Sumitomo Mitsui Trust Group Inc. reduced its stake in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 11.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,153,374 shares of the company's stock after selling 274,092 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.31% of Corteva worth $122,656,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in CTVA. Chicago Partners Investment Group LLC boosted its holdings in shares of Corteva by 1.2% in the fourth quarter. Chicago Partners Investment Group LLC now owns 13,282 shares of the company's stock valued at $759,000 after purchasing an additional 156 shares during the period. Roble Belko & Company Inc boosted its holdings in shares of Corteva by 5.5% in the fourth quarter. Roble Belko & Company Inc now owns 3,166 shares of the company's stock valued at $180,000 after purchasing an additional 166 shares during the period. Rovin Capital UT ADV boosted its holdings in shares of Corteva by 1.3% in the third quarter. Rovin Capital UT ADV now owns 12,822 shares of the company's stock valued at $754,000 after purchasing an additional 168 shares during the period. Capital Advisors Ltd. LLC boosted its holdings in shares of Corteva by 44.4% in the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company's stock valued at $33,000 after purchasing an additional 174 shares during the period. Finally, Proffitt & Goodson Inc. boosted its holdings in shares of Corteva by 2.2% in the third quarter. Proffitt & Goodson Inc. now owns 8,030 shares of the company's stock valued at $472,000 after purchasing an additional 174 shares during the period. 81.54% of the stock is owned by institutional investors.
Corteva Stock Performance
Shares of NYSE CTVA traded down $0.95 during mid-day trading on Wednesday, hitting $62.02. The stock had a trading volume of 2,566,068 shares, compared to its average volume of 3,752,006. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.45. The company has a 50 day moving average of $60.24 and a two-hundred day moving average of $58.35. Corteva, Inc. has a twelve month low of $50.01 and a twelve month high of $66.24. The firm has a market cap of $42.63 billion, a PE ratio of 48.08, a PEG ratio of 1.85 and a beta of 0.78.
Corteva (NYSE:CTVA - Get Free Report) last released its earnings results on Wednesday, February 5th. The company reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.02). Corteva had a net margin of 5.36% and a return on equity of 7.19%. Research analysts predict that Corteva, Inc. will post 2.83 EPS for the current fiscal year.
Corteva announced that its board has initiated a stock repurchase program on Tuesday, November 19th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 7.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its stock is undervalued.
Corteva Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 1.10%. The ex-dividend date is Monday, March 3rd. Corteva's dividend payout ratio is currently 52.71%.
Analyst Ratings Changes
A number of analysts recently issued reports on the company. KeyCorp boosted their price target on Corteva from $68.00 to $70.00 and gave the company an "overweight" rating in a report on Friday, February 7th. UBS Group lowered their target price on Corteva from $74.00 to $73.00 and set a "buy" rating for the company in a report on Friday, January 10th. Bank of America upped their target price on Corteva from $69.00 to $73.00 and gave the stock a "buy" rating in a report on Tuesday. Oppenheimer upped their target price on Corteva from $70.00 to $72.00 and gave the stock an "outperform" rating in a report on Friday, February 7th. Finally, Barclays upped their target price on Corteva from $62.00 to $64.00 and gave the stock an "equal weight" rating in a report on Tuesday, January 21st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $67.56.
Check Out Our Latest Stock Analysis on CTVA
About Corteva
(
Free Report)
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.
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