 4,389,838 shares, compared to its average volume of 3,431,289. The stock has a fifty day moving average price of $71.45 and a 200-day moving average price of $64.60. Corteva, Inc. has a 12-month low of $50.30 and a 12-month high of $77.41. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.00 and a current ratio of 1.44. The stock has a market capitalization of $50.14 billion, a price-to-earnings ratio of 44.82, a P/E/G ratio of 1.91 and a beta of 0.76.

Corteva (NYSE:CTVA - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.25. The company had revenue of $4.42 billion for the quarter, compared to analyst estimates of $4.56 billion. Corteva had a return on equity of 7.84% and a net margin of 6.77%. The firm's quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.89 earnings per share. Analysts predict that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Friday, May 2nd were issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 0.93%. The ex-dividend date was Monday, June 2nd. Corteva's dividend payout ratio is presently 41.46%.

Analysts Set New Price Targets

A number of analysts have weighed in on CTVA shares. Royal Bank Of Canada increased their target price on Corteva from $74.00 to $85.00 and gave the stock an "outperform" rating in a research note on Thursday. Argus upgraded Corteva from a "hold" rating to a "buy" rating and set a $69.00 price target on the stock in a research note on Monday, March 31st. Oppenheimer restated an "outperform" rating and set a $75.00 price target (up previously from $72.00) on shares of Corteva in a research note on Friday, May 9th. KeyCorp raised their price target on Corteva from $71.00 to $72.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Finally, Morgan Stanley raised their price target on Corteva from $65.00 to $71.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Three investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $75.54.

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.