Handelsbanken Fonder AB Sells 7,657 Shares of Corteva, Inc. (NYSE:CTVA)

Handelsbanken Fonder AB lowered its position in shares of Corteva, Inc. (NYSE:CTVA) by 2.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 378,371 shares of the company’s stock after selling 7,657 shares during the quarter. Handelsbanken Fonder AB owned 0.06% of Corteva worth $23,811,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. SG Americas Securities LLC lifted its position in shares of Corteva by 268.7% in the first quarter. SG Americas Securities LLC now owns 37,800 shares of the company’s stock valued at $2,379,000 after acquiring an additional 27,549 shares in the last quarter. Crescent Sterling Ltd. purchased a new position in Corteva in the 1st quarter worth approximately $212,000. GAMMA Investing LLC lifted its holdings in Corteva by 15.0% in the 1st quarter. GAMMA Investing LLC now owns 15,061 shares of the company’s stock worth $948,000 after purchasing an additional 1,962 shares in the last quarter. Pallas Capital Advisors LLC boosted its stake in Corteva by 6.4% in the 1st quarter. Pallas Capital Advisors LLC now owns 71,262 shares of the company’s stock worth $4,485,000 after purchasing an additional 4,288 shares during the period. Finally, Farther Finance Advisors LLC grew its holdings in Corteva by 13.9% during the 1st quarter. Farther Finance Advisors LLC now owns 4,387 shares of the company’s stock valued at $279,000 after buying an additional 536 shares in the last quarter. 81.54% of the stock is currently owned by institutional investors.

Corteva Trading Down 0.7%

Shares of CTVA stock opened at $71.51 on Wednesday. The company has a market cap of $48.78 billion, a PE ratio of 55.43, a price-to-earnings-growth ratio of 1.68 and a beta of 0.75. Corteva, Inc. has a 1 year low of $50.01 and a 1 year high of $73.00. The stock’s 50 day simple moving average is $64.53 and its two-hundred day simple moving average is $62.30. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.45 and a quick ratio of 0.93.

Corteva (NYSE:CTVA) last released its earnings results on Wednesday, May 7th. The company reported $1.13 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.25. The firm had revenue of $4.42 billion for the quarter, compared to the consensus estimate of $4.56 billion. Corteva had a return on equity of 7.19% and a net margin of 5.36%. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.89 EPS. Research analysts predict that Corteva, Inc. will post 2.96 earnings per share for the current year.

Corteva Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 2nd will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.95%. Corteva’s dividend payout ratio is presently 41.46%.

Analyst Upgrades and Downgrades

CTVA has been the topic of several research analyst reports. UBS Group boosted their target price on shares of Corteva from $74.00 to $76.00 and gave the stock a “buy” rating in a report on Thursday, May 8th. Barclays lifted their price target on shares of Corteva from $64.00 to $70.00 and gave the company an “equal weight” rating in a report on Wednesday, May 14th. Wells Fargo & Company increased their price objective on shares of Corteva from $73.00 to $79.00 and gave the company an “overweight” rating in a report on Monday, May 12th. The Goldman Sachs Group assumed coverage on Corteva in a research report on Thursday, March 13th. They set a “buy” rating and a $71.00 price objective for the company. Finally, Argus upgraded Corteva from a “hold” rating to a “buy” rating and set a $69.00 target price on the stock in a research report on Monday, March 31st. Three investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $70.50.

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.