Truist Financial Corp Sells 8,211 Shares of Corteva, Inc. $CTVA

Key Points

• Truist Financial Corp reduced its stake in Corteva, Inc. by selling 8,211 shares, now holding 308,003 shares valued at approximately $22.96 million.
• Corteva recently reported quarterly earnings of $2.20 per share, exceeding expectations of $1.89, with revenue of $6.46 billion, a 5.6% year-over-year increase.
• The company announced an increase in its quarterly dividend from $0.17 to $0.18, reflecting a dividend yield of 1.1% and a payout ratio of 35.12%.

Truist Financial Corp trimmed its position in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 2.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 308,003 shares of the company's stock after selling 8,211 shares during the period. Truist Financial Corp's holdings in Corteva were worth $22,955,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the business. Maryland Capital Advisors Inc. bought a new position in shares of Corteva in the second quarter worth about $29,000. Valley National Advisers Inc. lifted its holdings in Corteva by 85.9% in the 1st quarter. Valley National Advisers Inc. now owns 526 shares of the company's stock worth $33,000 after purchasing an additional 243 shares in the last quarter. Richardson Capital Management LLC purchased a new position in Corteva in the 1st quarter worth approximately $37,000. von Borstel & Associates Inc. bought a new stake in shares of Corteva during the first quarter valued at approximately $44,000. Finally, Horizon Financial Services LLC raised its position in shares of Corteva by 4,444.4% during the first quarter. Horizon Financial Services LLC now owns 818 shares of the company's stock valued at $51,000 after buying an additional 800 shares during the last quarter. Hedge funds and other institutional investors own 81.54% of the company's stock.

Corteva Stock Down 0.2%

Shares of NYSE CTVA opened at $63.36 on Friday. The stock has a market capitalization of $43.03 billion, a price-to-earnings ratio of 30.91, a P/E/G ratio of 1.43 and a beta of 0.76. Corteva, Inc. has a 12-month low of $53.40 and a 12-month high of $77.41. The firm's 50-day moving average price is $71.24 and its 200-day moving average price is $68.85. The company has a current ratio of 1.68, a quick ratio of 1.23 and a debt-to-equity ratio of 0.06.

Corteva (NYSE:CTVA - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $2.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.31. The business had revenue of $6.46 billion during the quarter, compared to analyst estimates of $6.26 billion. Corteva had a return on equity of 8.68% and a net margin of 8.16%.The company's revenue for the quarter was up 5.6% on a year-over-year basis. During the same period last year, the company earned $1.83 EPS. On average, equities research analysts anticipate that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were issued a $0.18 dividend. This is a boost from Corteva's previous quarterly dividend of $0.17. The ex-dividend date was Tuesday, September 2nd. This represents a $0.72 annualized dividend and a dividend yield of 1.1%. Corteva's dividend payout ratio (DPR) is 35.12%.

Insider Activity

In other news, EVP Robert D. King sold 37,280 shares of the firm's stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $74.20, for a total value of $2,766,176.00. Following the completion of the sale, the executive vice president owned 49,262 shares in the company, valued at approximately $3,655,240.40. This trade represents a 43.08% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.14% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Wall Street Zen raised shares of Corteva from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Zacks Research raised shares of Corteva from a "hold" rating to a "strong-buy" rating in a report on Wednesday. JPMorgan Chase & Co. raised shares of Corteva from a "neutral" rating to an "overweight" rating and set a $67.00 price objective for the company in a report on Thursday. KeyCorp reiterated a "sector weight" rating on shares of Corteva in a research report on Friday. Finally, Citigroup downgraded Corteva from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $83.00 to $70.00 in a research report on Thursday. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $80.67.

Corteva Company Profile

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.

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