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

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 Price Performance

Shares of NYSE CTVA traded down $1.04 during midday trading on Tuesday, hitting $81.79. The stock had a trading volume of 573,446 shares, compared to its average volume of 3,998,427. The company has a quick ratio of 1.03, a current ratio of 1.47 and a debt-to-equity ratio of 0.07. The stock has a 50 day simple moving average of $80.83 and a 200-day simple moving average of $72.89. The company has a market capitalization of $54.70 billion, a PE ratio of 48.11, a P/E/G ratio of 2.64 and a beta of 0.59. Corteva, Inc. has a 1 year low of $60.53 and a 1 year high of $85.63.

Corteva (NYSE:CTVA) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $1.50 earnings per share for the quarter, beating 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 company had revenue of $4.91 billion for the quarter, compared to analyst estimates of $4.64 billion. During the same quarter last year, the firm posted $1.13 EPS. The firm’s revenue for the quarter was up 11.0% on a year-over-year basis. Corteva has set its FY 2026 guidance at 3.450-3.700 EPS. On average, sell-side analysts expect that Corteva, Inc. will post 3.67 EPS for the current fiscal year.

Corteva Announces Dividend

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

Insider Activity

In other news, insider Brian Titus sold 8,311 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $76.55, for a total value of $636,207.05. Following the transaction, the insider directly owned 8,090 shares in the company, valued at approximately $619,289.50. This represents a 50.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Corteva

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Harris Associates L P increased its position in shares of Corteva by 168.1% during the 4th quarter. Harris Associates L P now owns 17,026,221 shares of the company’s stock worth $1,141,268,000 after purchasing an additional 10,675,052 shares during the last quarter. Norges Bank acquired a new position in Corteva in the fourth quarter valued at about $504,001,000. Northwestern Mutual Wealth Management Co. boosted its stake in Corteva by 6,527.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,148,212 shares of the company’s stock worth $211,025,000 after buying an additional 3,100,709 shares during the period. Perpetual Ltd boosted its stake in Corteva by 78,688.5% during the fourth quarter. Perpetual Ltd now owns 2,615,779 shares of the company’s stock worth $175,336,000 after buying an additional 2,612,459 shares during the period. Finally, Amundi increased its position in shares of Corteva by 125.3% during the third quarter. Amundi now owns 3,415,554 shares of the company’s stock valued at $219,620,000 after acquiring an additional 1,899,248 shares during the last quarter. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on CTVA shares. Rothschild & Co Redburn increased their price objective on shares of Corteva from $80.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, April 29th. Wolfe Research increased their price target on Corteva from $81.00 to $86.00 and gave the company an “outperform” rating in a report on Thursday, February 5th. BNP Paribas Exane boosted their price objective on Corteva from $74.00 to $77.00 in a research note on Wednesday, May 6th. Royal Bank Of Canada raised their target price on Corteva from $95.00 to $97.00 and gave the stock an “outperform” rating in a research note on Thursday, May 7th. Finally, Wells Fargo & Company boosted their price target on shares of Corteva from $85.00 to $90.00 and gave the company an “overweight” rating in a research report on Tuesday, April 21st. Thirteen investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, Corteva has a consensus rating of “Moderate Buy” and a consensus target price of $87.52.

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.