New York Life Investment Management LLC Sells 42,165 Shares of Corteva, Inc. (NYSE:CTVA)

New York Life Investment Management LLC cut its stake in Corteva, Inc. (NYSE:CTVA) by 29.5% in the fourth quarter, HoldingsChannel.com reports. The fund owned 100,572 shares of the company’s stock after selling 42,165 shares during the period. New York Life Investment Management LLC’s holdings in Corteva were worth $4,819,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Harris Associates L P purchased a new stake in Corteva during the third quarter valued at $246,423,000. Van ECK Associates Corp lifted its position in Corteva by 78.7% during the third quarter. Van ECK Associates Corp now owns 7,645,091 shares of the company’s stock valued at $391,123,000 after purchasing an additional 3,366,106 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Corteva by 29.8% in the third quarter. Massachusetts Financial Services Co. MA now owns 11,095,076 shares of the company’s stock worth $567,624,000 after buying an additional 2,545,570 shares during the period. Vanguard Group Inc. grew its stake in shares of Corteva by 2.4% during the 3rd quarter. Vanguard Group Inc. now owns 81,346,924 shares of the company’s stock valued at $4,161,709,000 after acquiring an additional 1,941,323 shares during the period. Finally, Assenagon Asset Management S.A. raised its stake in Corteva by 662.9% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,535,708 shares of the company’s stock worth $73,591,000 after acquiring an additional 1,334,415 shares during the period. 81.54% of the stock is owned by hedge funds and other institutional investors.

Corteva Trading Up 0.3 %

NYSE CTVA opened at $57.17 on Friday. Corteva, Inc. has a 12-month low of $43.22 and a 12-month high of $60.57. The company has a fifty day simple moving average of $55.33 and a two-hundred day simple moving average of $50.61. The company has a current ratio of 1.51, a quick ratio of 0.90 and a debt-to-equity ratio of 0.10. The stock has a market cap of $39.95 billion, a P/E ratio of 72.37, a P/E/G ratio of 1.49 and a beta of 0.78.

Corteva (NYSE:CTVA) last issued its earnings results on Wednesday, May 1st. The company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.10. The company had revenue of $4.49 billion during the quarter, compared to analyst estimates of $4.65 billion. Corteva had a return on equity of 6.68% and a net margin of 3.32%. The firm’s quarterly revenue was down 8.0% on a year-over-year basis. During the same quarter last year, the business posted $1.16 EPS. On average, analysts forecast that Corteva, Inc. will post 2.84 earnings per share for the current year.

Corteva Announces Dividend

The business 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. This represents a $0.64 annualized dividend and a yield of 1.12%. The ex-dividend date of this dividend is Tuesday, June 4th. Corteva’s dividend payout ratio is currently 81.01%.

Analysts Set New Price Targets

CTVA has been the subject of a number of analyst reports. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $57.00 price target (down previously from $58.00) on shares of Corteva in a research note on Friday, April 12th. Wolfe Research initiated coverage on shares of Corteva in a report on Friday, March 1st. They issued an “outperform” rating and a $67.00 target price for the company. BMO Capital Markets increased their price objective on shares of Corteva from $64.00 to $67.00 and gave the company an “outperform” rating in a research report on Friday. Royal Bank of Canada boosted their target price on shares of Corteva from $56.00 to $64.00 and gave the stock an “outperform” rating in a report on Friday, February 2nd. Finally, Loop Capital raised shares of Corteva from a “hold” rating to a “buy” rating and increased their price target for the company from $57.00 to $65.00 in a report on Monday, February 12th. Six investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $63.38.

About Corteva

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.