Fisher Funds Management LTD Reduces Stock Position in Corteva, Inc. $CTVA

Fisher Funds Management LTD cut its stake in Corteva, Inc. (NYSE:CTVA) by 10.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 43,937 shares of the company’s stock after selling 4,881 shares during the period. Fisher Funds Management LTD’s holdings in Corteva were worth $3,275,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in CTVA. Nuveen LLC purchased a new stake in shares of Corteva in the first quarter valued at approximately $640,333,000. WCM Investment Management LLC grew its position in shares of Corteva by 29.6% in the second quarter. WCM Investment Management LLC now owns 9,044,706 shares of the company’s stock valued at $672,836,000 after purchasing an additional 2,066,519 shares in the last quarter. Assenagon Asset Management S.A. grew its position in shares of Corteva by 4,769.2% in the second quarter. Assenagon Asset Management S.A. now owns 1,924,419 shares of the company’s stock valued at $143,427,000 after purchasing an additional 1,884,897 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Corteva by 54.6% in the first quarter. JPMorgan Chase & Co. now owns 5,009,038 shares of the company’s stock valued at $315,219,000 after purchasing an additional 1,769,355 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Corteva by 65.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,251,449 shares of the company’s stock valued at $204,615,000 after purchasing an additional 1,290,009 shares in the last quarter. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CTVA has been the subject of several analyst reports. KeyCorp reiterated a “sector weight” rating on shares of Corteva in a research report on Friday, October 3rd. Wells Fargo & Company lowered their price objective on Corteva from $83.00 to $80.00 and set an “overweight” rating for the company in a research report on Thursday, October 16th. UBS Group lowered their price objective on Corteva from $85.00 to $81.00 and set a “buy” rating for the company in a research report on Thursday. JPMorgan Chase & Co. upgraded 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. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on Corteva from $83.00 to $90.00 and gave the stock a “buy” rating in a research report on Monday, September 15th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $79.69.

Corteva Trading Down 0.3%

CTVA opened at $61.51 on Friday. Corteva, Inc. has a 52 week low of $53.40 and a 52 week high of $77.41. The business has a fifty day simple moving average of $67.53 and a 200-day simple moving average of $69.26. The firm has a market cap of $41.77 billion, a P/E ratio of 30.00, a P/E/G ratio of 1.41 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 (NYSE:CTVA) last released its quarterly earnings results on Wednesday, August 6th. The company reported $2.20 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $6.26 billion. During the same period last year, the business posted $1.83 earnings per share. The company’s quarterly revenue was up 5.6% on a year-over-year basis. On average, equities analysts expect that Corteva, Inc. will post 2.96 earnings per share for the current year.

Corteva Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Monday, December 1st. Corteva’s dividend payout ratio (DPR) is presently 35.12%.

Insider Activity

In other news, EVP Robert D. King sold 37,280 shares of the stock in a transaction on 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 sale, the executive vice president directly owned 49,262 shares in the company, valued at approximately $3,655,240.40. This trade represents a 43.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.14% of the company’s stock.

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.