The Manufacturers Life Insurance Company Sells 698,794 Shares of Corteva, Inc. (NYSE:CTVA)

The Manufacturers Life Insurance Company cut its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 54.6% during the 4th quarter, Holdings Channel reports. The firm owned 580,436 shares of the company’s stock after selling 698,794 shares during the period. The Manufacturers Life Insurance Company’s holdings in Corteva were worth $33,061,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Flagship Wealth Advisors LLC acquired a new position in shares of Corteva in the 4th quarter valued at approximately $25,000. Noble Wealth Management PBC bought a new stake in Corteva during the fourth quarter worth $26,000. Hager Investment Management Services LLC acquired a new stake in shares of Corteva in the 4th quarter valued at $27,000. Golden State Wealth Management LLC bought a new position in shares of Corteva in the 4th quarter valued at $32,000. Finally, Centricity Wealth Management LLC acquired a new position in shares of Corteva during the 4th quarter worth $34,000. 81.54% of the stock is currently owned by institutional investors.

Corteva Trading Up 0.2 %

NYSE:CTVA opened at $62.08 on Friday. Corteva, Inc. has a 52 week low of $50.01 and a 52 week high of $66.24. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.93 and a current ratio of 1.45. The firm’s fifty day moving average is $60.61 and its 200-day moving average is $60.52. The firm has a market cap of $42.40 billion, a P/E ratio of 48.13, a P/E/G ratio of 1.68 and a beta of 0.73.

Corteva (NYSE:CTVA) last issued its quarterly earnings results on Wednesday, February 5th. The company reported $0.32 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.02). Corteva had a return on equity of 7.19% and a net margin of 5.36%. Equities analysts expect that Corteva, Inc. will post 2.96 earnings per share for the current year.

Corteva Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 2nd will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.10%. The ex-dividend date is Monday, June 2nd. Corteva’s dividend payout ratio (DPR) is presently 52.71%.

Insiders Place Their Bets

In other news, insider Brian Titus sold 26,560 shares of the firm’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $63.74, for a total value of $1,692,934.40. Following the completion of the sale, the insider now directly owns 11,347 shares in the company, valued at $723,257.78. This trade represents a 70.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.14% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on CTVA. The Goldman Sachs Group began coverage on Corteva in a research note on Thursday, March 13th. They issued a “buy” rating and a $71.00 price objective on the stock. BNP Paribas raised shares of Corteva to a “hold” rating in a report on Monday, February 10th. Barclays increased their price objective on shares of Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 21st. Royal Bank of Canada boosted their target price on shares of Corteva from $72.00 to $73.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Finally, UBS Group cut their price objective on Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a report on Friday, January 10th. One analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $68.13.

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.