Assenagon Asset Management S.A. Sells 513,247 Shares of Corteva, Inc. (NYSE:CTVA)

Assenagon Asset Management S.A. reduced its stake in Corteva, Inc. (NYSE:CTVA) by 92.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 39,522 shares of the company’s stock after selling 513,247 shares during the period. Assenagon Asset Management S.A.’s holdings in Corteva were worth $2,487,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of CTVA. Scissortail Wealth Management LLC grew its position in Corteva by 72,080.0% in the fourth quarter. Scissortail Wealth Management LLC now owns 3,609 shares of the company’s stock worth $206,000 after acquiring an additional 3,604 shares in the last quarter. Allworth Financial LP lifted its position in Corteva by 17.3% in the fourth quarter. Allworth Financial LP now owns 13,699 shares of the company’s stock worth $856,000 after buying an additional 2,023 shares during the last quarter. DnB Asset Management AS boosted its stake in Corteva by 39.0% during the fourth quarter. DnB Asset Management AS now owns 232,902 shares of the company’s stock worth $13,266,000 after buying an additional 65,334 shares during the period. Brighton Jones LLC increased its position in Corteva by 307.2% during the fourth quarter. Brighton Jones LLC now owns 15,588 shares of the company’s stock valued at $888,000 after acquiring an additional 11,760 shares during the last quarter. Finally, Strategic Financial Concepts LLC purchased a new stake in shares of Corteva in the fourth quarter valued at $655,000. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. UBS Group upped their price target on shares of Corteva from $74.00 to $76.00 and gave the company a “buy” rating in a report on Thursday, May 8th. The Goldman Sachs Group began coverage on Corteva in a report on Thursday, March 13th. They issued a “buy” rating and a $71.00 price target on the stock. Wells Fargo & Company boosted their price objective on Corteva from $73.00 to $79.00 and gave the company an “overweight” rating in a report on Monday, May 12th. Morgan Stanley increased their target price on Corteva from $65.00 to $71.00 and gave the stock an “overweight” rating in a research note on Friday, May 9th. Finally, Jefferies Financial Group reissued a “buy” rating on shares of Corteva in a research note on Friday, June 6th. Three investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Corteva has a consensus rating of “Moderate Buy” and a consensus target price of $70.92.

Corteva Trading Up 2.4%

NYSE:CTVA opened at $74.14 on Tuesday. The firm has a 50 day moving average of $65.91 and a 200 day moving average of $62.57. The stock has a market capitalization of $50.58 billion, a price-to-earnings ratio of 57.48, a PEG ratio of 1.68 and a beta of 0.75. The company has a quick ratio of 0.93, a current ratio of 1.45 and a debt-to-equity ratio of 0.08. Corteva, Inc. has a 52 week low of $50.30 and a 52 week high of $74.19.

Corteva (NYSE:CTVA) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.25. Corteva had a net margin of 5.36% and a return on equity of 7.19%. The business had revenue of $4.42 billion for the quarter, compared to analyst estimates of $4.56 billion. During the same quarter in the prior year, the business posted $0.89 EPS. Corteva’s revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Friday, May 2nd were issued a dividend of $0.17 per share. The ex-dividend date was Monday, June 2nd. This represents a $0.68 annualized dividend and a dividend yield of 0.92%. Corteva’s dividend payout ratio (DPR) is presently 41.46%.

Corteva Company Profile

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.