Mutual of America Capital Management LLC Cuts Stock Position in Corteva, Inc. $CTVA

Mutual of America Capital Management LLC lessened its position in Corteva, Inc. (NYSE:CTVA) by 1.9% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 78,221 shares of the company’s stock after selling 1,493 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Corteva were worth $5,830,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Moody National Bank Trust Division grew its stake in Corteva by 0.7% during the 2nd quarter. Moody National Bank Trust Division now owns 22,139 shares of the company’s stock worth $1,650,000 after purchasing an additional 143 shares in the last quarter. Ancora Advisors LLC grew its stake in Corteva by 0.8% during the 1st quarter. Ancora Advisors LLC now owns 18,567 shares of the company’s stock worth $1,168,000 after purchasing an additional 150 shares in the last quarter. NewEdge Advisors LLC grew its stake in Corteva by 0.5% during the 1st quarter. NewEdge Advisors LLC now owns 31,455 shares of the company’s stock worth $1,979,000 after purchasing an additional 152 shares in the last quarter. Plancorp LLC grew its stake in Corteva by 2.3% during the 1st quarter. Plancorp LLC now owns 7,156 shares of the company’s stock worth $450,000 after purchasing an additional 158 shares in the last quarter. Finally, Legacy Financial Advisors Inc. grew its stake in Corteva by 4.4% during the 1st quarter. Legacy Financial Advisors Inc. now owns 3,761 shares of the company’s stock worth $237,000 after purchasing an additional 160 shares in the last quarter. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on CTVA. Royal Bank Of Canada lowered their target price on Corteva from $86.00 to $80.00 and set an “outperform” rating for the company in a research note on Friday, October 17th. Citigroup cut Corteva from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $83.00 to $70.00 in a research note on Thursday, October 2nd. Morgan Stanley set a $84.00 target price on Corteva in a research note on Monday, September 15th. Wall Street Zen cut Corteva from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, JPMorgan Chase & Co. raised Corteva from a “neutral” rating to an “overweight” rating and set a $67.00 price objective for the company in a research report on Thursday, October 2nd. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Corteva presently has a consensus rating of “Moderate Buy” and an average target price of $80.31.

Corteva Trading Down 0.1%

CTVA opened at $61.93 on Wednesday. Corteva, Inc. has a one year low of $53.40 and a one year high of $77.41. The company has a market cap of $42.05 billion, a P/E ratio of 30.21, a PEG ratio of 1.42 and a beta of 0.76. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.23 and a current ratio of 1.68. The business’s 50-day simple moving average is $69.04 and its 200-day simple moving average is $68.97.

Corteva (NYSE:CTVA) last released its quarterly earnings data on Wednesday, August 6th. The company reported $2.20 EPS for the quarter, beating analysts’ consensus estimates of $1.89 by $0.31. Corteva had a return on equity of 8.68% and a net margin of 8.16%.The business had revenue of $6.46 billion for the quarter, compared to the consensus estimate of $6.26 billion. During the same quarter in the prior year, the business posted $1.83 EPS. The business’s revenue for the quarter was up 5.6% on a year-over-year basis. As a group, equities research analysts expect that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date was Tuesday, September 2nd. This is an increase from Corteva’s previous quarterly dividend of $0.17. Corteva’s dividend payout ratio (DPR) is currently 35.12%.

Insider Activity

In related news, EVP Robert D. King sold 37,280 shares of the company’s stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $74.20, for a total value of $2,766,176.00. Following the completion of the sale, the executive vice president directly owned 49,262 shares of the company’s stock, valued at $3,655,240.40. This represents a 43.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.15% of the stock is currently owned by company insiders.

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.