New York Life Investment Management LLC Reduces Stake in Corteva, Inc. (NYSE:CTVA)

New York Life Investment Management LLC decreased its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 29.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 100,572 shares of the company’s stock after selling 42,165 shares during the quarter. New York Life Investment Management LLC’s holdings in Corteva were worth $4,819,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. CVA Family Office LLC acquired a new position in Corteva in the fourth quarter valued at $25,000. NewSquare Capital LLC increased its position in Corteva by 70.6% in the 3rd quarter. NewSquare Capital LLC now owns 546 shares of the company’s stock valued at $28,000 after acquiring an additional 226 shares during the period. Glass Jacobson Investment Advisors llc increased its position in Corteva by 234.3% in the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 555 shares of the company’s stock valued at $28,000 after acquiring an additional 389 shares during the period. BKM Wealth Management LLC purchased a new stake in Corteva during the 4th quarter valued at approximately $27,000. Finally, Naples Money Management LLC acquired a new stake in Corteva during the 4th quarter worth approximately $31,000. 81.54% of the stock is owned by institutional investors and hedge funds.

Corteva Stock Performance

NYSE:CTVA opened at $57.17 on Friday. The company has a market cap of $39.95 billion, a P/E ratio of 72.37, a P/E/G ratio of 1.49 and a beta of 0.78. The company has a quick ratio of 0.90, a current ratio of 1.51 and a debt-to-equity ratio of 0.10. The firm’s 50 day moving average is $55.33 and its two-hundred day moving average is $50.61. Corteva, Inc. has a fifty-two week low of $43.22 and a fifty-two week high of $60.57.

Corteva (NYSE:CTVA) last issued its earnings results on Wednesday, May 1st. The company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.10. The firm had revenue of $4.49 billion for the quarter, compared to analysts’ expectations of $4.65 billion. Corteva had a return on equity of 6.68% and a net margin of 3.32%. The firm’s revenue for the quarter was down 8.0% compared to the same quarter last year. During the same quarter last year, the firm earned $1.16 earnings per share. Analysts expect that Corteva, Inc. will post 2.84 EPS for the current year.

Corteva Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Tuesday, June 4th will be paid a dividend of $0.16 per share. The ex-dividend date is Tuesday, June 4th. This represents a $0.64 annualized dividend and a yield of 1.12%. Corteva’s dividend payout ratio is currently 81.01%.

Analyst Ratings Changes

CTVA has been the topic of a number of analyst reports. Barclays lifted their price target on Corteva from $55.00 to $58.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. Oppenheimer upped their target price on shares of Corteva from $67.00 to $69.00 and gave the stock an “outperform” rating in a research report on Friday. KeyCorp lifted their price target on shares of Corteva from $63.00 to $66.00 and gave the company an “overweight” rating in a research report on Tuesday, April 9th. Canaccord Genuity Group raised their price objective on Corteva from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Friday. Finally, Wolfe Research began coverage on Corteva in a research report on Friday, March 1st. They set an “outperform” rating and a $67.00 target price on the stock. Six analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $63.38.

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.