Fifth Third Bancorp Cuts Position in Corteva, Inc. (NYSE:CTVA)

Fifth Third Bancorp cut its stake in Corteva, Inc. (NYSE:CTVA - Free Report) by 7.4% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 183,150 shares of the company's stock after selling 14,600 shares during the period. Fifth Third Bancorp's holdings in Corteva were worth $10,562,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. CVA Family Office LLC bought a new stake in Corteva in the fourth quarter worth $25,000. Redmont Wealth Advisors LLC bought a new stake in Corteva in the first quarter worth $25,000. BKM Wealth Management LLC bought a new stake in Corteva in the fourth quarter worth $27,000. Rise Advisors LLC lifted its stake in Corteva by 2,522.2% in the first quarter. Rise Advisors LLC now owns 472 shares of the company's stock worth $27,000 after purchasing an additional 454 shares during the last quarter. Finally, NewSquare Capital LLC lifted its stake in Corteva by 70.6% in the third quarter. NewSquare Capital LLC now owns 546 shares of the company's stock worth $28,000 after purchasing an additional 226 shares during the last quarter. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Corteva Stock Up 0.3 %

CTVA traded up $0.18 during midday trading on Friday, reaching $57.16. The company's stock had a trading volume of 2,977,563 shares, compared to its average volume of 2,761,026. The firm has a market capitalization of $39.95 billion, a price-to-earnings ratio of 72.35, a PEG ratio of 1.49 and a beta of 0.78. The company has a current ratio of 1.51, a quick ratio of 0.90 and a debt-to-equity ratio of 0.10. Corteva, Inc. has a 1 year low of $43.22 and a 1 year high of $60.57. The stock's 50-day moving average is $55.37 and its 200-day moving average is $50.66.

Corteva (NYSE:CTVA - Get Free Report) last posted its quarterly earnings results on Wednesday, May 1st. The company reported $0.89 EPS for the quarter, beating analysts' consensus estimates of $0.79 by $0.10. Corteva had a net margin of 3.32% and a return on equity of 6.68%. The firm had revenue of $4.49 billion for the quarter, compared to analysts' expectations of $4.65 billion. During the same quarter in the prior year, the company posted $1.16 earnings per share. The business's revenue for the quarter was down 8.0% on a year-over-year basis. As a group, research analysts expect that Corteva, Inc. will post 2.84 EPS for the current year.

Corteva Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Tuesday, June 4th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.12%. The ex-dividend date of this dividend is Tuesday, June 4th. Corteva's payout ratio is 81.01%.

Analysts Set New Price Targets

Several equities analysts have recently commented on CTVA shares. TheStreet raised shares of Corteva from a "c+" rating to a "b-" rating in a research note on Tuesday, February 27th. UBS Group lowered their price objective on shares of Corteva from $65.00 to $64.00 and set a "buy" rating for the company in a research note on Thursday, January 11th. BMO Capital Markets upped their price objective on shares of Corteva from $64.00 to $67.00 and gave the company an "outperform" rating in a research note on Friday. BNP Paribas raised shares of Corteva from an "underperform" rating to a "neutral" rating and set a $53.00 price objective for the company in a research note on Friday, February 2nd. Finally, Loop Capital raised shares of Corteva from a "hold" rating to a "buy" rating and upped their price objective for the company from $57.00 to $65.00 in a research note on Monday, February 12th. Six research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, Corteva currently has an average rating of "Moderate Buy" and an average target price of $63.38.

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.

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