Sumitomo Mitsui Trust Group Inc. Trims Holdings in Corteva, Inc. $CTVA

Sumitomo Mitsui Trust Group Inc. decreased its position in shares of Corteva, Inc. (NYSE:CTVA) by 1.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,133,529 shares of the company’s stock after selling 40,396 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.31% of Corteva worth $144,291,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Norges Bank bought a new stake in shares of Corteva during the 2nd quarter valued at $434,220,000. Pacer Advisors Inc. raised its holdings in Corteva by 4,007.1% during the third quarter. Pacer Advisors Inc. now owns 2,442,177 shares of the company’s stock valued at $165,164,000 after acquiring an additional 2,382,715 shares during the period. WCM Investment Management LLC raised its holdings in Corteva by 29.6% during the second quarter. WCM Investment Management LLC now owns 9,044,706 shares of the company’s stock valued at $672,836,000 after acquiring an additional 2,066,519 shares during the period. Assenagon Asset Management S.A. boosted its stake 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 worth $143,427,000 after acquiring an additional 1,884,897 shares during the period. Finally, Marshall Wace LLP boosted its stake in shares of Corteva by 1,365.9% in the second quarter. Marshall Wace LLP now owns 1,809,764 shares of the company’s stock worth $134,882,000 after acquiring an additional 1,686,309 shares during the period. 81.54% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently commented on CTVA shares. KeyCorp reissued a “sector weight” rating on shares of Corteva in a report on Friday, October 3rd. Rothschild & Co Redburn reduced their price objective on shares of Corteva from $71.00 to $65.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 11th. Weiss Ratings reissued a “hold (c-)” rating on shares of Corteva in a report on Monday, December 29th. BNP Paribas Exane raised their target price on shares of Corteva from $70.00 to $72.00 and gave the company a “neutral” rating in a research note on Monday, November 17th. Finally, Wall Street Zen downgraded shares of Corteva from a “buy” rating to a “hold” rating in a report on Saturday, January 3rd. Sixteen research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, Corteva currently has an average rating of “Moderate Buy” and an average price target of $78.21.

Corteva Trading Down 0.2%

CTVA stock opened at $68.53 on Tuesday. The firm has a fifty day moving average price of $66.28 and a 200 day moving average price of $68.71. Corteva, Inc. has a fifty-two week low of $53.40 and a fifty-two week high of $77.41. The firm has a market cap of $46.31 billion, a PE ratio of 29.29, a price-to-earnings-growth ratio of 1.39 and a beta of 0.74. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.07 and a current ratio of 1.58.

Corteva (NYSE:CTVA) last released its quarterly earnings data on Tuesday, November 4th. The company reported ($0.23) EPS for the quarter, beating the consensus estimate of ($0.49) by $0.26. Corteva had a net margin of 9.19% and a return on equity of 9.37%. The business had revenue of $2.62 billion during the quarter, compared to analyst estimates of $2.47 billion. During the same quarter last year, the business earned ($0.49) earnings per share. Corteva’s quarterly revenue was up 6.5% compared to the same quarter last year. Sell-side analysts anticipate that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were given a dividend of $0.18 per share. The ex-dividend date was Monday, December 1st. This represents a $0.72 dividend on an annualized basis and a yield of 1.1%. Corteva’s dividend payout ratio is 30.77%.

Corteva Company Profile

Corteva, Inc (NYSE: CTVA) is an independent global agriculture company that was established as a publicly traded firm in mid‑2019 following the separation of the agriculture businesses from DowDuPont. The company focuses on delivering technologies and products that help farmers increase productivity and manage crop health. Corteva’s operations combine seed genetics, crop protection chemistries, digital tools and biological solutions to address the full cycle of crop production.

Core business activities include research and development of seed genetics and trait technologies, formulation and sale of crop protection products (such as herbicides, insecticides and fungicides), and the development of seed treatments and biologicals.