Asset Management One Co. Ltd. Sells 9,569 Shares of Corteva, Inc. (NYSE:CTVA)

Posted by Grant Hamersma on Jan 25th, 2023

Asset Management One Co. Ltd. lessened its stake in shares of Corteva, Inc. (NYSE:CTVA – Get Rating) by 2.7% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 349,334 shares of the company’s stock after selling 9,569 shares during the quarter. Asset Management One Co. Ltd.’s holdings in Corteva were worth $19,964,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of CTVA. Moisand Fitzgerald Tamayo LLC acquired a new position in Corteva in the second quarter valued at $26,000. Householder Group Estate & Retirement Specialist LLC acquired a new position in Corteva in the third quarter valued at $28,000. Kathleen S. Wright Associates Inc. acquired a new position in Corteva in the third quarter valued at $29,000. Better Money Decisions LLC acquired a new position in Corteva in the second quarter valued at $31,000. Finally, JFS Wealth Advisors LLC lifted its holdings in Corteva by 60.5% in the third quarter. JFS Wealth Advisors LLC now owns 568 shares of the company’s stock valued at $32,000 after buying an additional 214 shares during the period. Institutional investors and hedge funds own 79.45% of the company’s stock.

Corteva Stock Performance

Shares of CTVA opened at $62.51 on Wednesday. The company has a current ratio of 1.69, a quick ratio of 1.08 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $44.66 billion, a price-to-earnings ratio of 33.43, a PEG ratio of 1.17 and a beta of 0.78. The stock has a 50 day moving average of $62.31 and a 200 day moving average of $61.15. Corteva, Inc. has a 12 month low of $44.22 and a 12 month high of $68.43.

Corteva (NYSE:CTVA – Get Rating) last issued its quarterly earnings results on Thursday, November 3rd. The company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.11. The company had revenue of $2.78 billion during the quarter, compared to the consensus estimate of $2.58 billion. Corteva had a return on equity of 7.31% and a net margin of 7.95%. Corteva’s revenue was up 17.1% on a year-over-year basis. During the same period last year, the business posted ($0.14) earnings per share. As a group, sell-side analysts forecast that Corteva, Inc. will post 2.57 earnings per share for the current year.

Corteva Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, December 15th. Shareholders of record on Monday, November 14th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 0.96%. The ex-dividend date was Thursday, November 10th. Corteva’s dividend payout ratio is currently 32.09%.

Analysts Set New Price Targets

CTVA has been the topic of several recent analyst reports. Citigroup dropped their target price on shares of Corteva from $75.00 to $72.00 and set a “buy” rating on the stock in a report on Friday, January 20th. Barclays upped their price objective on shares of Corteva from $71.00 to $75.00 and gave the company an “overweight” rating in a report on Thursday, November 17th. Morgan Stanley upped their price objective on shares of Corteva from $70.00 to $80.00 and gave the company an “overweight” rating in a report on Wednesday, January 11th. Loop Capital lowered shares of Corteva from a “buy” rating to a “hold” rating and upped their price objective for the company from $70.00 to $71.00 in a report on Tuesday, November 15th. Finally, Royal Bank of Canada upped their price objective on shares of Corteva from $72.00 to $78.00 and gave the company an “outperform” rating in a report on Monday, November 7th. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $72.59.

About Corteva

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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.