Massachusetts Financial Services Co. MA reduced its stake in Corteva, Inc. (NYSE:CTVA - Free Report) by 3.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,574,624 shares of the company's stock after selling 445,918 shares during the quarter. Massachusetts Financial Services Co. MA owned about 1.83% of Corteva worth $716,251,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. Public Sector Pension Investment Board lifted its holdings in 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 buying an additional 3,000 shares during the period. Verition Fund Management LLC lifted its stake in Corteva by 8.5% in the third quarter. Verition Fund Management LLC now owns 69,153 shares of the company's stock valued at $4,066,000 after buying an additional 5,426 shares during the period. Erste Asset Management GmbH acquired a new stake in shares of Corteva during the 3rd quarter worth approximately $808,000. Benjamin Edwards Inc. increased its stake in shares of Corteva by 64.9% in the 3rd quarter. Benjamin Edwards Inc. now owns 8,528 shares of the company's stock valued at $502,000 after acquiring an additional 3,357 shares in the last quarter. Finally, Holocene Advisors LP acquired a new position in shares of Corteva during the 3rd quarter valued at $4,919,000. 81.54% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In related news, insider Brian Titus sold 26,560 shares of the stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $63.74, for a total transaction of $1,692,934.40. Following the sale, the insider now owns 11,347 shares of the company's stock, valued at approximately $723,257.78. This represents a 70.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.14% of the company's stock.
Wall Street Analyst Weigh In
CTVA has been the topic of several research reports. KeyCorp upped their price objective on shares of Corteva from $68.00 to $70.00 and gave the company an "overweight" rating in a report on Friday, February 7th. Argus raised Corteva from a "hold" rating to a "buy" rating and set a $69.00 target price on the stock in a research report on Monday, March 31st. BNP Paribas upgraded shares of Corteva to a "hold" rating in a report on Monday, February 10th. Oppenheimer lifted their price target on Corteva from $70.00 to $72.00 and gave the company an "outperform" rating in a research note on Friday, February 7th. Finally, Royal Bank of Canada increased their price objective on Corteva from $72.00 to $73.00 and gave the stock an "outperform" rating in a research note on Friday, February 7th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $68.06.
Check Out Our Latest Report on Corteva
Corteva Stock Performance
NYSE CTVA traded down $0.43 on Monday, hitting $55.36. 2,054,224 shares of the stock traded hands, compared to its average volume of 3,243,569. The firm has a market capitalization of $37.81 billion, a price-to-earnings ratio of 42.69, a PEG ratio of 1.68 and a beta of 0.73. The business's fifty day moving average is $62.36 and its two-hundred day moving average is $60.31. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.93 and a current ratio of 1.45. Corteva, Inc. has a 12 month low of $50.01 and a 12 month high of $66.24.
Corteva (NYSE:CTVA - Get Free Report) last announced its quarterly earnings data on Wednesday, February 5th. The company reported $0.32 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.34 by ($0.02). Corteva had a net margin of 5.36% and a return on equity of 7.19%. As a group, equities analysts anticipate that Corteva, Inc. will post 2.96 EPS for the current fiscal year.
Corteva Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were issued a dividend of $0.17 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 1.23%. Corteva's payout ratio is 52.71%.
Corteva Profile
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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.
Further Reading
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