Kentucky Retirement Systems Trims Position in Corteva, Inc. (NYSE:CTVA)

Kentucky Retirement Systems lessened its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 5.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 53,295 shares of the company’s stock after selling 3,091 shares during the quarter. Kentucky Retirement Systems’ holdings in Corteva were worth $3,074,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. CVA Family Office LLC acquired a new stake in shares of Corteva during the 4th quarter worth $25,000. Redmont Wealth Advisors LLC acquired a new stake in Corteva in the 1st quarter valued at $25,000. Acadian Asset Management LLC acquired a new stake in Corteva in the 1st quarter valued at $25,000. Rise Advisors LLC increased its holdings in Corteva by 2,522.2% in the 1st quarter. Rise Advisors LLC now owns 472 shares of the company’s stock valued at $27,000 after purchasing an additional 454 shares in the last quarter. Finally, ICA Group Wealth Management LLC acquired a new stake in Corteva in the 4th quarter valued at $28,000. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Stock Performance

NYSE CTVA traded up $0.11 during trading hours on Monday, reaching $55.50. The company’s stock had a trading volume of 455,915 shares, compared to its average volume of 3,404,847. The company has a current ratio of 1.51, a quick ratio of 0.97 and a debt-to-equity ratio of 0.10. The business has a 50-day simple moving average of $53.68 and a 200 day simple moving average of $53.68. Corteva, Inc. has a 52 week low of $43.22 and a 52 week high of $58.76. The stock has a market cap of $38.68 billion, a PE ratio of 70.32, a PEG ratio of 1.50 and a beta of 0.77.

Corteva (NYSE:CTVA) last announced its quarterly earnings results on Wednesday, May 1st. The company reported $0.89 EPS for the quarter, beating the consensus estimate of $0.79 by $0.10. Corteva had a net margin of 3.32% and a return on equity of 6.68%. The company had revenue of $4.49 billion for the quarter, compared to analyst estimates of $4.65 billion. During the same quarter last year, the business earned $1.16 earnings per share. Corteva’s revenue was down 8.0% compared to the same quarter last year. Equities research analysts predict that Corteva, Inc. will post 2.78 earnings per share for the current fiscal year.

Corteva Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.23%. This is a positive change from Corteva’s previous quarterly dividend of $0.16. Corteva’s dividend payout ratio (DPR) is presently 81.01%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Canaccord Genuity Group increased their price target on Corteva from $60.00 to $65.00 and gave the company a “buy” rating in a report on Friday, May 3rd. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $65.00 target price on shares of Corteva in a research note on Wednesday, June 12th. OTR Global restated a “negative” rating on shares of Corteva in a research note on Friday, June 7th. Royal Bank of Canada raised their target price on Corteva from $62.00 to $64.00 and gave the company an “outperform” rating in a research note on Monday, May 6th. Finally, Oppenheimer raised their target price on Corteva from $67.00 to $69.00 and gave the company an “outperform” rating in a research note on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $63.00.

Insider Buying and Selling at Corteva

In other Corteva news, insider Brian Titus sold 12,134 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $56.65, for a total value of $687,391.10. Following the sale, the insider now owns 13,495 shares in the company, valued at $764,491.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Brian Titus sold 12,134 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $56.65, for a total transaction of $687,391.10. Following the transaction, the insider now owns 13,495 shares in the company, valued at $764,491.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Samuel R. Eathington sold 31,686 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $57.64, for a total transaction of $1,826,381.04. Following the transaction, the insider now owns 53,854 shares in the company, valued at approximately $3,104,144.56. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 83,556 shares of company stock worth $4,795,016. 0.14% of the stock is owned by company insiders.

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.