State Street Corp Sells 1,287,802 Shares of Corteva, Inc. (NYSE:CTVA)

State Street Corp decreased its stake in shares of Corteva, Inc. (NYSE:CTVA) by 2.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 42,612,197 shares of the company’s stock after selling 1,287,802 shares during the period. State Street Corp owned approximately 5.69% of Corteva worth $1,227,657,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Independent Franchise Partners LLP boosted its stake in shares of Corteva by 13.7% during the 2nd quarter. Independent Franchise Partners LLP now owns 18,348,467 shares of the company’s stock valued at $491,555,000 after purchasing an additional 2,204,033 shares in the last quarter. State Farm Mutual Automobile Insurance Co. boosted its stake in Corteva by 23.0% during the second quarter. State Farm Mutual Automobile Insurance Co. now owns 6,321,693 shares of the company’s stock worth $169,358,000 after acquiring an additional 1,181,926 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Corteva by 9.2% during the third quarter. Principal Financial Group Inc. now owns 5,439,697 shares of the company’s stock worth $156,718,000 after acquiring an additional 459,975 shares in the last quarter. Holocene Advisors LP boosted its stake in Corteva by 66.5% during the second quarter. Holocene Advisors LP now owns 4,266,358 shares of the company’s stock worth $114,296,000 after acquiring an additional 1,704,350 shares in the last quarter. Finally, Swiss National Bank boosted its stake in Corteva by 2.0% during the second quarter. Swiss National Bank now owns 2,963,903 shares of the company’s stock worth $79,403,000 after acquiring an additional 59,300 shares in the last quarter. 71.52% of the stock is currently owned by hedge funds and other institutional investors.

CTVA opened at $37.16 on Friday. The company has a quick ratio of 1.26, a current ratio of 1.82 and a debt-to-equity ratio of 0.05. The firm has a 50 day moving average price of $33.42 and a 200-day moving average price of $28.95. Corteva, Inc. has a twelve month low of $20.38 and a twelve month high of $37.57. The stock has a market capitalization of $27.68 billion, a price-to-earnings ratio of 45.32, a PEG ratio of 2.41 and a beta of 0.70.

Corteva (NYSE:CTVA) last released its quarterly earnings data on Wednesday, November 4th. The company reported ($0.39) earnings per share for the quarter, beating the consensus estimate of ($0.42) by $0.03. The firm had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.91 billion. Corteva had a net margin of 4.42% and a return on equity of 4.70%. The firm’s quarterly revenue was down 2.7% on a year-over-year basis. During the same period in the previous year, the company earned ($0.39) earnings per share. As a group, analysts expect that Corteva, Inc. will post 1.38 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Friday, November 13th will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Thursday, November 12th. This represents a $0.52 annualized dividend and a yield of 1.40%. Corteva’s dividend payout ratio (DPR) is 36.36%.

Several research firms recently commented on CTVA. Argus raised shares of Corteva from a “hold” rating to a “buy” rating and set a $42.00 price objective on the stock in a research note on Tuesday, November 10th. Loop Capital dropped their price objective on shares of Corteva from $32.00 to $30.00 and set a “hold” rating on the stock in a research note on Tuesday, August 18th. Zacks Investment Research raised shares of Corteva from a “hold” rating to a “buy” rating and set a $41.00 target price for the company in a report on Wednesday, November 11th. BMO Capital Markets lifted their target price on shares of Corteva from $36.00 to $38.00 and gave the stock an “outperform” rating in a report on Friday, November 6th. Finally, Exane BNP Paribas cut shares of Corteva from an “outperform” rating to an “underperform” rating in a report on Monday, October 19th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and fourteen have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $34.70.

Corteva Company 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 weeds, as well as food and nutritional characteristics.

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Institutional Ownership by Quarter for Corteva (NYSE:CTVA)

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