Artisan Partners Limited Partnership Lowers Stock Holdings in Corteva, Inc. (NYSE:CTVA)

Artisan Partners Limited Partnership lessened its holdings in Corteva, Inc. (NYSE:CTVAGet Rating) by 34.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,113,595 shares of the company’s stock after selling 577,792 shares during the quarter. Artisan Partners Limited Partnership’s holdings in Corteva were worth $60,290,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in CTVA. First Trust Advisors LP boosted its holdings in Corteva by 294.8% in the 1st quarter. First Trust Advisors LP now owns 5,194,288 shares of the company’s stock valued at $298,568,000 after purchasing an additional 3,878,590 shares in the last quarter. 1832 Asset Management L.P. purchased a new stake in shares of Corteva during the 1st quarter worth approximately $152,193,000. Arrowstreet Capital Limited Partnership boosted its stake in shares of Corteva by 244.0% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,133,182 shares of the company’s stock worth $122,615,000 after acquiring an additional 1,513,063 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Corteva by 2.5% during the 1st quarter. BlackRock Inc. now owns 61,242,962 shares of the company’s stock worth $3,520,247,000 after acquiring an additional 1,483,373 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Corteva by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 80,762,837 shares of the company’s stock worth $4,642,248,000 after acquiring an additional 1,275,514 shares in the last quarter. Hedge funds and other institutional investors own 79.02% of the company’s stock.

Corteva Trading Down 0.4 %

CTVA stock opened at $65.80 on Thursday. The company has a market cap of $47.01 billion, a price-to-earnings ratio of 35.19, a PEG ratio of 1.61 and a beta of 0.74. The company has a quick ratio of 1.08, a current ratio of 1.69 and a debt-to-equity ratio of 0.05. The business has a fifty day simple moving average of $62.85 and a 200-day simple moving average of $59.57. Corteva, Inc. has a 52 week low of $43.74 and a 52 week high of $68.43.

Corteva (NYSE:CTVAGet Rating) last announced its quarterly earnings results on Friday, November 4th. The company reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.11. Corteva had a net margin of 7.95% and a return on equity of 7.31%. The firm had revenue of $2.78 billion during the quarter, compared to analysts’ expectations of $2.58 billion. During the same period in the prior year, the company earned ($0.14) EPS. The firm’s revenue was up 17.1% on a year-over-year basis. On average, equities research analysts expect that Corteva, Inc. will post 2.57 EPS for the current year.

Corteva Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Monday, November 14th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, November 10th. This represents a $0.60 dividend on an annualized basis and a yield of 0.91%. Corteva’s dividend payout ratio (DPR) is 32.09%.

Corteva declared that its board has authorized a share repurchase plan on Tuesday, September 13th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to purchase up to 4.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts have recently commented on CTVA shares. Royal Bank of Canada boosted their price target on Corteva from $72.00 to $78.00 and gave the stock an “outperform” rating in a research note on Monday, November 7th. KeyCorp lifted their price objective on Corteva from $64.00 to $72.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 14th. JPMorgan Chase & Co. upgraded Corteva from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $58.00 to $63.00 in a research report on Monday, August 8th. Mizuho lifted their price objective on Corteva from $74.00 to $76.00 and gave the stock a “buy” rating in a research report on Monday, November 7th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Corteva from $68.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, September 15th. Three investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $71.93.

Insider Buying and Selling

In related news, insider Audrey Grimm sold 10,000 shares of the company’s stock in a transaction on Thursday, September 15th. The shares were sold at an average price of $62.79, for a total transaction of $627,900.00. Following the completion of the sale, the insider now directly owns 7,511 shares of the company’s stock, valued at approximately $471,615.69. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.08% of the stock is owned by corporate insiders.

About Corteva

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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.

Further Reading

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Institutional Ownership by Quarter for Corteva (NYSE:CTVA)

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