Kentucky Retirement Systems Lowers Position in Corteva, Inc. (NYSE:CTVA)

Kentucky Retirement Systems trimmed its stake in shares of Corteva, Inc. (NYSE:CTVA) by 8.2% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 48,226 shares of the company’s stock after selling 4,296 shares during the period. Kentucky Retirement Systems’ holdings in Corteva were worth $2,835,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Acadian Asset Management LLC purchased a new position in shares of Corteva in the 1st quarter worth $25,000. Capital Advisors Ltd. LLC boosted its position in Corteva by 44.4% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after buying an additional 174 shares during the period. Cultivar Capital Inc. purchased a new stake in shares of Corteva in the second quarter valued at approximately $34,000. Redwood Wealth Management Group LLC purchased a new stake in shares of Corteva in the 2nd quarter worth $43,000. Finally, Triad Wealth Partners LLC bought a new position in shares of Corteva during the 2nd quarter worth $45,000. 81.54% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CTVA. Barclays upped their price objective on shares of Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. Bank of America upgraded shares of Corteva from a “neutral” rating to a “buy” rating and increased their price objective for the company from $59.00 to $67.00 in a research note on Wednesday, October 16th. Argus downgraded shares of Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. Wells Fargo & Company dropped their target price on Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Finally, Citigroup assumed 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. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.68.

Corteva Stock Performance

Shares of CTVA stock opened at $55.21 on Monday. The business has a fifty day moving average of $58.34 and a 200 day moving average of $55.69. Corteva, Inc. has a 1 year low of $43.89 and a 1 year high of $63.75. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96. The firm has a market capitalization of $37.95 billion, a price-to-earnings ratio of 55.77, a price-to-earnings-growth ratio of 1.77 and a beta of 0.77.

Corteva Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.23%. The ex-dividend date is Monday, December 2nd. Corteva’s payout ratio is 68.69%.

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.