QRG Capital Management Inc. Decreases Stock Position in Corteva, Inc. $CTVA

QRG Capital Management Inc. trimmed its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 12.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 60,062 shares of the company’s stock after selling 8,656 shares during the period. QRG Capital Management Inc.’s holdings in Corteva were worth $4,062,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. Gladwyn Financial Advisors Inc. bought a new position in shares of Corteva during the second quarter valued at $25,000. True Wealth Design LLC lifted its stake in Corteva by 209.5% during the 3rd quarter. True Wealth Design LLC now owns 390 shares of the company’s stock valued at $26,000 after acquiring an additional 264 shares during the period. Total Investment Management Inc. purchased a new stake in shares of Corteva during the 2nd quarter valued at about $27,000. Curat Global LLC grew its stake in shares of Corteva by 93.7% in the second quarter. Curat Global LLC now owns 370 shares of the company’s stock worth $28,000 after acquiring an additional 179 shares during the period. Finally, Maryland Capital Advisors Inc. purchased a new position in shares of Corteva during the second quarter valued at approximately $29,000. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Stock Performance

NYSE:CTVA opened at $69.65 on Monday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.07 and a current ratio of 1.58. The stock has a 50-day simple moving average of $66.79 and a two-hundred day simple moving average of $68.56. The firm has a market capitalization of $47.06 billion, a PE ratio of 29.77, a P/E/G ratio of 1.41 and a beta of 0.74. Corteva, Inc. has a 52-week low of $53.40 and a 52-week high of $77.41.

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

Corteva Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were paid 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 1.0%. Corteva’s dividend payout ratio (DPR) is presently 30.77%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on CTVA shares. Zacks Research cut shares of Corteva from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 30th. The Goldman Sachs Group raised their price target on Corteva from $77.00 to $78.00 and gave the stock a “buy” rating in a research note on Tuesday, December 16th. Oppenheimer reaffirmed an “outperform” rating and issued a $76.00 price objective on shares of Corteva in a report on Friday, November 7th. Bank of America increased their target price on Corteva from $80.00 to $82.00 and gave the company a “buy” rating in a report on Thursday, January 8th. Finally, Jefferies Financial Group dropped their target price on Corteva from $92.00 to $85.00 in a research report on Thursday, October 2nd. Sixteen equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, Corteva has a consensus rating of “Moderate Buy” and an average price target of $78.84.

Corteva 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.