Corteva, Inc. $CTVA Shares Sold by Retirement Systems of Alabama

Key Points

• Retirement Systems of Alabama reduced its Corteva stake by 13.3%, selling 100,331 shares in the third quarter; it retained 654,172 shares valued at about $56.4 million.
• Analyst views were mostly positive: 16 rated the stock Buy, six Hold, and one Sell, producing a consensus “Moderate Buy” rating.
• Corteva cut its quarterly dividend to $0.05 per share from $0.18, equivalent to an annualized dividend of $0.20.

Retirement Systems of Alabama lessened its stake in Corteva, Inc. (NYSE:CTVA - Free Report) by 13.3% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 654,172 shares of the company's stock after selling 100,331 shares during the period. Retirement Systems of Alabama owned 0.10% of Corteva worth $56,433,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Corteva in the 2nd quarter valued at approximately $4,560,180,000. Wellington Management Group LLP raised 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 worth $644,720,000 after purchasing an additional 6,881,875 shares during the last quarter. Royal Bank of Canada raised its stake in shares of 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 purchasing an additional 4,989,371 shares during the last quarter. Jupiter Topco LLC acquired a new stake in shares of Corteva during the second quarter worth $544,246,000. Finally, Bank of America Corp DE acquired a new stake in shares of Corteva during the second quarter worth $484,927,000. 81.54% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on CTVA shares. Zacks Research cut shares of Corteva from a "hold" rating to a "strong sell" rating in a research note on Tuesday, October 6th. Argus restated a "buy" rating and set a $91.00 price objective on shares of Corteva in a research report on Friday, September 18th. Mizuho raised their target price on shares of Corteva from $96.00 to $97.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 14th. KeyCorp raised shares of Corteva from a "sector weight" rating to an "overweight" rating and set a $17.00 target price on the stock in a report on Wednesday, October 7th. Finally, New Street Research set a $17.00 price target on shares of Corteva in a research note on Monday, October 5th. Sixteen investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $60.59.

Corteva Stock Up 1.8%

Shares of NYSE CTVA opened at $12.11 on Tuesday. The company has a quick ratio of 1.10, a current ratio of 1.52 and a debt-to-equity ratio of 0.07. Corteva, Inc. has a 52 week low of $11.24 and a 52 week high of $90.97. The firm has a 50-day moving average price of $43.38 and a 200 day moving average price of $70.80. The stock has a market capitalization of $8.08 billion, a price-to-earnings ratio of 3.23, a price-to-earnings-growth ratio of 1.71 and a beta of 0.58.

Corteva Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Tuesday, December 1st. This is a negative change from Corteva's previous quarterly dividend of $0.18. Corteva's payout ratio is 47.68%.

About Corteva

Corteva, Inc is an agricultural science company that develops and supplies products and services for farmers. Its business focuses on seeds and crop protection, including technologies intended to help improve crop performance and manage weeds, insects, and plant diseases.

Its seed portfolio includes corn, soybean, and other crop varieties, sold under brands such as Pioneer and Brevant. Corteva's crop protection offerings include herbicides, insecticides, fungicides, and biological products, alongside digital tools and services that support farm decision-making.

Corteva became an independent, publicly traded company in 2019 following the separation of DowDuPont.

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