Retirement Systems of Alabama Lowers Stake in Corteva, Inc. (NYSE:CTVA)

Retirement Systems of Alabama reduced its stake in Corteva, Inc. (NYSE:CTVA) by 3.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 155,316 shares of the company’s stock after selling 5,168 shares during the quarter. Retirement Systems of Alabama’s holdings in Corteva were worth $7,443,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently modified their holdings of the company. CVA Family Office LLC bought a new stake in shares of Corteva in the 4th quarter worth $25,000. BKM Wealth Management LLC bought a new stake in Corteva in the 4th quarter worth about $27,000. NewSquare Capital LLC raised its position in Corteva by 70.6% in the 3rd quarter. NewSquare Capital LLC now owns 546 shares of the company’s stock worth $28,000 after buying an additional 226 shares during the last quarter. Glass Jacobson Investment Advisors llc lifted its stake in Corteva by 234.3% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 555 shares of the company’s stock valued at $28,000 after acquiring an additional 389 shares during the period. Finally, Naples Money Management LLC purchased a new stake in shares of Corteva during the 4th quarter valued at about $31,000. 81.54% of the stock is owned by hedge funds and other institutional investors.

Corteva Price Performance

Corteva stock opened at $57.16 on Friday. Corteva, Inc. has a 52-week low of $43.22 and a 52-week high of $60.57. The company has a market cap 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 firm’s fifty day moving average is $55.37 and its 200 day moving average is $50.66. The company has a quick ratio of 0.90, a current ratio of 1.51 and a debt-to-equity ratio of 0.10.

Corteva (NYSE:CTVA) last announced its earnings results on Wednesday, May 1st. The company reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.10. The firm had revenue of $4.49 billion for the quarter, compared to analysts’ expectations of $4.65 billion. Corteva had a net margin of 3.32% and a return on equity of 6.68%. The business’s revenue was down 8.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.16 EPS. Sell-side analysts forecast that Corteva, Inc. will post 2.84 EPS for the current fiscal year.

Corteva Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Tuesday, June 4th will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.12%. The ex-dividend date is Tuesday, June 4th. Corteva’s dividend payout ratio (DPR) is 81.01%.

Wall Street Analyst Weigh In

CTVA has been the topic of a number of research analyst reports. Wolfe Research assumed coverage on shares of Corteva in a research report on Friday, March 1st. They set an “outperform” rating and a $67.00 price objective on the stock. Barclays increased their price target on Corteva from $55.00 to $58.00 and gave the company an “equal weight” rating in a report on Wednesday, April 10th. TheStreet upgraded Corteva from a “c+” rating to a “b-” rating in a research report on Tuesday, February 27th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $57.00 target price (down previously from $58.00) on shares of Corteva in a report on Friday, April 12th. Finally, Loop Capital upgraded Corteva from a “hold” rating to a “buy” rating and boosted their price target for the company from $57.00 to $65.00 in a research note on Monday, February 12th. Six analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, Corteva currently has an average rating of “Moderate Buy” and a consensus price target of $63.38.

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.