Lazard Asset Management LLC lessened its holdings in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 17.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 52,203 shares of the company's stock after selling 11,327 shares during the quarter. Lazard Asset Management LLC's holdings in Corteva were worth $2,972,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. Flagship Wealth Advisors LLC acquired a new position in Corteva during the fourth quarter worth approximately $25,000. Noble Wealth Management PBC acquired a new position in shares of Corteva in the fourth quarter valued at approximately $26,000. Hager Investment Management Services LLC acquired a new position in shares of Corteva in the fourth quarter valued at approximately $27,000. LGT Financial Advisors LLC acquired a new position in shares of Corteva in the fourth quarter valued at approximately $31,000. Finally, Golden State Wealth Management LLC acquired a new position in shares of Corteva in the fourth quarter valued at approximately $32,000. Institutional investors and hedge funds own 81.54% of the company's stock.
Corteva Stock Performance
Shares of Corteva stock traded up $0.32 during mid-day trading on Tuesday, hitting $69.13. 3,265,672 shares of the stock were exchanged, compared to its average volume of 3,298,456. Corteva, Inc. has a 12 month low of $50.01 and a 12 month high of $69.28. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.93 and a current ratio of 1.45. The company has a 50-day simple moving average of $61.81 and a 200 day simple moving average of $61.04. The company has a market capitalization of $47.16 billion, a P/E ratio of 53.59, a P/E/G ratio of 1.68 and a beta of 0.72.
Corteva (NYSE:CTVA - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $1.13 EPS for the quarter, beating analysts' consensus estimates of $0.88 by $0.25. The firm had revenue of $4.42 billion during the quarter, compared to analyst estimates of $4.56 billion. Corteva had a net margin of 5.36% and a return on equity of 7.19%. The business's revenue for the quarter was down 1.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.89 EPS. Sell-side analysts anticipate that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.
Corteva Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 2nd will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 0.98%. The ex-dividend date is Monday, June 2nd. Corteva's dividend payout ratio (DPR) is 41.46%.
Analyst Upgrades and Downgrades
A number of brokerages recently issued reports on CTVA. Argus raised Corteva from a "hold" rating to a "buy" rating and set a $69.00 price target on the stock in a research report on Monday, March 31st. Oppenheimer reissued an "outperform" rating and set a $75.00 price target (up previously from $72.00) on shares of Corteva in a research report on Friday, May 9th. Royal Bank of Canada increased their price target on Corteva from $72.00 to $73.00 and gave the stock an "outperform" rating in a research report on Friday, February 7th. UBS Group upped their target price on Corteva from $74.00 to $76.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Finally, The Goldman Sachs Group initiated coverage on Corteva in a research note on Thursday, March 13th. They set a "buy" rating and a $71.00 target price for the company. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $70.50.
Check Out Our Latest Stock Analysis on CTVA
Insider Activity
In related news, insider Brian Titus sold 26,560 shares of the firm's stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $63.74, for a total transaction of $1,692,934.40. Following the completion of the sale, the insider now owns 11,347 shares of the company's stock, valued at $723,257.78. This trade represents a 70.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.14% of the company's stock.
About Corteva
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Free Report)
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.
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