Kentucky Retirement Systems Has $2.71 Million Position in Corteva, Inc. (NYSE:CTVA)

Kentucky Retirement Systems lowered its position in Corteva, Inc. (NYSE:CTVA) by 1.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 47,570 shares of the company’s stock after selling 656 shares during the quarter. Kentucky Retirement Systems’ holdings in Corteva were worth $2,710,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. KBC Group NV increased its stake in shares of Corteva by 267.3% in the third quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock valued at $65,851,000 after buying an additional 815,135 shares during the period. Oak Thistle LLC bought a new stake in Corteva in the fourth quarter valued at approximately $1,514,000. Charles Schwab Investment Management Inc. boosted its holdings in Corteva by 1.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,523,996 shares of the company’s stock valued at $265,966,000 after acquiring an additional 66,052 shares during the last quarter. Van ECK Associates Corp boosted its holdings in Corteva by 5.9% in the fourth quarter. Van ECK Associates Corp now owns 9,428,206 shares of the company’s stock valued at $537,031,000 after acquiring an additional 525,531 shares during the last quarter. Finally, Swedbank AB boosted its holdings in Corteva by 51.9% in the fourth quarter. Swedbank AB now owns 695,641 shares of the company’s stock valued at $39,624,000 after acquiring an additional 237,764 shares during the last quarter. Institutional investors and hedge funds own 81.54% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CTVA. UBS Group reduced their target price on Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a report on Friday, January 10th. Bank of America upped their target price on Corteva from $69.00 to $73.00 and gave the company a “buy” rating in a report on Tuesday, February 11th. BNP Paribas upgraded Corteva to a “hold” rating in a report on Monday, February 10th. Citigroup upped their target price on Corteva from $69.00 to $74.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. Finally, Royal Bank of Canada increased their price target on Corteva from $72.00 to $73.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $67.73.

Corteva Price Performance

Shares of CTVA opened at $62.75 on Friday. Corteva, Inc. has a 12-month low of $50.01 and a 12-month high of $66.24. The business’s fifty day moving average is $60.81 and its 200 day moving average is $58.88. The company has a quick ratio of 0.93, a current ratio of 1.45 and a debt-to-equity ratio of 0.08. The stock has a market cap of $43.02 billion, a P/E ratio of 48.64, a P/E/G ratio of 1.68 and a beta of 0.78.

Corteva (NYSE:CTVA) last issued its earnings results on Wednesday, February 5th. The company reported $0.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.02). Corteva had a return on equity of 7.19% and a net margin of 5.36%. Sell-side analysts anticipate that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.08%. The ex-dividend date is Monday, March 3rd. Corteva’s dividend payout ratio is currently 52.71%.

Corteva announced that its board has approved a share repurchase plan on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 7.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

About Corteva

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.