New York State Common Retirement Fund Acquires 25,000 Shares of Corteva, Inc. $CTVA

New York State Common Retirement Fund boosted its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 2.7% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 944,941 shares of the company’s stock after buying an additional 25,000 shares during the quarter. New York State Common Retirement Fund’s holdings in Corteva were worth $63,906,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Corteva by 0.5% during the 2nd quarter. Vanguard Group Inc. now owns 80,188,326 shares of the company’s stock worth $5,976,436,000 after acquiring an additional 373,680 shares during the last quarter. Geode Capital Management LLC raised its holdings in Corteva by 1.4% in the 2nd quarter. Geode Capital Management LLC now owns 18,047,263 shares of the company’s stock worth $1,339,651,000 after purchasing an additional 251,693 shares during the period. Franklin Resources Inc. lifted its position in Corteva by 4.9% during the second quarter. Franklin Resources Inc. now owns 17,680,238 shares of the company’s stock valued at $1,317,708,000 after purchasing an additional 824,451 shares in the last quarter. WCM Investment Management LLC lifted its position 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 purchasing an additional 2,066,519 shares in the last quarter. Finally, Norges Bank bought a new stake in Corteva during the second quarter valued at about $434,220,000. 81.54% of the stock is currently owned by institutional investors.

Corteva Trading Up 1.1%

Shares of CTVA opened at $73.89 on Friday. The firm has a market cap of $49.93 billion, a P/E ratio of 31.58, a price-to-earnings-growth ratio of 1.86 and a beta of 0.74. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.58 and a quick ratio of 1.07. Corteva, Inc. has a 1 year low of $53.40 and a 1 year high of $77.41. The company has a 50 day simple moving average of $67.96 and a two-hundred day simple moving average of $68.40.

Corteva (NYSE:CTVA) last issued its earnings results on Tuesday, November 4th. The company reported ($0.23) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.26. The firm had revenue of $2.62 billion during the quarter, compared to analyst estimates of $2.47 billion. Corteva had a net margin of 9.19% and a return on equity of 9.37%. Corteva’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.49) earnings per share. On average, equities analysts expect that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Monday, March 2nd. Corteva’s dividend payout ratio is 30.77%.

Analyst Ratings Changes

Several research firms have recently commented on CTVA. Royal Bank Of Canada decreased their price objective on Corteva from $86.00 to $80.00 and set an “outperform” rating on the stock in a research note on Friday, October 17th. Weiss Ratings restated a “hold (c-)” rating on shares of Corteva in a research note on Monday, December 29th. Citigroup upped their price target on shares of Corteva from $70.00 to $74.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 21st. Rothschild & Co Redburn decreased 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. Finally, JPMorgan Chase & Co. lifted their target price on shares of Corteva from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, January 21st. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $79.58.

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.