Chevy Chase Trust Holdings LLC Sells 8,084 Shares of Corteva, Inc. (NYSE:CTVA)

Chevy Chase Trust Holdings LLC trimmed its position in Corteva, Inc. (NYSE:CTVA) by 2.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 383,713 shares of the company’s stock after selling 8,084 shares during the quarter. Chevy Chase Trust Holdings LLC owned approximately 0.06% of Corteva worth $20,697,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Mediolanum International Funds Ltd purchased a new stake in shares of Corteva in the first quarter worth about $2,270,000. Red Mountain Financial LLC purchased a new stake in Corteva in the fourth quarter valued at approximately $862,000. Parsons Capital Management Inc. RI purchased a new stake in Corteva in the first quarter valued at approximately $230,000. California State Teachers Retirement System raised its stake in Corteva by 15.1% in the fourth quarter. California State Teachers Retirement System now owns 1,383,280 shares of the company’s stock valued at $66,287,000 after purchasing an additional 181,883 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Corteva by 14.7% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 948,127 shares of the company’s stock valued at $54,678,000 after purchasing an additional 121,817 shares in the last quarter. 81.54% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CTVA has been the topic of a number of recent analyst reports. BMO Capital Markets raised their target price on shares of Corteva from $64.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, May 3rd. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $65.00 price target on shares of Corteva in a research note on Wednesday, June 12th. Argus downgraded shares of Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. decreased their price target on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Finally, Royal Bank of Canada lifted their price target on shares of Corteva from $62.00 to $64.00 and gave the stock an “outperform” rating in a research note on Monday, May 6th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Corteva presently has an average rating of “Moderate Buy” and a consensus target price of $61.67.

Corteva Trading Down 1.3 %

NYSE:CTVA traded down $0.71 during trading hours on Tuesday, hitting $53.60. The company had a trading volume of 2,734,925 shares, compared to its average volume of 3,362,794. The company has a market capitalization of $37.36 billion, a PE ratio of 68.01, a price-to-earnings-growth ratio of 1.46 and a beta of 0.77. The stock has a 50-day moving average price of $52.94 and a 200 day moving average price of $54.44. Corteva, Inc. has a 52 week low of $43.22 and a 52 week high of $58.76. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.72 and a quick ratio of 0.97.

Corteva (NYSE:CTVA) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $1.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.09. Corteva had a return on equity of 7.30% and a net margin of 5.31%. The firm had revenue of $6.11 billion during the quarter, compared to analyst estimates of $6.15 billion. During the same quarter in the previous year, the firm earned $1.60 EPS. Corteva’s quarterly revenue was up 1.1% compared to the same quarter last year. On average, equities research analysts predict that Corteva, Inc. will post 2.73 EPS for the current fiscal year.

Corteva Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd will be paid a dividend of $0.17 per share. This is an increase from Corteva’s previous quarterly dividend of $0.16. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date of this dividend is Tuesday, September 3rd. Corteva’s payout ratio is currently 86.08%.

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.