United Services Automobile Association Lowers Stake in Corteva, Inc. (NYSE:CTVA)

United Services Automobile Association reduced its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 7.1% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 20,641 shares of the company’s stock after selling 1,572 shares during the period. United Services Automobile Association’s holdings in Corteva were worth $1,113,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Capital International Investors lifted its stake in shares of Corteva by 2.6% in the 1st quarter. Capital International Investors now owns 26,437,457 shares of the company’s stock worth $1,524,648,000 after acquiring an additional 678,722 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in shares of Corteva by 19.3% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 13,236,504 shares of the company’s stock valued at $634,293,000 after purchasing an additional 2,141,428 shares during the period. Northern Trust Corp lifted its stake in shares of Corteva by 2.5% in the fourth quarter. Northern Trust Corp now owns 12,815,795 shares of the company’s stock valued at $614,133,000 after purchasing an additional 310,012 shares during the period. Van ECK Associates Corp lifted its stake in shares of Corteva by 7.2% in the first quarter. Van ECK Associates Corp now owns 9,145,282 shares of the company’s stock valued at $527,409,000 after purchasing an additional 617,030 shares during the period. Finally, Harris Associates L P lifted its stake in shares of Corteva by 87.1% in the fourth quarter. Harris Associates L P now owns 9,011,702 shares of the company’s stock valued at $431,841,000 after purchasing an additional 4,194,981 shares during the period. 81.54% of the stock is owned by hedge funds and other institutional investors.

Corteva Price Performance

Corteva stock opened at $55.80 on Tuesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.17 and a current ratio of 1.72. Corteva, Inc. has a 1 year low of $43.22 and a 1 year high of $58.76. The firm has a 50 day moving average price of $53.87 and a 200 day moving average price of $54.62. The company has a market cap of $38.63 billion, a price-to-earnings ratio of 70.63, a PEG ratio of 1.59 and a beta of 0.77.

Corteva (NYSE:CTVA) last released its quarterly earnings data on Wednesday, July 31st. The company reported $1.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.09. Corteva had a net margin of 5.31% and a return on equity of 7.30%. The company had revenue of $6.11 billion during the quarter, compared to the consensus estimate of $6.15 billion. During the same period in the previous year, the firm earned $1.60 earnings per share. Corteva’s revenue for the quarter was up 1.1% on a year-over-year basis. Sell-side analysts predict that Corteva, Inc. will post 2.72 earnings per share for the current year.

Corteva Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd will be paid a dividend of $0.17 per share. This is an increase from Corteva’s previous quarterly dividend of $0.16. This represents a $0.68 annualized dividend and a yield of 1.22%. The ex-dividend date is Tuesday, September 3rd. Corteva’s payout ratio is currently 86.08%.

Wall Street Analyst Weigh In

Several brokerages recently commented on CTVA. Argus cut shares of Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. KeyCorp cut their target price on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. JPMorgan Chase & Co. cut their target price on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $65.00 target price on shares of Corteva in a research report on Wednesday, June 12th. Finally, OTR Global restated a “negative” rating on shares of Corteva in a research report on Friday, June 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $61.67.

About Corteva

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.