Stoneridge Investment Partners LLC Sells 1,779 Shares of Corteva, Inc. (NYSE:CTVA)

Stoneridge Investment Partners LLC lessened its stake in Corteva, Inc. (NYSE:CTVA) by 3.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 51,357 shares of the company’s stock after selling 1,779 shares during the period. Stoneridge Investment Partners LLC’s holdings in Corteva were worth $2,770,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in CTVA. Capital International Investors boosted its stake in shares of Corteva by 47.2% in the 4th quarter. Capital International Investors now owns 25,758,735 shares of the company’s stock valued at $1,234,359,000 after purchasing an additional 8,260,808 shares during the last quarter. Norges Bank bought a new position in shares of Corteva in the 4th quarter worth about $265,298,000. Harris Associates L P lifted its stake in shares of Corteva by 87.1% in the 4th quarter. Harris Associates L P now owns 9,011,702 shares of the company’s stock valued at $431,841,000 after purchasing an additional 4,194,981 shares during the period. Vaughan Nelson Investment Management L.P. boosted its position in shares of Corteva by 392.3% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 4,083,685 shares of the company’s stock valued at $220,274,000 after purchasing an additional 3,254,126 shares in the last quarter. Finally, Glenview Capital Management LLC grew its stake in Corteva by 116.6% during the fourth quarter. Glenview Capital Management LLC now owns 4,698,725 shares of the company’s stock worth $225,163,000 after purchasing an additional 2,529,539 shares during the period. Institutional investors and hedge funds own 81.54% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on CTVA shares. OTR Global restated a “negative” rating on shares of Corteva in a report on Friday, June 7th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $65.00 price target on shares of Corteva in a report on Wednesday, June 12th. Wells Fargo & Company dropped their price objective on shares of Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. JPMorgan Chase & Co. cut their price objective on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Finally, Mizuho decreased their target price on Corteva from $61.00 to $60.00 and set a “buy” rating for the company in a research report on Tuesday, June 18th. One analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $61.67.

Corteva Stock Performance

Shares of CTVA stock opened at $56.63 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.72 and a quick ratio of 1.17. The firm has a 50-day moving average of $54.12 and a 200-day moving average of $54.65. Corteva, Inc. has a one year low of $43.22 and a one year high of $58.76. The company has a market cap of $39.20 billion, a P/E ratio of 71.68, a P/E/G ratio of 1.60 and a beta of 0.77.

Corteva (NYSE:CTVA) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $1.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.09. Corteva had a net margin of 5.31% and a return on equity of 7.30%. The business had revenue of $6.11 billion during the quarter, compared to the consensus estimate of $6.15 billion. During the same period in the prior year, the firm posted $1.60 EPS. The firm’s quarterly revenue was up 1.1% compared to the same quarter last year. Equities research analysts forecast that Corteva, Inc. will post 2.69 EPS for the current fiscal year.

Corteva Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd will be given a $0.17 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $0.68 annualized dividend and a yield of 1.20%. This is a boost from Corteva’s previous quarterly dividend of $0.16. Corteva’s payout ratio is currently 86.08%.

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.