Retirement Systems of Alabama Decreases Stake in Corteva, Inc. (NYSE:CTVA)

Retirement Systems of Alabama reduced its holdings in Corteva, Inc. (NYSE:CTVAFree Report) by 1.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 147,318 shares of the company’s stock after selling 1,489 shares during the period. Retirement Systems of Alabama’s holdings in Corteva were worth $9,271,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Brighton Jones LLC raised its stake in Corteva by 307.2% during the fourth quarter. Brighton Jones LLC now owns 15,588 shares of the company’s stock worth $888,000 after purchasing an additional 11,760 shares during the period. Private Advisor Group LLC raised its stake in shares of Corteva by 7.2% in the 4th quarter. Private Advisor Group LLC now owns 30,527 shares of the company’s stock valued at $1,739,000 after acquiring an additional 2,045 shares during the period. Concurrent Investment Advisors LLC raised its stake in shares of Corteva by 22.6% in the 4th quarter. Concurrent Investment Advisors LLC now owns 5,725 shares of the company’s stock valued at $326,000 after acquiring an additional 1,054 shares during the period. Pinnacle Financial Partners Inc raised its stake in shares of Corteva by 9.5% in the 4th quarter. Pinnacle Financial Partners Inc now owns 4,909 shares of the company’s stock valued at $280,000 after acquiring an additional 425 shares during the period. Finally, Fisher Funds Management LTD purchased a new stake in shares of Corteva in the 4th quarter valued at approximately $2,769,000. 81.54% of the stock is owned by hedge funds and other institutional investors.

Corteva Trading Up 1.0%

NYSE CTVA opened at $74.48 on Tuesday. The company has a quick ratio of 1.00, a current ratio of 1.44 and a debt-to-equity ratio of 0.07. Corteva, Inc. has a 52 week low of $50.30 and a 52 week high of $74.96. The stock has a market capitalization of $50.81 billion, a PE ratio of 45.42, a price-to-earnings-growth ratio of 1.88 and a beta of 0.75. The firm has a 50 day moving average of $67.43 and a two-hundred day moving average of $63.02.

Corteva (NYSE:CTVAGet Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $1.13 EPS for the quarter, topping the consensus estimate of $0.88 by $0.25. Corteva had a net margin of 6.77% and a return on equity of 7.84%. The company had revenue of $4.42 billion during the quarter, compared to analysts’ expectations of $4.56 billion. During the same quarter in the previous year, the business posted $0.89 EPS. The firm’s revenue was down 1.7% on a year-over-year basis. As a group, research analysts expect that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Friday, May 2nd were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 0.91%. The ex-dividend date was Monday, June 2nd. Corteva’s dividend payout ratio (DPR) is presently 41.46%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Wells Fargo & Company boosted their price target on shares of Corteva from $79.00 to $82.00 and gave the company an “overweight” rating in a research note on Monday. UBS Group boosted their price target on shares of Corteva from $74.00 to $76.00 and gave the company a “buy” rating in a research note on Thursday, May 8th. The Goldman Sachs Group began coverage on shares of Corteva in a research note on Thursday, March 13th. They issued a “buy” rating and a $71.00 price target on the stock. KeyCorp lifted their price objective on shares of Corteva from $71.00 to $72.00 and gave the company an “overweight” rating in a report on Friday, May 9th. Finally, Oppenheimer restated an “outperform” rating and issued a $75.00 price objective (up previously from $72.00) on shares of Corteva in a report on Friday, May 9th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $72.08.

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Corteva Profile

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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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Institutional Ownership by Quarter for Corteva (NYSE:CTVA)

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