Salem Investment Counselors Inc. Sells 333 Shares of Corteva, Inc. (NYSE:CTVA)

Salem Investment Counselors Inc. cut its holdings in Corteva, Inc. (NYSE:CTVA) by 14.3% during the 1st quarter, Holdings Channel reports. The firm owned 1,988 shares of the company’s stock after selling 333 shares during the period. Salem Investment Counselors Inc.’s holdings in Corteva were worth $115,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of CTVA. CVA Family Office LLC bought a new stake in Corteva during the 4th quarter valued at approximately $25,000. BKM Wealth Management LLC bought a new stake in Corteva during the 4th quarter valued at approximately $27,000. Rise Advisors LLC boosted its position in Corteva by 2,522.2% during the 1st quarter. Rise Advisors LLC now owns 472 shares of the company’s stock valued at $27,000 after acquiring an additional 454 shares in the last quarter. ICA Group Wealth Management LLC bought a new stake in Corteva during the 4th quarter valued at approximately $28,000. Finally, Scarborough Advisors LLC bought a new stake in Corteva during the 4th quarter valued at approximately $29,000. 81.54% of the stock is owned by institutional investors.

Corteva Trading Up 1.1 %

Shares of CTVA stock opened at $52.92 on Monday. Corteva, Inc. has a 1 year low of $43.22 and a 1 year high of $58.76. The firm has a fifty day moving average price of $54.81 and a 200-day moving average price of $52.54. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.51 and a quick ratio of 0.97. The company has a market cap of $36.88 billion, a price-to-earnings ratio of 66.99, a PEG ratio of 1.40 and a beta of 0.78.

Corteva (NYSE:CTVA) last issued its quarterly earnings data on Wednesday, May 1st. The company reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.10. Corteva had a net margin of 3.32% and a return on equity of 6.68%. The firm had revenue of $4.49 billion during the quarter, compared to the consensus estimate of $4.65 billion. During the same quarter in the previous year, the firm posted $1.16 EPS. The company’s revenue for the quarter was down 8.0% compared to the same quarter last year. As a group, equities analysts predict that Corteva, Inc. will post 2.8 earnings per share for the current year.

Corteva Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 18th. Investors of record on Tuesday, June 4th were issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 1.21%. The ex-dividend date was Tuesday, June 4th. Corteva’s dividend payout ratio is currently 81.01%.

Insider Buying and Selling

In related news, insider Brian Titus sold 12,134 shares of the company’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $56.65, for a total value of $687,391.10. Following the completion of the transaction, the insider now owns 13,495 shares of the company’s stock, valued at approximately $764,491.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Corteva news, insider Brian Titus sold 12,134 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $56.65, for a total transaction of $687,391.10. Following the completion of the transaction, the insider now owns 13,495 shares of the company’s stock, valued at approximately $764,491.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Samuel R. Eathington sold 31,686 shares of the stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $57.64, for a total transaction of $1,826,381.04. Following the transaction, the insider now directly owns 53,854 shares of the company’s stock, valued at approximately $3,104,144.56. The disclosure for this sale can be found here. In the last quarter, insiders sold 83,556 shares of company stock valued at $4,795,016. Company insiders own 0.14% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on CTVA shares. Wells Fargo & Company lifted their price objective on Corteva from $66.00 to $67.00 and gave the company an “overweight” rating in a research report on Friday, May 3rd. TheStreet raised Corteva from a “c+” rating to a “b-” rating in a research report on Tuesday, February 27th. KeyCorp boosted their price target on Corteva from $63.00 to $66.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 9th. OTR Global reissued a “negative” rating on shares of Corteva in a research report on Friday, June 7th. Finally, Canaccord Genuity Group boosted their price target on Corteva from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Friday, May 3rd. One analyst has rated the stock with a sell rating, six have issued a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat, Corteva presently has an average rating of “Moderate Buy” and an average price target of $63.00.

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.