Sumitomo Mitsui Trust Group Inc. Has $162.02 Million Stake in Corteva, Inc. $CTVA

Sumitomo Mitsui Trust Group Inc. trimmed its position in shares of Corteva, Inc. (NYSE:CTVA) by 0.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,173,925 shares of the company’s stock after selling 18,024 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.32% of Corteva worth $162,023,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Gladwyn Financial Advisors Inc. acquired a new stake in shares of Corteva in the 2nd quarter valued at approximately $25,000. Maryland Capital Advisors Inc. acquired a new stake in shares of Corteva in the 2nd quarter valued at approximately $29,000. Princeton Global Asset Management LLC boosted its stake in shares of Corteva by 61.5% in the 2nd quarter. Princeton Global Asset Management LLC now owns 525 shares of the company’s stock valued at $39,000 after purchasing an additional 200 shares in the last quarter. Valley National Advisers Inc. boosted its stake in shares of Corteva by 85.9% in the 1st quarter. Valley National Advisers Inc. now owns 526 shares of the company’s stock valued at $33,000 after purchasing an additional 243 shares in the last quarter. Finally, DHJJ Financial Advisors Ltd. boosted its stake in shares of Corteva by 132.2% in the 2nd quarter. DHJJ Financial Advisors Ltd. now owns 527 shares of the company’s stock valued at $39,000 after purchasing an additional 300 shares in the last quarter. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Corteva Stock Performance

NYSE:CTVA opened at $63.63 on Friday. The company has a fifty day moving average of $68.53 and a 200-day moving average of $69.04. The firm has a market capitalization of $43.21 billion, a P/E ratio of 31.04, a P/E/G ratio of 1.45 and a beta of 0.76. The company has a quick ratio of 1.23, a current ratio of 1.68 and a debt-to-equity ratio of 0.06. Corteva, Inc. has a twelve month low of $53.40 and a twelve month high of $77.41.

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

Corteva Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were issued a dividend of $0.18 per share. The ex-dividend date was Tuesday, September 2nd. This is a positive change from Corteva’s previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a yield of 1.1%. Corteva’s dividend payout ratio is currently 35.12%.

Insiders Place Their Bets

In other Corteva news, EVP Robert D. King sold 37,280 shares of the company’s stock in a transaction on Friday, August 29th. The shares were sold at an average price of $74.20, for a total transaction of $2,766,176.00. Following the transaction, the executive vice president owned 49,262 shares in the company, valued at approximately $3,655,240.40. This represents a 43.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.14% of the company’s stock.

Analysts Set New Price Targets

CTVA has been the topic of several recent research reports. Argus cut their target price on shares of Corteva from $83.00 to $80.00 and set a “buy” rating on the stock in a research report on Monday, October 13th. KeyCorp restated a “sector weight” rating on shares of Corteva in a report on Friday, October 3rd. Jefferies Financial Group lowered their price target on shares of Corteva from $92.00 to $85.00 in a report on Thursday, October 2nd. Zacks Research upgraded shares of Corteva from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 1st. Finally, Wall Street Zen lowered shares of Corteva from a “buy” rating to a “hold” rating in a report on Saturday, October 18th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $79.94.

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.