Bank of New York Mellon Corp Has $307.60 Million Stake in Corteva, Inc. $CTVA

Key Points

• Bank of New York Mellon reduced its Corteva stake by 9.7% in the fourth quarter, but still held 4.59 million shares worth about $307.6 million as of its latest filing.
• Corteva beat earnings and revenue expectations in its latest quarter, posting EPS of $1.50 versus $1.18 expected and revenue of $4.91 billion, up 11% year over year.
• The company announced a quarterly dividend of $0.18 per share, while analysts remain broadly positive with a Moderate Buy rating and an average price target of $88.67.

Bank of New York Mellon Corp trimmed its position in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 9.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,589,011 shares of the company's stock after selling 492,451 shares during the period. Bank of New York Mellon Corp owned 0.68% of Corteva worth $307,601,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Goldman Sachs Group Inc. increased its holdings in Corteva by 26.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 5,531,726 shares of the company's stock worth $370,792,000 after buying an additional 1,150,926 shares during the last quarter. Westpac Banking Corp increased its holdings in shares of Corteva by 121.3% in the fourth quarter. Westpac Banking Corp now owns 16,061 shares of the company's stock valued at $1,077,000 after purchasing an additional 8,803 shares during the last quarter. Natixis Advisors LLC increased its holdings in shares of Corteva by 3.3% in the fourth quarter. Natixis Advisors LLC now owns 657,702 shares of the company's stock valued at $44,086,000 after purchasing an additional 21,075 shares during the last quarter. 3Chopt Investment Partners LLC increased its holdings in shares of Corteva by 34.7% in the fourth quarter. 3Chopt Investment Partners LLC now owns 8,186 shares of the company's stock valued at $549,000 after purchasing an additional 2,110 shares during the last quarter. Finally, Spinnaker Trust increased its holdings in shares of Corteva by 7.4% in the fourth quarter. Spinnaker Trust now owns 5,422 shares of the company's stock valued at $363,000 after purchasing an additional 373 shares during the last quarter. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Corteva Trading Down 0.4%

Shares of Corteva stock opened at $77.49 on Friday. The firm has a 50-day moving average of $81.27 and a 200-day moving average of $74.92. The stock has a market cap of $51.82 billion, a PE ratio of 45.58, a PEG ratio of 2.38 and a beta of 0.57. Corteva, Inc. has a 52-week low of $60.53 and a 52-week high of $85.63. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.03 and a current ratio of 1.47.

Corteva (NYSE:CTVA - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $1.50 earnings per share for the quarter, topping the consensus estimate of $1.18 by $0.32. Corteva had a net margin of 6.50% and a return on equity of 9.95%. The business had revenue of $4.91 billion during the quarter, compared to analysts' expectations of $4.64 billion. During the same quarter in the prior year, the business posted $1.13 earnings per share. Corteva's revenue was up 11.0% compared to the same quarter last year. Corteva has set its FY 2026 guidance at 3.450-3.700 EPS. As a group, sell-side analysts forecast that Corteva, Inc. will post 3.72 EPS for the current year.

Corteva Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Monday, June 1st. This represents a $0.72 annualized dividend and a yield of 0.9%. Corteva's dividend payout ratio is currently 42.35%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Wells Fargo & Company upped their price objective on shares of Corteva from $85.00 to $90.00 and gave the company an "overweight" rating in a report on Tuesday, April 21st. BNP Paribas Exane upped their price objective on shares of Corteva from $74.00 to $77.00 in a report on Wednesday, May 6th. UBS Group upped their price objective on shares of Corteva from $88.00 to $90.00 and gave the company a "neutral" rating in a report on Thursday, May 7th. Wall Street Zen downgraded shares of Corteva from a "buy" rating to a "hold" rating in a report on Saturday, February 7th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Corteva from $90.00 to $100.00 in a report on Monday, May 11th. Fourteen research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat, Corteva currently has an average rating of "Moderate Buy" and an average target price of $88.67.

Corteva Profile

Corteva, Inc NYSE: CTVA is an independent global agriculture company that was established as a publicly traded firm in mid‑2019 following the separation of the agriculture businesses from DowDuPont. The company focuses on delivering technologies and products that help farmers increase productivity and manage crop health. Corteva's operations combine seed genetics, crop protection chemistries, digital tools and biological solutions to address the full cycle of crop production.

Core business activities include research and development of seed genetics and trait technologies, formulation and sale of crop protection products (such as herbicides, insecticides and fungicides), and the development of seed treatments and biologicals.

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