Cullinan Associates Inc. Decreases Holdings in Corteva, Inc. (NYSE:CTVA)

Cullinan Associates Inc. reduced its stake in shares of Corteva, Inc. (NYSE:CTVA) by 84.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 28,249 shares of the company’s stock after selling 150,120 shares during the quarter. Cullinan Associates Inc.’s holdings in Corteva were worth $1,629,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CTVA. Vanguard Group Inc. grew its position in Corteva by 2.4% in the 3rd quarter. Vanguard Group Inc. now owns 81,346,924 shares of the company’s stock valued at $4,161,709,000 after acquiring an additional 1,941,323 shares during the last quarter. Capital International Investors increased its stake in Corteva by 47.2% in the 4th quarter. Capital International Investors now owns 25,758,735 shares of the company’s stock worth $1,234,359,000 after buying an additional 8,260,808 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in Corteva by 19.3% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 13,236,504 shares of the company’s stock valued at $634,293,000 after buying an additional 2,141,428 shares in the last quarter. Northern Trust Corp boosted its position in Corteva by 2.5% in the 4th quarter. Northern Trust Corp now owns 12,815,795 shares of the company’s stock valued at $614,133,000 after buying an additional 310,012 shares during the period. Finally, Harris Associates L P grew its stake in Corteva by 87.1% in the 4th quarter. Harris Associates L P now owns 9,011,702 shares of the company’s stock worth $431,841,000 after acquiring an additional 4,194,981 shares in the last quarter. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Corteva

In related news, insider Samuel R. Eathington sold 31,686 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $57.64, for a total value of $1,826,381.04. Following the sale, the insider now owns 53,854 shares of the company’s stock, valued at $3,104,144.56. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Corteva news, SVP Cornel B. Fuerer sold 39,736 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $57.41, for a total transaction of $2,281,243.76. Following the transaction, the senior vice president now owns 126,628 shares of the company’s stock, valued at $7,269,713.48. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Samuel R. Eathington sold 31,686 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $57.64, for a total value of $1,826,381.04. Following the transaction, the insider now owns 53,854 shares in the company, valued at approximately $3,104,144.56. The disclosure for this sale can be found here. Over the last three months, insiders sold 83,556 shares of company stock worth $4,795,016. Company insiders own 0.20% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on CTVA shares. OTR Global reissued a “negative” rating on shares of Corteva in a research report on Friday, June 7th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $57.00 target price (down from $58.00) on shares of Corteva in a research note on Friday, April 12th. BMO Capital Markets increased their price objective on Corteva from $64.00 to $67.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. Oppenheimer upped their target price on Corteva from $67.00 to $69.00 and gave the company an “outperform” rating in a research report on Friday, May 3rd. Finally, Barclays boosted their price target on Corteva from $55.00 to $58.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $63.00.

Corteva Stock Down 0.6 %

NYSE CTVA opened at $52.77 on Wednesday. The company has a quick ratio of 0.97, a current ratio of 1.51 and a debt-to-equity ratio of 0.10. The business’s fifty day simple moving average is $54.73 and its 200-day simple moving average is $52.88. Corteva, Inc. has a 52 week low of $43.22 and a 52 week high of $58.76. The firm has a market cap of $36.78 billion, a PE ratio of 66.80, a P/E/G ratio of 1.44 and a beta of 0.77.

Corteva (NYSE:CTVA) last announced its quarterly 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. Corteva had a net margin of 3.32% and a return on equity of 6.68%. The business had revenue of $4.49 billion during the quarter, compared to analysts’ expectations of $4.65 billion. During the same period last year, the business earned $1.16 earnings per share. The business’s revenue for the quarter was down 8.0% on a year-over-year basis. As a group, equities analysts anticipate that Corteva, Inc. will post 2.8 earnings per share for the current year.

Corteva Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 18th. Stockholders of record on Tuesday, June 4th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date was Tuesday, June 4th. Corteva’s dividend payout ratio is currently 81.01%.

Corteva 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.