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

Key Points

• Sen. Gary C. Peters disclosed selling Corteva shares worth between $15,001 and $50,000 on April 23, according to a filing released May 11.
• Corteva shares were trading higher, opening at $82.82 and up about 2.1%; the stock has also been supported by a strong quarterly earnings report that beat estimates on both profit and revenue.
• The company recently declared a quarterly dividend of $0.18 per share, payable June 15, and Wall Street currently rates Corteva Moderate Buy with a consensus price target of $87.05.

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 Up 2.1%

Shares of CTVA stock opened at $82.82 on Tuesday. Corteva, Inc. has a fifty-two week low of $60.53 and a fifty-two week high of $85.63. The firm has a market capitalization of $55.39 billion, a PE ratio of 48.72, a P/E/G ratio of 2.64 and a beta of 0.59. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.03 and a current ratio of 1.47. The stock's 50-day simple moving average is $80.83 and its 200-day simple moving average is $72.89.

Corteva (NYSE:CTVA - Get Free Report) last released its earnings results on Tuesday, May 5th. The company reported $1.50 EPS 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 quarter in the previous year, the company posted $1.13 earnings per share. The company's revenue 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 analysts expect that Corteva, Inc. will post 3.67 earnings per share for the current year.

Corteva Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 0.9%. The ex-dividend date is Monday, June 1st. Corteva's payout ratio is presently 42.35%.

Hedge Funds Weigh In On Corteva

A number of hedge funds have recently bought and sold shares of the business. Chilton Capital Management LLC lifted its stake in Corteva by 18.1% in the 3rd quarter. Chilton Capital Management LLC now owns 445,350 shares of the company's stock valued at $30,119,000 after buying an additional 68,380 shares in the last quarter. Drummond Knight Asset Management Pty Ltd acquired a new stake in Corteva in the 4th quarter worth about $25,713,000. Truist Financial Corp increased its stake in Corteva by 4.5% during the 3rd quarter. Truist Financial Corp now owns 321,913 shares of the company's stock worth $21,771,000 after buying an additional 13,910 shares in the last quarter. New York State Teachers Retirement System raised its holdings in shares of Corteva by 4.5% during the third quarter. New York State Teachers Retirement System now owns 551,389 shares of the company's stock valued at $37,290,000 after acquiring an additional 23,548 shares during the last quarter. Finally, Alberta Investment Management Corp acquired a new position in shares of Corteva during the third quarter valued at approximately $5,018,000. Hedge funds and other institutional investors own 81.54% of the company's stock.

Insider Activity

In other news, insider Brian Titus sold 8,311 shares of Corteva stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $76.55, for a total value of $636,207.05. Following the sale, the insider directly owned 8,090 shares of the company's stock, valued at $619,289.50. The trade was a 50.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.15% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CTVA. UBS Group upped their price objective on shares of Corteva from $88.00 to $90.00 and gave the company a "neutral" rating in a report on Thursday, May 7th. JPMorgan Chase & Co. downgraded shares of Corteva from an "overweight" rating to a "neutral" rating and boosted their target price for the company from $75.00 to $77.00 in a research report on Thursday, February 5th. Berenberg Bank increased their price target on Corteva from $68.00 to $78.00 and gave the stock a "hold" rating in a research report on Thursday, March 26th. Zacks Research cut Corteva from a "strong-buy" rating to a "hold" rating in a report on Friday, February 20th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Corteva from $85.00 to $90.00 and gave the stock a "buy" rating in a research note on Thursday, February 5th. Thirteen investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, Corteva has a consensus rating of "Moderate Buy" and a consensus price target of $87.05.

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.

About Corteva

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.

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