Carret Asset Management LLC Cuts Stock Holdings in Corteva, Inc. (NYSE:CTVA)

Carret Asset Management LLC reduced its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 5.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,508 shares of the company’s stock after selling 240 shares during the quarter. Carret Asset Management LLC’s holdings in Corteva were worth $260,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. WCM Investment Management LLC lifted its holdings in Corteva by 3.1% during the fourth quarter. WCM Investment Management LLC now owns 7,103,146 shares of the company’s stock worth $341,590,000 after acquiring an additional 213,949 shares during the period. Red Mountain Financial LLC bought a new stake in shares of Corteva in the fourth quarter valued at $862,000. California State Teachers Retirement System raised its stake in shares of Corteva by 15.1% in the fourth quarter. California State Teachers Retirement System now owns 1,383,280 shares of the company’s stock valued at $66,287,000 after buying an additional 181,883 shares during the period. Los Angeles Capital Management LLC bought a new stake in shares of Corteva in the first quarter valued at $1,965,000. Finally, 17 Capital Partners LLC bought a new stake in shares of Corteva in the fourth quarter valued at $1,649,000. 81.54% of the stock is currently owned by institutional investors.

Insider Transactions at Corteva

In other news, SVP Cornel B. Fuerer sold 39,736 shares of the company’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $57.41, for a total value of $2,281,243.76. Following the completion of the transaction, the senior vice president now directly owns 126,628 shares in the company, valued at approximately $7,269,713.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Samuel R. Eathington sold 31,686 shares of the business’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $57.64, for a total value of $1,826,381.04. Following the completion of the sale, the insider now owns 53,854 shares of the company’s stock, valued at approximately $3,104,144.56. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Cornel B. Fuerer sold 39,736 shares of the business’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $57.41, for a total value of $2,281,243.76. Following the completion of the sale, the senior vice president now directly owns 126,628 shares of the company’s stock, valued at approximately $7,269,713.48. The disclosure for this sale can be found here. In the last three months, insiders sold 83,556 shares of company stock worth $4,795,016. 0.20% of the stock is currently owned by corporate insiders.

Corteva Price Performance

Corteva stock opened at $52.48 on Thursday. Corteva, Inc. has a 52 week low of $43.22 and a 52 week high of $58.76. The business has a 50-day simple moving average of $54.68 and a 200 day simple moving average of $52.92. The company has a quick ratio of 0.97, a current ratio of 1.51 and a debt-to-equity ratio of 0.10. The stock has a market cap of $36.58 billion, a price-to-earnings ratio of 66.43, a PEG ratio of 1.41 and a beta of 0.77.

Corteva (NYSE:CTVA) last posted its quarterly earnings data on Wednesday, May 1st. The company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.10. Corteva had a return on equity of 6.68% and a net margin of 3.32%. The firm had revenue of $4.49 billion during the quarter, compared to analysts’ expectations of $4.65 billion. During the same period in the prior year, the business earned $1.16 EPS. The company’s revenue for the quarter was down 8.0% compared to the same quarter last year. On average, research analysts forecast that Corteva, Inc. will post 2.8 earnings per share for the current fiscal year.

Corteva Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 18th. Stockholders of record on Tuesday, June 4th were issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date of this dividend was Tuesday, June 4th. Corteva’s payout ratio is currently 81.01%.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Mizuho lowered their target price on Corteva from $61.00 to $60.00 and set a “buy” rating on the stock in a research note on Tuesday, June 18th. Oppenheimer boosted 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. Canaccord Genuity Group boosted their target price on Corteva from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Friday, May 3rd. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $57.00 price objective (down from $58.00) on shares of Corteva in a research note on Friday, April 12th. Finally, OTR Global reiterated a “negative” rating on shares of Corteva in a research note on Friday, June 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $63.00.

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.