Corteva, Inc. (NYSE:CTVA) Shares Acquired by Mackenzie Financial Corp

Mackenzie Financial Corp lifted its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 0.4% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 483,670 shares of the company’s stock after buying an additional 1,748 shares during the period. Mackenzie Financial Corp owned 0.07% of Corteva worth $26,089,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Mediolanum International Funds Ltd acquired a new stake in shares of Corteva during the 1st quarter worth approximately $2,270,000. Red Mountain Financial LLC bought a new stake in Corteva in the fourth quarter valued at $862,000. California State Teachers Retirement System boosted its holdings in shares of Corteva by 15.1% during the fourth quarter. California State Teachers Retirement System now owns 1,383,280 shares of the company’s stock valued at $66,287,000 after acquiring an additional 181,883 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Corteva by 14.7% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 948,127 shares of the company’s stock worth $54,678,000 after acquiring an additional 121,817 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of Corteva in the 1st quarter worth about $1,965,000. Institutional investors and hedge funds own 81.54% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Argus cut Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. Wells Fargo & Company decreased their price target on Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. KeyCorp cut their price objective on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. OTR Global reaffirmed a “negative” rating on shares of Corteva in a report on Friday, June 7th. Finally, Morgan Stanley reissued an “overweight” rating and set a $65.00 target price on shares of Corteva in a research note on Tuesday, September 24th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $61.94.

Corteva Stock Performance

Shares of Corteva stock opened at $58.58 on Friday. Corteva, Inc. has a 12 month low of $43.22 and a 12 month high of $59.08. 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 stock has a market cap of $40.83 billion, a PE ratio of 74.15, a price-to-earnings-growth ratio of 1.68 and a beta of 0.77. The business has a fifty day simple moving average of $55.02 and a 200-day simple moving average of $54.88.

Corteva (NYSE:CTVA) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $1.83 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $6.15 billion. During the same period last year, the company posted $1.60 EPS. The business’s quarterly revenue was up 1.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Corteva, Inc. will post 2.69 EPS for the current fiscal year.

Corteva Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd were paid a $0.17 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This is a boost from Corteva’s previous quarterly dividend of $0.16. This represents a $0.68 dividend on an annualized basis and a yield of 1.16%. Corteva’s payout ratio is 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.