California Public Employees Retirement System Cuts Stake in Corteva, Inc. (NYSE:CTVA)

by · The Markets Daily

California Public Employees Retirement System cut its holdings in Corteva, Inc. (NYSE:CTVA – Free Report) by 4.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,158,450 shares of the company’s stock after selling 52,556 shares during the quarter. California Public Employees Retirement System owned approximately 0.17% of Corteva worth $65,985,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Flagship Wealth Advisors LLC purchased a new stake in shares of Corteva in the 4th quarter worth approximately $25,000. Noble Wealth Management PBC bought a new position in Corteva in the fourth quarter worth approximately $26,000. Hager Investment Management Services LLC purchased a new stake in Corteva during the fourth quarter worth $27,000. Golden State Wealth Management LLC purchased a new position in shares of Corteva in the 4th quarter valued at $32,000. Finally, Centricity Wealth Management LLC bought a new position in shares of Corteva in the 4th quarter worth $34,000. 81.54% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Corteva

In other news, insider Brian Titus sold 26,560 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The shares were 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 $723,257.78. This trade represents a 70.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.14% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Barclays raised their price objective on Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 21st. Citigroup lifted their price objective on shares of Corteva from $69.00 to $74.00 and gave the stock a “buy” rating in a research report on Wednesday, January 29th. Wells Fargo & Company increased their target price on shares of Corteva from $67.00 to $73.00 and gave the company an “overweight” rating in a research report on Tuesday, January 28th. Royal Bank of Canada upped their price target on Corteva from $72.00 to $73.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Finally, BNP Paribas raised Corteva to a “hold” rating in a research report on Monday, February 10th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $68.06.

Get Our Latest Stock Report on CTVA

Corteva Trading Up 1.0 %

Shares of NYSE:CTVA opened at $63.54 on Wednesday. The company has a quick ratio of 0.93, a current ratio of 1.45 and a debt-to-equity ratio of 0.08. Corteva, Inc. has a 52-week low of $50.01 and a 52-week high of $66.24. The stock has a market cap of $43.40 billion, a price-to-earnings ratio of 49.26, a PEG ratio of 1.68 and a beta of 0.79. The business has a 50-day moving average price of $62.56 and a 200-day moving average price of $60.23.

Corteva (NYSE:CTVA – Get Free Report) last announced its quarterly earnings data on Wednesday, February 5th. The company reported $0.32 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.02). Corteva had a net margin of 5.36% and a return on equity of 7.19%. Equities analysts predict that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 1.07%. The ex-dividend date was Monday, March 3rd. Corteva’s dividend payout ratio is currently 52.71%.

Corteva Company Profile

(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.

Read More