AQR Capital Management LLC Lowers Stock Position in Corteva, Inc. (NYSE:CTVA)

AQR Capital Management LLC cut its holdings in Corteva, Inc. (NYSE:CTVA) by 11.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 254,328 shares of the company’s stock after selling 34,157 shares during the quarter. AQR Capital Management LLC’s holdings in Corteva were worth $13,718,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of CTVA. Mediolanum International Funds Ltd bought a new position in shares of Corteva during the first quarter valued at approximately $2,270,000. Red Mountain Financial LLC purchased a new position in Corteva during the fourth quarter valued at $862,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Corteva by 14.7% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 948,127 shares of the company’s stock worth $54,678,000 after acquiring an additional 121,817 shares in the last quarter. Los Angeles Capital Management LLC purchased a new stake in shares of Corteva in the first quarter worth $1,965,000. Finally, Intech Investment Management LLC increased its holdings in shares of Corteva by 69.5% during the first quarter. Intech Investment Management LLC now owns 52,557 shares of the company’s stock valued at $3,031,000 after acquiring an additional 21,545 shares in the last quarter. 81.54% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CTVA has been the topic of a number of analyst reports. Argus cut shares of Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. cut their price target on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. Wells Fargo & Company decreased their price objective on shares of Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Mizuho cut 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. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $65.00 price target on shares of Corteva in a research note on Wednesday, June 12th. One investment analyst has rated the stock with a sell rating, six have given 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 price target of $61.94.

Corteva Stock Performance

Shares of NYSE CTVA opened at $57.97 on Wednesday. Corteva, Inc. has a 12-month low of $43.22 and a 12-month high of $59.08. The firm has a market capitalization of $40.40 billion, a price-to-earnings ratio of 73.38, a price-to-earnings-growth ratio of 1.68 and a beta of 0.77. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.10. The firm has a 50 day moving average of $55.17 and a 200 day moving average of $54.92.

Corteva (NYSE:CTVA) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $1.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.09. Corteva had a net margin of 5.31% and a return on equity of 7.30%. The firm had revenue of $6.11 billion during the quarter, compared to the consensus estimate of $6.15 billion. During the same quarter in the previous year, the firm posted $1.60 EPS. The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. On average, research analysts anticipate that Corteva, Inc. will post 2.69 earnings per share for the current year.

Corteva Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were paid a $0.17 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.68 annualized dividend and a dividend yield of 1.17%. This is an increase from Corteva’s previous quarterly dividend of $0.16. Corteva’s dividend payout ratio (DPR) is 86.08%.

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.