State of Michigan Retirement System Trims Holdings in Corteva, Inc. (NYSE:CTVA)

State of Michigan Retirement System cut its stake in Corteva, Inc. (NYSE:CTVAFree Report) by 0.9% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 192,910 shares of the company’s stock after selling 1,700 shares during the quarter. State of Michigan Retirement System’s holdings in Corteva were worth $9,244,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in CTVA. Moneta Group Investment Advisors LLC boosted its stake in Corteva by 110,628.9% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 7,904,934 shares of the company’s stock valued at $464,652,000 after buying an additional 7,897,795 shares during the period. Norges Bank bought a new stake in Corteva during the fourth quarter valued at $328,936,000. Harris Associates L P bought a new stake in Corteva during the third quarter valued at $246,423,000. Van ECK Associates Corp boosted its stake in Corteva by 78.7% during the third quarter. Van ECK Associates Corp now owns 7,645,091 shares of the company’s stock valued at $391,123,000 after buying an additional 3,366,106 shares during the period. Finally, Wells Fargo & Company MN boosted its stake in Corteva by 283.5% during the second quarter. Wells Fargo & Company MN now owns 4,482,718 shares of the company’s stock valued at $256,860,000 after buying an additional 3,313,768 shares during the period. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Corteva Stock Up 0.4 %

Shares of NYSE:CTVA opened at $57.41 on Thursday. Corteva, Inc. has a 1 year low of $43.22 and a 1 year high of $63.37. The company has a market cap of $40.12 billion, a PE ratio of 56.28, a P/E/G ratio of 1.48 and a beta of 0.77. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.56 and a quick ratio of 0.90. The stock’s 50-day moving average is $53.92 and its 200 day moving average is $49.94.

Corteva (NYSE:CTVAGet Free Report) last posted its earnings results on Thursday, February 1st. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.09. Corteva had a return on equity of 7.43% and a net margin of 4.27%. The firm had revenue of $3.71 billion for the quarter, compared to the consensus estimate of $3.54 billion. During the same quarter in the prior year, the business earned $0.16 EPS. Sell-side analysts anticipate that Corteva, Inc. will post 2.87 EPS for the current year.

Corteva Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were issued a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.11%. Corteva’s dividend payout ratio (DPR) is 62.75%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CTVA. Oppenheimer lifted their price target on Corteva from $60.00 to $62.00 and gave the stock an “outperform” rating in a research note on Friday, February 2nd. KeyCorp lifted their price target on Corteva from $62.00 to $63.00 and gave the stock an “overweight” rating in a research note on Friday, February 2nd. BNP Paribas raised Corteva from an “underperform” rating to a “neutral” rating and set a $53.00 price target for the company in a research note on Friday, February 2nd. Wolfe Research began coverage on Corteva in a research note on Friday, March 1st. They set an “outperform” rating and a $67.00 price target for the company. Finally, TheStreet raised Corteva from a “c+” rating to a “b-” rating in a research note on Tuesday, February 27th. Five research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $63.14.

Get Our Latest Stock Analysis on Corteva

Corteva Profile

(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.

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Institutional Ownership by Quarter for Corteva (NYSE:CTVA)

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