State of New Jersey Common Pension Fund D Sells 21,183 Shares of Corteva, Inc. $CTVA

Key Points

• The State of New Jersey Common Pension Fund D has reduced its holdings in Corteva, Inc. by 8.4% in the first quarter, retaining 231,395 shares worth approximately $14.56 million.
• Several analysts have upgraded Corteva’s stock with target prices ranging from $71.00 to $87.00, indicating a positive outlook with a consensus average rating of "Moderate Buy".
• Corteva has announced an increase in its quarterly dividend from $0.17 to $0.18, reflecting a 1.0% yield, with the ex-dividend date set for September 2nd.

State of New Jersey Common Pension Fund D lowered its position in Corteva, Inc. (NYSE:CTVA - Free Report) by 8.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 231,395 shares of the company's stock after selling 21,183 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Corteva were worth $14,562,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the company. Capital World Investors lifted its position in Corteva by 2,874.6% in the fourth quarter. Capital World Investors now owns 12,812,151 shares of the company's stock worth $729,780,000 after purchasing an additional 12,381,436 shares during the period. Nuveen LLC acquired a new position in shares of Corteva in the 1st quarter valued at $640,333,000. JPMorgan Chase & Co. raised its position in Corteva by 54.6% in the first quarter. JPMorgan Chase & Co. now owns 5,009,038 shares of the company's stock worth $315,219,000 after purchasing an additional 1,769,355 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Corteva by 97.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,961,440 shares of the company's stock worth $111,726,000 after purchasing an additional 967,118 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in Corteva by 7,135.6% during the first quarter. GAMMA Investing LLC now owns 947,789 shares of the company's stock worth $59,644,000 after purchasing an additional 934,690 shares during the period. Institutional investors and hedge funds own 81.54% of the company's stock.

Corteva Price Performance

NYSE CTVA traded up $0.4220 on Wednesday, hitting $72.8220. 3,086,781 shares of the company were exchanged, compared to its average volume of 3,794,415. Corteva, Inc. has a 1-year low of $53.40 and a 1-year high of $77.41. The firm has a 50 day moving average of $73.37 and a two-hundred day moving average of $66.89. The company has a current ratio of 1.68, a quick ratio of 1.23 and a debt-to-equity ratio of 0.06. The company has a market cap of $49.45 billion, a P/E ratio of 35.52, a P/E/G ratio of 1.65 and a beta of 0.75.

Corteva (NYSE:CTVA - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $2.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 net margin of 8.16% and a return on equity of 8.68%. Corteva's quarterly revenue was up 5.6% on a year-over-year basis. During the same period in the prior year, the business earned $1.83 earnings per share. On average, equities analysts predict that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Increases Dividend

The company also recently announced 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. The ex-dividend date is Tuesday, September 2nd. This is an increase from Corteva's previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.0%. Corteva's dividend payout ratio is presently 33.17%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. BMO Capital Markets increased their target price on Corteva from $74.00 to $86.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Morgan Stanley upped their price target on Corteva from $65.00 to $71.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. UBS Group lifted their price objective on Corteva from $90.00 to $91.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Citigroup upped their target price on shares of Corteva from $75.00 to $78.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Finally, Zacks Research raised shares of Corteva to a "hold" rating in a report on Friday, August 8th. Thirteen equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $80.25.

Corteva Profile

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.