California State Teachers Retirement System cut its position in Corteva, Inc. (NYSE:CTVA – Get Rating) by 1.3% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,218,155 shares of the company’s stock after selling 16,318 shares during the period. California State Teachers Retirement System owned about 0.17% of Corteva worth $69,618,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. SVB Wealth LLC raised its holdings in Corteva by 17.1% in the third quarter. SVB Wealth LLC now owns 29,682 shares of the company’s stock worth $1,697,000 after purchasing an additional 4,339 shares during the period. AlphaCrest Capital Management LLC increased its position in shares of Corteva by 303.8% during the third quarter. AlphaCrest Capital Management LLC now owns 42,608 shares of the company’s stock worth $2,435,000 after acquiring an additional 32,055 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its position in shares of Corteva by 107.6% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 104,459 shares of the company’s stock worth $5,970,000 after acquiring an additional 54,141 shares in the last quarter. Nwam LLC increased its position in shares of Corteva by 15.3% during the second quarter. Nwam LLC now owns 5,712 shares of the company’s stock worth $303,000 after acquiring an additional 757 shares in the last quarter. Finally, Lincoln National Corp increased its position in shares of Corteva by 8.3% during the third quarter. Lincoln National Corp now owns 10,612 shares of the company’s stock worth $607,000 after acquiring an additional 815 shares in the last quarter. 79.45% of the stock is currently owned by institutional investors and hedge funds.
Insider Transactions at Corteva
In related news, CEO Charles V. Magro bought 40,000 shares of the business’s stock in a transaction dated Monday, February 6th. The stock was bought at an average price of $60.64 per share, for a total transaction of $2,425,600.00. Following the purchase, the chief executive officer now owns 126,095 shares in the company, valued at approximately $7,646,400.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.08% of the stock is currently owned by corporate insiders.
Corteva Stock Performance
Corteva (NYSE:CTVA – Get Rating) last posted its earnings results on Thursday, February 2nd. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.10. The company had revenue of $3.83 billion during the quarter, compared to analysts’ expectations of $3.79 billion. Corteva had a net margin of 6.57% and a return on equity of 7.54%. Corteva’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.08 EPS. As a group, equities analysts forecast that Corteva, Inc. will post 2.89 earnings per share for the current year.
Corteva Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, March 15th. Stockholders of record on Wednesday, March 1st were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date of this dividend was Tuesday, February 28th. Corteva’s dividend payout ratio is presently 38.22%.
Wall Street Analyst Weigh In
Several brokerages have recently issued reports on CTVA. Wells Fargo & Company lowered their price objective on shares of Corteva from $78.00 to $77.00 and set an “overweight” rating for the company in a research report on Friday, February 3rd. Mizuho increased their price objective on shares of Corteva from $76.00 to $78.00 and gave the stock a “buy” rating in a research report on Thursday, January 12th. OTR Global downgraded shares of Corteva to a “positive” rating in a research report on Wednesday, March 8th. Barclays raised their target price on shares of Corteva from $71.00 to $75.00 and gave the company an “overweight” rating in a research report on Thursday, November 17th. Finally, KeyCorp decreased their target price on shares of Corteva from $72.00 to $70.00 and set an “overweight” rating for the company in a research report on Friday, February 3rd. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, Corteva presently has an average rating of “Moderate Buy” and a consensus price target of $72.53.
Corteva, Inc engages in the provision of seed and crop protection solutions, which focus on the agriculture industry and contributing to food supply. It operates through the Seed and Crop Protection segments. The Seed segment is involved in developing and supplying advanced germplasm and traits that produce yield for farms.
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