Corteva, Inc. $CTVA Holdings Trimmed by New York State Common Retirement Fund

New York State Common Retirement Fund cut its holdings in Corteva, Inc. (NYSE:CTVA) by 7.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 919,941 shares of the company’s stock after selling 70,357 shares during the quarter. New York State Common Retirement Fund owned about 0.14% of Corteva worth $68,563,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Nuveen LLC acquired a new position in shares of Corteva in the 1st quarter worth approximately $640,333,000. Norges Bank bought a new stake in Corteva during the second quarter worth approximately $434,220,000. WCM Investment Management LLC boosted its holdings in Corteva by 29.6% during the second quarter. WCM Investment Management LLC now owns 9,044,706 shares of the company’s stock worth $672,836,000 after buying an additional 2,066,519 shares in the last quarter. Assenagon Asset Management S.A. grew its position in Corteva by 4,769.2% in the second quarter. Assenagon Asset Management S.A. now owns 1,924,419 shares of the company’s stock worth $143,427,000 after buying an additional 1,884,897 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in shares of Corteva by 54.6% in the first quarter. JPMorgan Chase & Co. now owns 5,009,038 shares of the company’s stock valued at $315,219,000 after buying an additional 1,769,355 shares in the last quarter. 81.54% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CTVA. Weiss Ratings reissued a “hold (c)” rating on shares of Corteva in a research note on Tuesday. Citigroup upped their target price on Corteva from $67.00 to $68.00 and gave the company a “neutral” rating in a report on Thursday, November 6th. KeyCorp reiterated a “sector weight” rating on shares of Corteva in a research report on Friday, October 3rd. Royal Bank Of Canada dropped their price target on Corteva from $86.00 to $80.00 and set an “outperform” rating on the stock in a research note on Friday, October 17th. Finally, JPMorgan Chase & Co. raised shares of Corteva from a “neutral” rating to an “overweight” rating and set a $67.00 price objective for the company in a research note on Thursday, October 2nd. Fifteen analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $78.05.

Corteva Stock Performance

Shares of CTVA stock opened at $67.47 on Friday. The company has a market capitalization of $45.59 billion, a price-to-earnings ratio of 28.83, a P/E/G ratio of 1.53 and a beta of 0.81. Corteva, Inc. has a 1-year low of $53.40 and a 1-year high of $77.41. The company has a current ratio of 1.58, a quick ratio of 1.07 and a debt-to-equity ratio of 0.07. The stock’s fifty day simple moving average is $64.47 and its 200-day simple moving average is $69.68.

Corteva (NYSE:CTVA) last announced its quarterly earnings data on Tuesday, November 4th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.49) by $0.26. Corteva had a return on equity of 9.37% and a net margin of 9.19%.The firm had revenue of $2.62 billion during the quarter, compared to the consensus estimate of $2.47 billion. During the same period in the prior year, the business earned ($0.49) EPS. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. On average, sell-side analysts predict that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Monday, December 1st. Corteva’s dividend payout ratio (DPR) is currently 30.77%.

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.