Massachusetts Financial Services Co. MA Trims Stake in Corteva, Inc. $CTVA

Massachusetts Financial Services Co. MA lowered its stake in Corteva, Inc. (NYSE:CTVA) by 87.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 869,142 shares of the company’s stock after selling 6,140,710 shares during the quarter. Massachusetts Financial Services Co. MA owned about 0.13% of Corteva worth $58,780,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Gladwyn Financial Advisors Inc. acquired a new position in shares of Corteva in the 2nd quarter worth approximately $25,000. True Wealth Design LLC raised its position in Corteva by 209.5% in the third quarter. True Wealth Design LLC now owns 390 shares of the company’s stock valued at $26,000 after purchasing an additional 264 shares during the period. Total Investment Management Inc. purchased a new stake in Corteva in the second quarter valued at approximately $27,000. Curat Global LLC lifted its stake in Corteva by 93.7% during the second quarter. Curat Global LLC now owns 370 shares of the company’s stock worth $28,000 after purchasing an additional 179 shares in the last quarter. Finally, Twin Peaks Wealth Advisors LLC purchased a new position in shares of Corteva during the second quarter worth $29,000. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Corteva Stock Up 3.7%

Shares of NYSE:CTVA opened at $71.48 on Thursday. The firm has a 50 day simple moving average of $67.04 and a 200-day simple moving average of $68.47. Corteva, Inc. has a twelve month low of $53.40 and a twelve month high of $77.41. The company has a current ratio of 1.58, a quick ratio of 1.07 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $48.30 billion, a PE ratio of 30.55, a P/E/G ratio of 1.39 and a beta of 0.74.

Corteva (NYSE:CTVA) last posted its earnings results on Tuesday, November 4th. The company reported ($0.23) EPS for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.26. The business had revenue of $2.62 billion for the quarter, compared to analysts’ expectations of $2.47 billion. Corteva had a return on equity of 9.37% and a net margin of 9.19%.The business’s revenue was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.49) earnings per share. On average, equities analysts predict that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 1st were given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date was Monday, December 1st. Corteva’s dividend payout ratio (DPR) is 30.77%.

Analysts Set New Price Targets

A number of brokerages recently commented on CTVA. Jefferies Financial Group lowered their target price on Corteva from $92.00 to $85.00 in a report on Thursday, October 2nd. Wolfe Research raised their price objective on shares of Corteva from $80.00 to $81.00 and gave the company an “outperform” rating in a research note on Friday, January 16th. Bank of America lifted their price objective on shares of Corteva from $80.00 to $82.00 and gave the company a “buy” rating in a report on Thursday, January 8th. Mizuho increased their target price on shares of Corteva from $78.00 to $80.00 and gave the stock an “outperform” rating in a report on Friday, January 16th. Finally, Oppenheimer reissued an “outperform” rating and issued a $76.00 price target on shares of Corteva in a research report on Friday, November 7th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $79.47.

About Corteva

Corteva, Inc (NYSE: CTVA) is an independent global agriculture company that was established as a publicly traded firm in mid‑2019 following the separation of the agriculture businesses from DowDuPont. The company focuses on delivering technologies and products that help farmers increase productivity and manage crop health. Corteva’s operations combine seed genetics, crop protection chemistries, digital tools and biological solutions to address the full cycle of crop production.

Core business activities include research and development of seed genetics and trait technologies, formulation and sale of crop protection products (such as herbicides, insecticides and fungicides), and the development of seed treatments and biologicals.