Pinnacle Associates Ltd. Has $1.83 Million Holdings in Corteva, Inc. $CTVA

Pinnacle Associates Ltd. lessened its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 5.4% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 24,607 shares of the company’s stock after selling 1,396 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Corteva were worth $1,834,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in CTVA. Nuveen LLC acquired a new stake in Corteva during the 1st quarter worth $640,333,000. WCM Investment Management LLC raised its stake in Corteva by 29.6% during the 2nd quarter. WCM Investment Management LLC now owns 9,044,706 shares of the company’s stock worth $672,836,000 after buying an additional 2,066,519 shares during the period. Assenagon Asset Management S.A. raised its stake in Corteva by 4,769.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,924,419 shares of the company’s stock worth $143,427,000 after buying an additional 1,884,897 shares during the period. JPMorgan Chase & Co. raised its stake in Corteva by 54.6% during the 1st quarter. JPMorgan Chase & Co. now owns 5,009,038 shares of the company’s stock worth $315,219,000 after buying an additional 1,769,355 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its stake in Corteva by 65.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,251,449 shares of the company’s stock worth $204,615,000 after buying an additional 1,290,009 shares during the period. Institutional investors and hedge funds own 81.54% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on CTVA shares. Wolfe Research dropped their price objective on Corteva from $80.00 to $79.00 and set an “outperform” rating on the stock in a research note on Monday, October 27th. JPMorgan Chase & Co. raised Corteva from a “neutral” rating to an “overweight” rating and set a $67.00 price target on the stock in a research note on Thursday, October 2nd. Deutsche Bank Aktiengesellschaft lifted their price target on Corteva from $83.00 to $90.00 and gave the company a “buy” rating in a research note on Monday, September 15th. UBS Group dropped their price target on Corteva from $85.00 to $81.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, Weiss Ratings downgraded Corteva from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, October 8th. Fifteen analysts have rated the stock with 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 $79.65.

Corteva Price Performance

Shares of NYSE CTVA opened at $61.51 on Monday. The stock has a market capitalization of $41.77 billion, a price-to-earnings ratio of 30.00, a PEG ratio of 1.40 and a beta of 0.81. The business has a 50-day moving average of $67.53 and a 200-day moving average of $69.40. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.68 and a quick ratio of 1.23. Corteva, Inc. has a fifty-two week low of $53.40 and a fifty-two week high of $77.41.

Corteva (NYSE:CTVA) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $2.20 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.31. The company had revenue of $6.46 billion during the quarter, compared to analysts’ expectations of $6.26 billion. Corteva had a return on equity of 8.68% and a net margin of 8.16%.Corteva’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.83 EPS. As a group, sell-side analysts predict 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, December 15th. Stockholders of record on Monday, December 1st will be issued a $0.18 dividend. The ex-dividend date is Monday, December 1st. This represents a $0.72 annualized dividend and a dividend yield of 1.2%. Corteva’s dividend payout ratio (DPR) is presently 35.12%.

Insider Buying and Selling at Corteva

In other news, EVP Robert D. King sold 37,280 shares of the firm’s stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $74.20, for a total value of $2,766,176.00. Following the completion of the transaction, the executive vice president owned 49,262 shares in the company, valued at $3,655,240.40. This trade represents a 43.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.15% of the stock is owned by insiders.

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 herbicides used to control weeds, as well as food and nutritional characteristics.