Corebridge Financial Inc. Has $9.91 Million Position in Corteva, Inc. $CTVA

Key Points

• Corebridge Financial Inc. reduced its stake in Corteva, Inc. by 3.2%, owning 157,533 shares worth approximately $9.91 million after selling 5,291 shares in the first quarter.
• A majority of analysts have rated Corteva as a "Moderate Buy", with a target price averaging $80.25, including upgrades from Wall Street Zen and Morgan Stanley.
• Corteva declared an increased quarterly dividend of $0.18, up from $0.17, indicating a strong commitment to returning value to shareholders.

Corebridge Financial Inc. lowered its stake in Corteva, Inc. (NYSE:CTVA - Free Report) by 3.2% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 157,533 shares of the company's stock after selling 5,291 shares during the period. Corebridge Financial Inc.'s holdings in Corteva were worth $9,914,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cary Street Partners Financial LLC grew its holdings in shares of Corteva by 20.7% during the 1st quarter. Cary Street Partners Financial LLC now owns 90,206 shares of the company's stock valued at $5,677,000 after acquiring an additional 15,448 shares in the last quarter. Scissortail Wealth Management LLC raised its stake in shares of Corteva by 72,080.0% in the 4th quarter. Scissortail Wealth Management LLC now owns 3,609 shares of the company's stock valued at $206,000 after acquiring an additional 3,604 shares in the last quarter. Allworth Financial LP raised its stake in shares of Corteva by 11.8% in the 1st quarter. Allworth Financial LP now owns 15,313 shares of the company's stock valued at $945,000 after acquiring an additional 1,614 shares in the last quarter. Brighton Jones LLC raised its stake in shares of Corteva by 307.2% in the 4th quarter. Brighton Jones LLC now owns 15,588 shares of the company's stock valued at $888,000 after acquiring an additional 11,760 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its stake in shares of Corteva by 13.9% in the 1st quarter. Farther Finance Advisors LLC now owns 4,387 shares of the company's stock valued at $279,000 after acquiring an additional 536 shares in the last quarter. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Corteva Stock Performance

Shares of NYSE:CTVA traded down $0.11 during trading on Monday, hitting $74.22. 4,034,989 shares of the stock were exchanged, compared to its average volume of 4,266,757. Corteva, Inc. has a 1-year low of $53.40 and a 1-year high of $77.41. The company has a market capitalization of $50.40 billion, a price-to-earnings ratio of 36.20, a price-to-earnings-growth ratio of 1.70 and a beta of 0.78. The company's fifty day simple moving average is $73.43 and its 200-day simple moving average is $67.51. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.23 and a current ratio of 1.68.

Corteva (NYSE:CTVA - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $2.20 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.31. The company had revenue of $6.46 billion for the quarter, compared to analyst estimates of $6.26 billion. Corteva had a return on equity of 8.68% and a net margin of 8.16%.Corteva's revenue for the quarter was up 5.6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.83 EPS. Sell-side analysts expect that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be paid a $0.18 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $0.72 annualized dividend and a yield of 1.0%. This is a positive change from Corteva's previous quarterly dividend of $0.17. Corteva's payout ratio is presently 33.17%.

Wall Street Analyst Weigh In

Several brokerages have commented on CTVA. Wall Street Zen raised Corteva from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Zacks Research raised Corteva to a "hold" rating in a research report on Friday, August 8th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Corteva in a research report on Friday, June 6th. Barclays raised Corteva from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $75.00 to $84.00 in a research report on Wednesday, August 13th. Finally, Morgan Stanley lifted their price target on Corteva from $65.00 to $71.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. Thirteen equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $80.25.

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.