New York State Common Retirement Fund Sells 76,000 Shares of Corteva, Inc. (NYSE:CTVA)

New York State Common Retirement Fund trimmed its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 6.5% during the third quarter, Holdings Channel.com reports. The institutional investor owned 1,100,818 shares of the company’s stock after selling 76,000 shares during the quarter. New York State Common Retirement Fund’s holdings in Corteva were worth $64,717,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Cornerstone Wealth Group LLC purchased a new stake in Corteva in the 3rd quarter valued at $213,000. JFS Wealth Advisors LLC raised its position in Corteva by 184.9% in the 3rd quarter. JFS Wealth Advisors LLC now owns 1,513 shares of the company’s stock valued at $89,000 after buying an additional 982 shares during the last quarter. Pinnacle Associates Ltd. raised its position in Corteva by 13.3% in the 3rd quarter. Pinnacle Associates Ltd. now owns 28,117 shares of the company’s stock valued at $1,653,000 after buying an additional 3,309 shares during the last quarter. First Trust Direct Indexing L.P. raised its position in Corteva by 48.1% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 24,022 shares of the company’s stock valued at $1,412,000 after buying an additional 7,797 shares during the last quarter. Finally, Farmers & Merchants Investments Inc. raised its position in Corteva by 18.4% in the 3rd quarter. Farmers & Merchants Investments Inc. now owns 3,488 shares of the company’s stock valued at $205,000 after buying an additional 541 shares during the last quarter. 81.54% of the stock is currently owned by institutional investors.

Corteva Trading Down 0.1 %

Shares of NYSE CTVA opened at $60.86 on Friday. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.10. The business has a fifty day simple moving average of $57.79 and a two-hundred day simple moving average of $55.37. The firm has a market cap of $42.13 billion, a PE ratio of 46.82, a price-to-earnings-growth ratio of 1.77 and a beta of 0.77. Corteva, Inc. has a twelve month low of $43.22 and a twelve month high of $62.38.

Corteva (NYSE:CTVA) last announced its earnings results on Wednesday, July 31st. The company reported $1.83 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.09. Corteva had a return on equity of 7.30% and a net margin of 5.31%. The firm had revenue of $6.11 billion for the quarter, compared to the consensus estimate of $6.15 billion. During the same period in the previous year, the business earned $1.60 EPS. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. Analysts expect that Corteva, Inc. will post 2.66 earnings per share for the current fiscal year.

Corteva Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.68 annualized dividend and a yield of 1.12%. Corteva’s payout ratio is presently 52.31%.

Analyst Ratings Changes

A number of equities research analysts recently commented on CTVA shares. Citigroup initiated coverage on Corteva in a research report on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 price target for the company. Wells Fargo & Company decreased their target price on Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Bank of America raised Corteva from a “neutral” rating to a “buy” rating and raised their target price for the company from $59.00 to $67.00 in a research report on Wednesday, October 16th. Argus lowered Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. decreased their price objective on Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Corteva currently has a consensus rating of “Moderate Buy” and a consensus price target of $62.84.

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.