SouthState Corp Increases Holdings in Corteva, Inc. (NYSE:CTVA)

SouthState Corp lifted its position in Corteva, Inc. (NYSE:CTVA) by 106.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,946 shares of the company’s stock after purchasing an additional 5,123 shares during the quarter. SouthState Corp’s holdings in Corteva were worth $626,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its position in Corteva by 0.8% during the first quarter. Vanguard Group Inc. now owns 79,814,646 shares of the company’s stock valued at $5,022,736,000 after acquiring an additional 639,799 shares in the last quarter. Capital World Investors raised its position in Corteva by 2,874.6% during the fourth quarter. Capital World Investors now owns 12,812,151 shares of the company’s stock valued at $729,780,000 after acquiring an additional 12,381,436 shares in the last quarter. Northern Trust Corp raised its position in Corteva by 5.5% during the fourth quarter. Northern Trust Corp now owns 11,648,890 shares of the company’s stock valued at $663,521,000 after acquiring an additional 608,898 shares in the last quarter. Nuveen LLC purchased a new position in Corteva during the first quarter valued at approximately $640,333,000. Finally, WCM Investment Management LLC raised its position in Corteva by 1.4% during the first quarter. WCM Investment Management LLC now owns 6,978,187 shares of the company’s stock valued at $426,088,000 after acquiring an additional 98,770 shares in the last quarter. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Barclays raised their price objective on Corteva from $70.00 to $75.00 and gave the company an “equal weight” rating in a report on Monday, July 7th. Royal Bank Of Canada reissued an “outperform” rating on shares of Corteva in a report on Monday. UBS Group raised their price objective on Corteva from $90.00 to $91.00 and gave the company a “buy” rating in a report on Thursday, August 7th. Morgan Stanley raised their price objective on Corteva from $65.00 to $71.00 and gave the company an “overweight” rating in a report on Friday, May 9th. Finally, Wells Fargo & Company reaffirmed an “overweight” rating and issued a $83.00 price target (up from $82.00) on shares of Corteva in a research note on Friday. Two investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $79.50.

Corteva Price Performance

Shares of NYSE CTVA opened at $72.51 on Tuesday. The stock’s 50-day moving average is $73.32 and its two-hundred day moving average is $66.62. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.68 and a quick ratio of 1.23. Corteva, Inc. has a 1-year low of $51.00 and a 1-year high of $77.41. The company has a market cap of $49.24 billion, a price-to-earnings ratio of 35.37, a price-to-earnings-growth ratio of 1.64 and a beta of 0.75.

Corteva (NYSE:CTVA) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $2.20 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.31. Corteva had a return on equity of 8.68% and a net margin of 8.16%. The company had revenue of $6.46 billion for the quarter, compared to the consensus estimate of $6.26 billion. During the same quarter in the prior year, the business earned $1.83 EPS. Corteva’s revenue was up 5.6% on a year-over-year basis. Analysts forecast that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be issued a dividend of $0.18 per share. This is a positive change from Corteva’s previous quarterly dividend of $0.17. The ex-dividend date is Tuesday, September 2nd. This represents a $0.72 annualized dividend and a yield of 1.0%. Corteva’s dividend payout ratio (DPR) is currently 33.17%.

Corteva 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.