Retirement Systems of Alabama Trims Holdings in Corteva, Inc. (NYSE:CTVA)

Retirement Systems of Alabama trimmed its stake in Corteva, Inc. (NYSE:CTVAFree Report) by 0.7% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 160,484 shares of the company’s stock after selling 1,081 shares during the period. Retirement Systems of Alabama’s holdings in Corteva were worth $8,210,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Capital World Investors raised its stake in shares of Corteva by 5.8% in the 2nd quarter. Capital World Investors now owns 38,895,669 shares of the company’s stock valued at $2,228,722,000 after acquiring an additional 2,148,207 shares during the period. Geode Capital Management LLC increased its stake in Corteva by 1.8% during the 2nd quarter. Geode Capital Management LLC now owns 14,988,480 shares of the company’s stock worth $856,916,000 after buying an additional 261,656 shares during the period. Independent Franchise Partners LLP increased its stake in Corteva by 38.1% during the 2nd quarter. Independent Franchise Partners LLP now owns 11,292,296 shares of the company’s stock worth $647,049,000 after buying an additional 3,115,825 shares during the period. Morgan Stanley increased its stake in Corteva by 8.6% during the 4th quarter. Morgan Stanley now owns 9,452,940 shares of the company’s stock worth $555,644,000 after buying an additional 746,972 shares during the period. Finally, Moneta Group Investment Advisors LLC increased its stake in Corteva by 110,628.9% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 7,904,934 shares of the company’s stock worth $464,652,000 after buying an additional 7,897,795 shares during the period. 80.56% of the stock is owned by hedge funds and other institutional investors.

Corteva Stock Performance

Shares of CTVA opened at $45.47 on Thursday. The company has a 50-day simple moving average of $46.22 and a 200-day simple moving average of $49.28. The company has a quick ratio of 0.97, a current ratio of 1.58 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $32.04 billion, a PE ratio of 34.98, a P/E/G ratio of 1.17 and a beta of 0.73. Corteva, Inc. has a 52-week low of $43.22 and a 52-week high of $65.21.

Corteva (NYSE:CTVAGet Free Report) last announced its quarterly earnings results on Wednesday, November 8th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.03. The business had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.63 billion. Corteva had a net margin of 5.38% and a return on equity of 7.47%. The business’s revenue was down 6.7% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.12) EPS. Equities research analysts predict that Corteva, Inc. will post 2.59 earnings per share for the current fiscal year.

Corteva Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 15th. Investors of record on Friday, March 1st will be paid a $0.16 dividend. The ex-dividend date is Thursday, February 29th. This represents a $0.64 dividend on an annualized basis and a yield of 1.41%. Corteva’s payout ratio is 49.23%.

Insider Activity at Corteva

In other Corteva news, EVP Robert D. King acquired 640 shares of the stock in a transaction that occurred on Tuesday, November 14th. The shares were purchased at an average cost of $46.77 per share, with a total value of $29,932.80. Following the purchase, the executive vice president now owns 59,701 shares in the company, valued at $2,792,215.77. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Samuel R. Eathington purchased 1,094 shares of the firm’s stock in a transaction on Tuesday, November 28th. The shares were bought at an average cost of $46.07 per share, with a total value of $50,400.58. Following the purchase, the insider now directly owns 41,066 shares of the company’s stock, valued at $1,891,910.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Robert D. King purchased 640 shares of the firm’s stock in a transaction on Tuesday, November 14th. The shares were purchased at an average cost of $46.77 per share, for a total transaction of $29,932.80. Following the completion of the purchase, the executive vice president now directly owns 59,701 shares in the company, valued at $2,792,215.77. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 2,084 shares of company stock valued at $95,527. Insiders own 0.14% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CTVA. Berenberg Bank downgraded shares of Corteva from a “buy” rating to a “hold” rating and cut their target price for the stock from $63.00 to $52.00 in a research note on Monday, November 27th. Mizuho cut their target price on shares of Corteva from $72.00 to $71.00 and set a “buy” rating on the stock in a research note on Tuesday, October 10th. BMO Capital Markets lowered their price target on shares of Corteva from $70.00 to $64.00 and set an “outperform” rating for the company in a report on Monday, October 30th. Morgan Stanley lowered their price target on shares of Corteva from $80.00 to $60.00 and set an “overweight” rating for the company in a report on Friday, November 10th. Finally, Royal Bank of Canada lowered their target price on shares of Corteva from $61.00 to $56.00 and set an “outperform” rating for the company in a report on Friday, November 10th. Four research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $64.32.

Check Out Our Latest Analysis on CTVA

About Corteva

(Free Report)

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.

Featured Articles

Institutional Ownership by Quarter for Corteva (NYSE:CTVA)

Receive News & Ratings for Corteva Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corteva and related companies with MarketBeat.com's FREE daily email newsletter.