Corteva, Inc. (NYSE:CTVA) Shares Sold by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board trimmed its position in shares of Corteva, Inc. (NYSE:CTVA) by 25.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,139,723 shares of the company’s stock after selling 386,763 shares during the period. Canada Pension Plan Investment Board owned approximately 0.16% of Corteva worth $61,477,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Mediolanum International Funds Ltd bought a new stake in shares of Corteva in the first quarter worth $2,270,000. Red Mountain Financial LLC bought a new stake in shares of Corteva in the 4th quarter worth about $862,000. California State Teachers Retirement System raised its stake in shares of Corteva by 15.1% in the 4th quarter. California State Teachers Retirement System now owns 1,383,280 shares of the company’s stock valued at $66,287,000 after purchasing an additional 181,883 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted 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 purchasing an additional 121,817 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in Corteva in the first quarter worth about $1,965,000. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. OTR Global restated a “negative” rating on shares of Corteva in a research note on Friday, June 7th. JPMorgan Chase & Co. dropped their price target on Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Argus downgraded shares of Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $65.00 target price on shares of Corteva in a report on Wednesday, June 12th. Finally, 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 research note on Friday, August 2nd. One research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, Corteva currently has an average rating of “Moderate Buy” and an average price target of $61.67.

Corteva Stock Performance

Shares of NYSE CTVA opened at $57.58 on Friday. Corteva, Inc. has a 1 year low of $43.22 and a 1 year high of $58.92. The firm has a market cap of $40.13 billion, a P/E ratio of 72.89, a PEG ratio of 1.60 and a beta of 0.77. The stock has a fifty day moving average price of $54.68 and a two-hundred day moving average price of $54.77. 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 released 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 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 analyst estimates of $6.15 billion. During the same period in the previous year, the company earned $1.60 earnings per share. Corteva’s revenue was up 1.1% compared to the same quarter last year. Research analysts forecast that Corteva, Inc. will post 2.69 EPS for the current fiscal year.

Corteva Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd were given a $0.17 dividend. This is a positive change from Corteva’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.68 annualized dividend and a yield of 1.18%. Corteva’s payout ratio is 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.