Swiss National Bank Sells 67,000 Shares of Corteva, Inc. (NYSE:CTVA)

Swiss National Bank lessened its stake in Corteva, Inc. (NYSE:CTVA) by 2.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,219,483 shares of the company’s stock after selling 67,000 shares during the quarter. Swiss National Bank owned approximately 0.31% of Corteva worth $106,358,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. WCM Investment Management LLC lifted its holdings in Corteva by 3.1% during the fourth quarter. WCM Investment Management LLC now owns 7,103,146 shares of the company’s stock valued at $341,590,000 after purchasing an additional 213,949 shares during the last quarter. 17 Capital Partners LLC purchased a new stake in shares of Corteva during the 4th quarter valued at approximately $1,649,000. Factory Mutual Insurance Co. boosted its holdings in Corteva by 10.7% in the 4th quarter. Factory Mutual Insurance Co. now owns 532,558 shares of the company’s stock worth $25,520,000 after buying an additional 51,500 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its stake in Corteva by 9.7% in the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 777,833 shares of the company’s stock valued at $39,794,000 after buying an additional 68,593 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Corteva by 1.1% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,760,701 shares of the company’s stock valued at $132,293,000 after acquiring an additional 31,171 shares during the period. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $57.00 price target (down from $58.00) on shares of Corteva in a research report on Friday, April 12th. Wolfe Research started coverage on Corteva in a report on Friday, March 1st. They set an “outperform” rating and a $67.00 target price for the company. TheStreet raised shares of Corteva from a “c+” rating to a “b-” rating in a report on Tuesday, February 27th. Royal Bank of Canada boosted their price objective on shares of Corteva from $56.00 to $64.00 and gave the company an “outperform” rating in a research note on Friday, February 2nd. Finally, Canaccord Genuity Group upped their target price on shares of Corteva from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Friday. Six investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $63.38.

Corteva Price Performance

Shares of Corteva stock opened at $57.16 on Friday. The business’s 50-day moving average price is $55.37 and its 200-day moving average price is $50.66. The firm has a market capitalization of $39.95 billion, a PE ratio of 72.35, a price-to-earnings-growth ratio of 1.50 and a beta of 0.78. Corteva, Inc. has a 12 month low of $43.22 and a 12 month high of $60.57. 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 (NYSE:CTVA) last posted its quarterly earnings results on Wednesday, May 1st. The company reported $0.89 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $4.65 billion. During the same period last year, the firm posted $1.16 earnings per share. The business’s revenue was down 8.0% compared to the same quarter last year. Sell-side analysts forecast that Corteva, Inc. will post 2.83 EPS for the current fiscal year.

Corteva Announces Dividend

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

Corteva Company 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.