Mackenzie Financial Corp Cuts Stock Holdings in Corteva, Inc. (NYSE:CTVA)

Mackenzie Financial Corp lowered its position in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 13.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 483,437 shares of the company's stock after selling 73,213 shares during the period. Mackenzie Financial Corp owned about 0.07% of Corteva worth $30,423,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in CTVA. Capital World Investors grew its stake in Corteva by 2,874.6% during the 4th quarter. Capital World Investors now owns 12,812,151 shares of the company's stock worth $729,780,000 after buying an additional 12,381,436 shares during the last quarter. Independent Franchise Partners LLP raised its stake in Corteva by 51.5% in the 4th quarter. Independent Franchise Partners LLP now owns 16,496,508 shares of the company's stock worth $939,641,000 after acquiring an additional 5,604,838 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Corteva by 97.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,961,440 shares of the company's stock valued at $111,726,000 after purchasing an additional 967,118 shares during the last quarter. Bessemer Group Inc. raised its stake in shares of Corteva by 44.8% in the fourth quarter. Bessemer Group Inc. now owns 3,090,839 shares of the company's stock worth $176,053,000 after purchasing an additional 956,775 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in Corteva by 7,135.6% in the first quarter. GAMMA Investing LLC now owns 947,789 shares of the company's stock valued at $59,644,000 after buying an additional 934,690 shares during the last quarter. 81.54% of the stock is currently owned by institutional investors.

Corteva Trading Down 1.4%

Shares of CTVA stock traded down $0.99 during trading on Friday, hitting $71.14. 4,770,918 shares of the stock traded hands, compared to its average volume of 3,749,699. Corteva, Inc. has a 52-week low of $50.30 and a 52-week high of $77.41. The firm has a market capitalization of $48.53 billion, a P/E ratio of 43.38, a price-to-earnings-growth ratio of 1.74 and a beta of 0.76. The firm's fifty day moving average price is $73.11 and its 200-day moving average price is $66.12. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.44 and a quick ratio of 1.00.

Corteva (NYSE:CTVA - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $1.13 EPS for the quarter, beating the consensus estimate of $0.88 by $0.25. The business had revenue of $4.42 billion for the quarter, compared to analyst estimates of $4.56 billion. Corteva had a return on equity of 7.84% and a net margin of 6.77%. The company's quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.89 EPS. As a group, research analysts forecast that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be given a dividend of $0.18 per share. This is a boost from Corteva's previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Tuesday, September 2nd. Corteva's dividend payout ratio is currently 41.46%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on CTVA shares. Wells Fargo & Company upped their price objective on shares of Corteva from $79.00 to $82.00 and gave the company an "overweight" rating in a report on Monday, June 23rd. Royal Bank Of Canada raised their target price on Corteva from $74.00 to $85.00 and gave the stock an "outperform" rating in a report on Thursday, July 10th. Citigroup boosted their price target on Corteva from $75.00 to $78.00 and gave the company a "buy" rating in a report on Friday, May 9th. Barclays raised their price objective on shares of Corteva from $70.00 to $75.00 and gave the stock an "equal weight" rating in a research note on Monday, July 7th. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of Corteva in a research report on Friday, June 6th. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $77.38.

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.