Horizon Bancorp Inc. IN Sells 695 Shares of Corteva, Inc. (NYSE:CTVA)

Horizon Bancorp Inc. IN reduced its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 10.7% in the 3rd quarter, Holdings Channel.com reports. The fund owned 5,790 shares of the company’s stock after selling 695 shares during the period. Horizon Bancorp Inc. IN’s holdings in Corteva were worth $340,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Mediolanum International Funds Ltd bought a new position in Corteva in the first quarter valued at $2,270,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Corteva by 14.7% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 948,127 shares of the company’s stock worth $54,678,000 after buying an additional 121,817 shares during the last quarter. Intech Investment Management LLC grew its holdings in shares of Corteva by 69.5% in the 1st quarter. Intech Investment Management LLC now owns 52,557 shares of the company’s stock valued at $3,031,000 after acquiring an additional 21,545 shares in the last quarter. Illinois Municipal Retirement Fund increased its position in shares of Corteva by 295.9% in the first quarter. Illinois Municipal Retirement Fund now owns 94,896 shares of the company’s stock valued at $5,473,000 after acquiring an additional 70,924 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its position in Corteva by 75.5% during the first quarter. BNP Paribas Financial Markets now owns 633,117 shares of the company’s stock valued at $36,512,000 after purchasing an additional 272,461 shares during the last quarter. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Wells Fargo & Company lowered their price target on Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Citigroup started coverage on shares of Corteva in a report on Wednesday. They set a “buy” rating and a $68.00 target price on the stock. Bank of America upgraded shares of Corteva from a “neutral” rating to a “buy” rating and increased their price target for the company from $59.00 to $67.00 in a research note on Wednesday, October 16th. Argus lowered shares of Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $65.00 target price on shares of Corteva in a research note on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $62.84.

Corteva Stock Performance

Shares of CTVA stock traded down $0.43 on Friday, hitting $60.35. The company’s stock had a trading volume of 2,632,345 shares, compared to its average volume of 3,253,402. Corteva, Inc. has a fifty-two week low of $43.22 and a fifty-two week high of $61.21. The company has a market capitalization of $42.06 billion, a PE ratio of 76.39, a PEG ratio of 1.66 and a beta of 0.77. The stock’s 50 day moving average is $57.13 and its 200-day moving average is $55.19. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.17 and a current ratio of 1.72.

Corteva (NYSE:CTVA) last announced its earnings results 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 firm had revenue of $6.11 billion for the quarter, compared to analyst estimates of $6.15 billion. During the same quarter in the prior year, the business posted $1.60 EPS. The business’s revenue was up 1.1% compared to the same quarter last year. Equities research analysts expect that Corteva, Inc. will post 2.66 earnings per share for the current fiscal year.

Corteva Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.13%. This is an increase from Corteva’s previous quarterly dividend of $0.16. The ex-dividend date was Tuesday, September 3rd. Corteva’s dividend payout ratio is presently 86.08%.

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.