Nomura Asset Management Co. Ltd. lessened its stake in shares of Corteva (NYSE:CTVA) by 5.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 696,891 shares of the company’s stock after selling 42,466 shares during the quarter. Nomura Asset Management Co. Ltd. owned approximately 0.09% of Corteva worth $16,378,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in CTVA. Boston Partners boosted its stake in shares of Corteva by 153.2% during the fourth quarter. Boston Partners now owns 22,504,735 shares of the company’s stock valued at $665,132,000 after purchasing an additional 13,616,097 shares during the period. Norges Bank bought a new position in shares of Corteva during the fourth quarter valued at approximately $122,993,000. Massachusetts Financial Services Co. MA raised its holdings in shares of Corteva by 63.4% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 6,818,943 shares of the company’s stock valued at $201,568,000 after acquiring an additional 2,646,205 shares in the last quarter. Capital International Investors raised its holdings in shares of Corteva by 82.7% during the fourth quarter. Capital International Investors now owns 5,026,646 shares of the company’s stock valued at $148,588,000 after acquiring an additional 2,275,287 shares in the last quarter. Finally, Van ECK Associates Corp raised its holdings in shares of Corteva by 182.0% during the fourth quarter. Van ECK Associates Corp now owns 3,524,959 shares of the company’s stock valued at $104,197,000 after acquiring an additional 2,274,995 shares in the last quarter. 78.04% of the stock is owned by hedge funds and other institutional investors.
Shares of Corteva stock traded down $1.79 during trading on Thursday, hitting $27.35. 136,449 shares of the company’s stock traded hands, compared to its average volume of 5,193,414. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.60 and a quick ratio of 1.12. Corteva has a 1 year low of $20.38 and a 1 year high of $32.78. The stock has a market capitalization of $22.19 billion and a P/E ratio of -24.72. The business has a 50-day simple moving average of $25.92 and a 200-day simple moving average of $26.81.
Corteva (NYSE:CTVA) last announced its earnings results on Wednesday, May 6th. The company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.20. The business had revenue of $3.96 billion for the quarter, compared to analysts’ expectations of $3.56 billion. Corteva had a positive return on equity of 5.09% and a negative net margin of 5.91%. Corteva’s revenue was up 16.5% compared to the same quarter last year. On average, equities analysts predict that Corteva will post 1.35 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, May 15th will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Thursday, May 14th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.90%. Corteva’s payout ratio is currently 36.36%.
CTVA has been the subject of a number of recent analyst reports. Susquehanna Bancshares upgraded Corteva from a “neutral” rating to a “positive” rating and decreased their target price for the company from $34.00 to $29.00 in a report on Tuesday, March 31st. BNP Paribas upgraded Corteva from a “neutral” rating to an “outperform” rating in a report on Wednesday, April 1st. Morgan Stanley increased their price objective on Corteva from $27.00 to $29.00 and gave the stock an “equal weight” rating in a report on Tuesday, June 2nd. Royal Bank of Canada increased their price objective on Corteva from $27.00 to $31.00 and gave the stock an “outperform” rating in a report on Monday, May 11th. Finally, Zacks Investment Research upgraded Corteva from a “sell” rating to a “hold” rating in a report on Monday, May 18th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and ten have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $30.44.
Corteva Company Profile
Corteva, Inc provides agriculture products worldwide. The company develops and supplies germplasm and traits in corn, soybean, and sunflower seed markets. It also supplies products to the agricultural input industry that protect against weeds, insects and other pests, and diseases, as well as to enhance crop health.
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