The Manufacturers Life Insurance Company lowered its stake in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 54.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 580,436 shares of the company's stock after selling 698,794 shares during the period. The Manufacturers Life Insurance Company owned 0.08% of Corteva worth $33,061,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in the stock. Flagship Wealth Advisors LLC bought a new position in Corteva in the 4th quarter valued at $25,000. Noble Wealth Management PBC purchased a new position in shares of Corteva during the 4th quarter valued at about $26,000. Hager Investment Management Services LLC purchased a new position in shares of Corteva during the fourth quarter worth approximately $27,000. Golden State Wealth Management LLC bought a new stake in Corteva in the fourth quarter worth $32,000. Finally, Centricity Wealth Management LLC bought a new stake in shares of Corteva in the 4th quarter valued at about $34,000. Hedge funds and other institutional investors own 81.54% of the company's stock.
Analyst Upgrades and Downgrades
A number of equities research analysts have issued reports on the stock. KeyCorp raised their price target on shares of Corteva from $70.00 to $71.00 and gave the stock an "overweight" rating in a report on Monday, April 14th. Wells Fargo & Company increased their price objective on Corteva from $67.00 to $73.00 and gave the stock an "overweight" rating in a report on Tuesday, January 28th. Barclays lifted their target price on shares of Corteva from $62.00 to $64.00 and gave the company an "equal weight" rating in a report on Tuesday, January 21st. UBS Group dropped their price target on shares of Corteva from $74.00 to $73.00 and set a "buy" rating on the stock in a research note on Friday, January 10th. Finally, Royal Bank of Canada increased their target price on Corteva from $72.00 to $73.00 and gave the company an "outperform" rating in a research note on Friday, February 7th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, Corteva currently has an average rating of "Moderate Buy" and a consensus price target of $68.43.
Check Out Our Latest Stock Report on Corteva
Corteva Stock Performance
Corteva stock traded down $0.18 during trading on Monday, reaching $62.45. The company had a trading volume of 2,127,679 shares, compared to its average volume of 3,312,547. The company has a current ratio of 1.45, a quick ratio of 0.93 and a debt-to-equity ratio of 0.08. The firm's 50-day simple moving average is $60.60 and its 200 day simple moving average is $60.58. The firm has a market capitalization of $42.65 billion, a price-to-earnings ratio of 48.41, a price-to-earnings-growth ratio of 1.68 and a beta of 0.72. Corteva, Inc. has a 52 week low of $50.01 and a 52 week high of $66.24.
Corteva (NYSE:CTVA - Get Free Report) last announced its quarterly earnings data on Wednesday, February 5th. The company reported $0.32 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.34 by ($0.02). Corteva had a return on equity of 7.19% and a net margin of 5.36%. Sell-side analysts forecast that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.
Corteva Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 2nd will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.09%. The ex-dividend date is Monday, June 2nd. Corteva's payout ratio is currently 52.71%.
Insiders Place Their Bets
In related news, insider Brian Titus sold 26,560 shares of the stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $63.74, for a total value of $1,692,934.40. Following the completion of the transaction, the insider now owns 11,347 shares of the company's stock, valued at approximately $723,257.78. This trade represents a 70.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.14% of the company's stock.
Corteva Profile
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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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