State of New Jersey Common Pension Fund D Sells 151,477 Shares of Corteva, Inc. (NYSE:CTVA)

State of New Jersey Common Pension Fund D cut its stake in shares of Corteva, Inc. (NYSE:CTVA) by 37.5% during the 2nd quarter, Holdings Channel reports. The fund owned 252,578 shares of the company’s stock after selling 151,477 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Corteva were worth $13,624,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Mediolanum International Funds Ltd bought a new position in Corteva during the first quarter worth $2,270,000. Red Mountain Financial LLC bought a new position in Corteva during the fourth quarter worth $862,000. California State Teachers Retirement System boosted its stake in Corteva by 15.1% during the fourth quarter. California State Teachers Retirement System now owns 1,383,280 shares of the company’s stock worth $66,287,000 after acquiring an additional 181,883 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in 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 in the last quarter. Finally, Los Angeles Capital Management LLC bought a new position in Corteva during the first quarter worth $1,965,000. 81.54% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on CTVA shares. 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. Argus lowered shares of Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $65.00 price objective on shares of Corteva in a research note on Wednesday, June 12th. JPMorgan Chase & Co. dropped their price objective on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Finally, Mizuho dropped their price objective on shares of Corteva from $61.00 to $60.00 and set a “buy” rating on the stock in a research note on Tuesday, June 18th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, Corteva presently has an average rating of “Moderate Buy” and a consensus price target of $61.67.

Corteva Stock Performance

NYSE CTVA opened at $56.63 on Friday. Corteva, Inc. has a 52-week low of $43.22 and a 52-week high of $58.76. The company has a 50-day simple moving average of $54.12 and a 200 day simple moving average of $54.65. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.17 and a current ratio of 1.72. The company has a market capitalization of $39.20 billion, a PE ratio of 71.68, a price-to-earnings-growth ratio of 1.60 and a beta of 0.77.

Corteva (NYSE:CTVA) last posted its quarterly earnings data 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 net margin of 5.31% and a return on equity of 7.30%. The business had revenue of $6.11 billion during the quarter, compared to the consensus estimate of $6.15 billion. During the same quarter last year, the company posted $1.60 earnings per share. The firm’s quarterly revenue was up 1.1% compared to the same quarter last year. On average, research analysts predict that Corteva, Inc. will post 2.69 EPS for the current year.

Corteva Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.20%. The ex-dividend date is Tuesday, September 3rd. This is an increase from Corteva’s previous quarterly dividend of $0.16. Corteva’s dividend payout ratio (DPR) 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.