Corteva, Inc. (NYSE:CTVA) Shares Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA lowered its stake in shares of Corteva, Inc. (NYSE:CTVA) by 3.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 339,057 shares of the company’s stock after selling 10,352 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Corteva were worth $19,313,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in CTVA. Public Sector Pension Investment Board increased its stake in shares of Corteva by 11.3% in the third quarter. Public Sector Pension Investment Board now owns 29,502 shares of the company’s stock valued at $1,734,000 after purchasing an additional 3,000 shares during the period. Verition Fund Management LLC increased its position in Corteva by 8.5% in the 3rd quarter. Verition Fund Management LLC now owns 69,153 shares of the company’s stock valued at $4,066,000 after acquiring an additional 5,426 shares during the period. Erste Asset Management GmbH bought a new stake in Corteva during the 3rd quarter valued at $808,000. Benjamin Edwards Inc. boosted its position in Corteva by 64.9% during the 3rd quarter. Benjamin Edwards Inc. now owns 8,528 shares of the company’s stock worth $502,000 after acquiring an additional 3,357 shares during the period. Finally, Concentric Capital Strategies LP bought a new position in shares of Corteva in the third quarter worth $1,253,000. 81.54% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Oppenheimer upped their price objective on shares of Corteva from $70.00 to $72.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. Citigroup upped their price target on shares of Corteva from $69.00 to $74.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. Wells Fargo & Company raised their price objective on shares of Corteva from $67.00 to $73.00 and gave the company an “overweight” rating in a research note on Tuesday, January 28th. Royal Bank of Canada upped their target price on Corteva from $72.00 to $73.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Finally, KeyCorp lifted their price target on Corteva from $68.00 to $70.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Corteva currently has a consensus rating of “Moderate Buy” and a consensus target price of $68.06.

Insiders Place Their Bets

In other Corteva news, insider Brian Titus sold 26,560 shares of Corteva stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $63.74, for a total transaction of $1,692,934.40. Following the completion of the sale, the insider now owns 11,347 shares of the company’s stock, valued at $723,257.78. This trade represents a 70.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.14% of the company’s stock.

Corteva Stock Performance

Corteva stock opened at $63.54 on Wednesday. Corteva, Inc. has a fifty-two week low of $50.01 and a fifty-two week high of $66.24. The firm’s 50 day simple moving average is $62.56 and its 200-day simple moving average is $60.23. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.45 and a quick ratio of 0.93. The company has a market cap of $43.40 billion, a P/E ratio of 49.26, a price-to-earnings-growth ratio of 1.68 and a beta of 0.79.

Corteva (NYSE:CTVA) last posted its quarterly earnings data on Wednesday, February 5th. The company reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.02). Corteva had a return on equity of 7.19% and a net margin of 5.36%. As a group, equities research analysts predict that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were given a dividend of $0.17 per share. The ex-dividend date was Monday, March 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 1.07%. Corteva’s payout ratio is presently 52.71%.

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.