Teachers Retirement System of The State of Kentucky cut its stake in Corteva, Inc. (NYSE:CTVA – Get Rating) by 4.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 51,926 shares of the company’s stock after selling 2,260 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Corteva were worth $2,985,000 at the end of the most recent reporting period.
Several other large investors have also recently made changes to their positions in CTVA. Vanguard Group Inc. grew its position in Corteva by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 80,762,837 shares of the company’s stock worth $4,642,248,000 after purchasing an additional 1,275,514 shares during the period. BlackRock Inc. lifted its stake in Corteva by 2.5% in the 1st quarter. BlackRock Inc. now owns 61,242,962 shares of the company’s stock worth $3,520,247,000 after purchasing an additional 1,483,373 shares in the last quarter. Capital World Investors grew its holdings in Corteva by 4.5% during the 4th quarter. Capital World Investors now owns 10,586,953 shares of the company’s stock valued at $500,551,000 after purchasing an additional 452,245 shares during the last quarter. Norges Bank bought a new position in Corteva during the 4th quarter valued at about $465,952,000. Finally, Boston Partners grew its stake in Corteva by 1.3% in the 1st quarter. Boston Partners now owns 7,351,215 shares of the company’s stock worth $422,568,000 after acquiring an additional 91,847 shares in the last quarter. 79.02% of the stock is currently owned by hedge funds and other institutional investors.
Corteva Price Performance
Shares of CTVA opened at $61.42 on Tuesday. Corteva, Inc. has a 1-year low of $40.72 and a 1-year high of $64.30. The stock has a market cap of $44.45 billion, a PE ratio of 25.92, a P/E/G ratio of 1.55 and a beta of 0.68. The firm has a 50-day simple moving average of $58.80 and a two-hundred day simple moving average of $57.74. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.88 and a quick ratio of 1.35.
Corteva Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Friday, August 12th were given a dividend of $0.15 per share. The ex-dividend date was Thursday, August 11th. This is a boost from Corteva’s previous quarterly dividend of $0.14. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.98%. Corteva’s dividend payout ratio (DPR) is currently 25.32%.
Corteva declared that its Board of Directors has authorized a share repurchase plan on Tuesday, September 13th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to buy up to 4.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
Wall Street Analysts Forecast Growth
A number of brokerages have commented on CTVA. Argus upped their target price on shares of Corteva from $61.00 to $69.00 and gave the stock a “buy” rating in a research note on Monday, May 23rd. JPMorgan Chase & Co. upgraded shares of Corteva from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $58.00 to $63.00 in a research note on Monday, August 8th. Credit Suisse Group increased their target price on shares of Corteva to $72.00 in a research report on Tuesday, August 9th. KeyCorp raised their price target on shares of Corteva from $64.00 to $72.00 and gave the stock an “overweight” rating in a report on Wednesday, September 14th. Finally, Citigroup increased their price objective on shares of Corteva from $63.00 to $69.00 and gave the stock a “buy” rating in a research note on Monday, August 8th. One investment analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $68.60.
Insider Activity at Corteva
In related news, insider Audrey Grimm sold 10,000 shares of Corteva stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $62.79, for a total value of $627,900.00. Following the completion of the transaction, the insider now owns 7,511 shares in the company, valued at $471,615.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.08% of the company’s stock.
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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