SouthState Corp Has $626,000 Position in Corteva, Inc. (NYSE:CTVA)

Key Points

• SouthState Corp increased its holdings in Corteva, Inc. by 106.2% in the first quarter, owning a total of 9,946 shares valued at $626,000.
• Analysts have raised their price targets for Corteva, with a consensus price target of $79.50 and a majority rating of “Moderate Buy” from various investment analysts.
• Corteva is set to pay a quarterly dividend of $0.18 per share, up from the previous $0.17, reflecting a 1.0% yield on an annualized basis.

SouthState Corp raised its position in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 106.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,946 shares of the company's stock after purchasing an additional 5,123 shares during the period. SouthState Corp's holdings in Corteva were worth $626,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in CTVA. Capital World Investors lifted its holdings in Corteva by 2,874.6% in the fourth quarter. Capital World Investors now owns 12,812,151 shares of the company's stock worth $729,780,000 after buying an additional 12,381,436 shares during the period. Nuveen LLC bought a new position in Corteva in the 1st quarter valued at approximately $640,333,000. JPMorgan Chase & Co. lifted its holdings in shares of Corteva by 54.6% during the 1st quarter. JPMorgan Chase & Co. now owns 5,009,038 shares of the company's stock valued at $315,219,000 after buying an additional 1,769,355 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Corteva by 97.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,961,440 shares of the company's stock valued at $111,726,000 after buying an additional 967,118 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in shares of Corteva by 7,135.6% during the 1st quarter. GAMMA Investing LLC now owns 947,789 shares of the company's stock valued at $59,644,000 after buying an additional 934,690 shares during the period. Hedge funds and other institutional investors own 81.54% of the company's stock.

Corteva Trading Down 0.2%

Shares of Corteva stock traded down $0.13 during trading hours on Friday, hitting $71.74. The company's stock had a trading volume of 2,649,620 shares, compared to its average volume of 4,202,978. The business has a fifty day moving average of $73.35 and a 200 day moving average of $66.79. The company has a market capitalization of $48.72 billion, a PE ratio of 35.00, a P/E/G ratio of 1.64 and a beta of 0.75. Corteva, Inc. has a 1-year low of $52.59 and a 1-year high of $77.41. The company has a quick ratio of 1.23, a current ratio of 1.68 and a debt-to-equity ratio of 0.06.

Corteva (NYSE:CTVA - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $2.20 EPS for the quarter, topping analysts' consensus estimates of $1.89 by $0.31. Corteva had a net margin of 8.16% and a return on equity of 8.68%. The company had revenue of $6.46 billion for the quarter, compared to the consensus estimate of $6.26 billion. During the same period in the previous year, the firm earned $1.83 EPS. Corteva's revenue was up 5.6% on a year-over-year basis. As a group, equities analysts forecast that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.0%. The ex-dividend date is Tuesday, September 2nd. This is a boost from Corteva's previous quarterly dividend of $0.17. Corteva's dividend payout ratio is 35.12%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on CTVA shares. Jefferies Financial Group reissued a "buy" rating on shares of Corteva in a report on Friday, June 6th. Barclays upgraded Corteva from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $75.00 to $84.00 in a research report on Wednesday. Citigroup lifted their price target on shares of Corteva from $75.00 to $78.00 and gave the company a "buy" rating in a research note on Friday, May 9th. KeyCorp lifted their price target on shares of Corteva from $84.00 to $85.00 and gave the company an "overweight" rating in a research note on Friday, August 8th. Finally, Zacks Research raised Corteva to a "hold" rating in a research report on Friday, August 8th. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $80.25.

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.