Corteva, Inc. (NYSE:CTVA) Stake Lessened by Sawgrass Asset Management LLC

Sawgrass Asset Management LLC cut its stake in Corteva, Inc. (NYSE:CTVA) by 3.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,573 shares of the company’s stock after selling 374 shares during the period. Sawgrass Asset Management LLC’s holdings in Corteva were worth $507,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. WCM Investment Management LLC lifted its holdings in Corteva by 3.1% during the 4th quarter. WCM Investment Management LLC now owns 7,103,146 shares of the company’s stock worth $341,590,000 after buying an additional 213,949 shares during the last quarter. 17 Capital Partners LLC acquired a new position in shares of Corteva in the 4th quarter valued at about $1,649,000. Factory Mutual Insurance Co. grew its position in shares of Corteva by 10.7% during the 4th quarter. Factory Mutual Insurance Co. now owns 532,558 shares of the company’s stock valued at $25,520,000 after buying an additional 51,500 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in Corteva by 9.7% during the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 777,833 shares of the company’s stock worth $39,794,000 after acquiring an additional 68,593 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Corteva by 1.1% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,760,701 shares of the company’s stock valued at $132,293,000 after acquiring an additional 31,171 shares during the period. Institutional investors own 81.54% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CTVA. Wells Fargo & Company raised their price target on Corteva from $66.00 to $67.00 and gave the stock an “overweight” rating in a report on Friday. BNP Paribas raised shares of Corteva from an “underperform” rating to a “neutral” rating and set a $53.00 price objective on the stock in a report on Friday, February 2nd. KeyCorp upped their target price on shares of Corteva from $63.00 to $66.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 9th. BMO Capital Markets lifted their price target on Corteva from $64.00 to $67.00 and gave the company an “outperform” rating in a report on Friday. Finally, Mizuho lifted their price objective on shares of Corteva from $56.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. Six research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $63.24.

Corteva Trading Up 2.1 %

Shares of NYSE:CTVA traded up $1.16 during mid-day trading on Tuesday, hitting $57.52. The stock had a trading volume of 5,510,275 shares, compared to its average volume of 3,566,258. Corteva, Inc. has a 12-month low of $43.22 and a 12-month high of $59.04. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.97 and a current ratio of 1.51. The company has a market cap of $40.09 billion, a PE ratio of 72.81, a P/E/G ratio of 1.50 and a beta of 0.78. The company’s 50 day moving average is $55.45 and its 200-day moving average is $50.74.

Corteva (NYSE:CTVA) last released its earnings results on Wednesday, May 1st. The company reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.10. The company had revenue of $4.49 billion during the quarter, compared to analyst estimates of $4.65 billion. Corteva had a return on equity of 6.68% and a net margin of 3.32%. The company’s revenue for the quarter was down 8.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.16 earnings per share. On average, sell-side analysts predict that Corteva, Inc. will post 2.83 EPS for the current year.

Corteva Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Tuesday, June 4th will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.11%. The ex-dividend date of this dividend is Tuesday, June 4th. Corteva’s dividend payout ratio (DPR) is currently 81.01%.

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.