PNC Financial Services Group Inc. Cuts Stock Holdings in Corteva, Inc. $CTVA

PNC Financial Services Group Inc. cut its stake in shares of Corteva, Inc. (NYSE:CTVA) by 7.9% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 662,970 shares of the company’s stock after selling 57,115 shares during the period. PNC Financial Services Group Inc.’s holdings in Corteva were worth $44,837,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Corteva by 0.5% in the second quarter. Vanguard Group Inc. now owns 80,188,326 shares of the company’s stock valued at $5,976,436,000 after acquiring an additional 373,680 shares during the last quarter. Geode Capital Management LLC increased its stake in Corteva by 1.4% during the second quarter. Geode Capital Management LLC now owns 18,047,263 shares of the company’s stock worth $1,339,651,000 after acquiring an additional 251,693 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Corteva by 4.9% in the 2nd quarter. Franklin Resources Inc. now owns 17,680,238 shares of the company’s stock worth $1,317,708,000 after purchasing an additional 824,451 shares during the period. Norges Bank acquired a new position in shares of Corteva in the 2nd quarter valued at about $434,220,000. Finally, Bank of New York Mellon Corp lifted its stake in shares of Corteva by 2.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,256,845 shares of the company’s stock valued at $391,793,000 after purchasing an additional 138,484 shares in the last quarter. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Corteva Trading Up 1.2%

NYSE CTVA opened at $74.98 on Tuesday. The stock has a market cap of $50.43 billion, a P/E ratio of 47.46, a PEG ratio of 2.56 and a beta of 0.75. The company’s fifty day simple moving average is $69.87 and its 200-day simple moving average is $68.43. The company has a current ratio of 1.43, a quick ratio of 0.96 and a debt-to-equity ratio of 0.07. Corteva, Inc. has a 52 week low of $53.40 and a 52 week high of $77.41.

Corteva (NYSE:CTVA) last released its quarterly earnings results on Tuesday, February 3rd. The company reported $0.22 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.22. Corteva had a net margin of 6.29% and a return on equity of 9.06%. The firm had revenue of $3.91 billion for the quarter, compared to the consensus estimate of $4.23 billion. During the same quarter in the previous year, the firm posted $0.32 EPS. The firm’s quarterly revenue was down 1.7% on a year-over-year basis. Corteva has set its FY 2026 guidance at 3.450-3.700 EPS. Equities research analysts predict that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be paid a $0.18 dividend. The ex-dividend date is Monday, March 2nd. This represents a $0.72 annualized dividend and a dividend yield of 1.0%. Corteva’s payout ratio is 45.57%.

Analysts Set New Price Targets

A number of research firms recently issued reports on CTVA. Weiss Ratings reissued a “hold (c-)” rating on shares of Corteva in a research report on Monday, December 29th. BNP Paribas Exane boosted their price objective on shares of Corteva from $70.00 to $72.00 and gave the stock a “neutral” rating in a research note on Monday, November 17th. Rothschild & Co Redburn cut their target price on shares of Corteva from $71.00 to $65.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 11th. Zacks Research upgraded shares of Corteva from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 22nd. Finally, Citigroup increased their price target on Corteva from $74.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, February 5th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $82.20.

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.