157,206 Corteva, Inc. $CTVA Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its Corteva stake by 89.9% in the third quarter, selling 157,206 shares and retaining 17,577 shares valued at approximately $1.365 million.
• Institutional ownership remains substantial, with hedge funds and other institutions holding 81.54% of Corteva’s outstanding shares; several major investors, including BlackRock and Wellington Management, increased or initiated positions.
• Corteva reported quarterly EPS of $2.30, beating estimates of $2.24, although revenue of $6.38 billion fell short of expectations and declined 1.2% year over year. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $60.59.

Assenagon Asset Management S.A. trimmed its stake in Corteva, Inc. (NYSE:CTVA - Free Report) by 89.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 17,577 shares of the company's stock after selling 157,206 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Corteva were worth $1,365,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. BlackRock Inc. acquired a new position in shares of Corteva in the second quarter valued at approximately $4,560,180,000. Wellington Management Group LLP lifted its stake in shares of Corteva by 941.7% during the second quarter. Wellington Management Group LLP now owns 7,612,704 shares of the company's stock valued at $644,720,000 after buying an additional 6,881,875 shares during the period. Royal Bank of Canada boosted its position in Corteva by 202.1% during the first quarter. Royal Bank of Canada now owns 7,458,624 shares of the company's stock worth $624,362,000 after acquiring an additional 4,989,371 shares during the last quarter. Jupiter Topco LLC acquired a new stake in Corteva during the second quarter worth approximately $544,246,000. Finally, Bank of America Corp DE purchased a new stake in Corteva in the 2nd quarter worth approximately $484,927,000. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Corteva Stock Performance

Shares of NYSE:CTVA opened at $12.87 on Friday. The business's 50-day simple moving average is $60.00 and its 200 day simple moving average is $73.83. The company has a market cap of $8.59 billion, a P/E ratio of 3.36, a PEG ratio of 1.78 and a beta of 0.57. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.10 and a current ratio of 1.52. Corteva, Inc. has a one year low of $11.74 and a one year high of $90.97.

Corteva (NYSE:CTVA - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The company reported $2.30 earnings per share for the quarter, topping analysts' consensus estimates of $2.24 by $0.06. Corteva had a return on equity of 10.18% and a net margin of 5.66%. The firm had revenue of $6.38 billion during the quarter, compared to analysts' expectations of $6.60 billion. During the same quarter in the prior year, the business earned $2.20 EPS. Corteva's quarterly revenue was down 1.2% compared to the same quarter last year. Corteva has set its FY 2026 guidance at 3.600-3.800 EPS. On average, sell-side analysts forecast that Corteva, Inc. will post 1.04 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CTVA. Mizuho upped their target price on Corteva from $96.00 to $97.00 and gave the company an "outperform" rating in a research note on Tuesday, July 14th. KeyCorp raised Corteva from a "sector weight" rating to an "overweight" rating and set a $17.00 price target on the stock in a research note on Wednesday, October 7th. Morgan Stanley restated an "overweight" rating and issued a $18.00 price target on shares of Corteva in a report on Friday, October 2nd. New Street Research set a $17.00 price target on Corteva in a report on Monday, October 5th. Finally, Citigroup upped their price target on shares of Corteva from $86.00 to $91.00 and gave the stock a "neutral" rating in a research report on Thursday, September 17th. Sixteen research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $60.59.

Corteva Profile

Corteva, Inc NYSE: CTVA is an agriculture company that develops and supplies products and services designed to help farmers improve crop productivity, protect yields and manage agricultural challenges. Its business is organized primarily around seed and crop protection products.

The company's seed portfolio includes branded corn, soybean, cotton, sunflower, canola and other crop varieties, supported by plant genetics and biotechnology. Its crop protection business offers herbicides, insecticides, fungicides and seed-applied treatments, along with biological and digital agriculture solutions intended to support crop health and farm-management decisions.

Corteva was formed through the separation of the agriculture division of DowDuPont and became an independent public company in 2019.

Want to see what other hedge funds are holding CTVA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corteva, Inc. (NYSE:CTVA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.