New York State Teachers Retirement System Sells 39,872 Shares of Corteva, Inc. (NYSE:CTVA)

New York State Teachers Retirement System lowered its stake in Corteva, Inc. (NYSE:CTVA) by 6.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 573,895 shares of the company’s stock after selling 39,872 shares during the quarter. New York State Teachers Retirement System owned 0.08% of Corteva worth $33,739,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CTVA. Acadian Asset Management LLC bought a new position in shares of Corteva during the first quarter valued at approximately $25,000. Capital Advisors Ltd. LLC grew its stake in Corteva by 44.4% in the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after purchasing an additional 174 shares during the period. Cultivar Capital Inc. purchased a new stake in Corteva in the second quarter worth $34,000. Redwood Wealth Management Group LLC purchased a new stake in Corteva in the second quarter worth $43,000. Finally, Triad Wealth Partners LLC purchased a new stake in Corteva in the second quarter worth $45,000. Institutional investors own 81.54% of the company’s stock.

Corteva Trading Down 1.1 %

Shares of NYSE:CTVA opened at $60.92 on Friday. Corteva, Inc. has a 1 year low of $43.22 and a 1 year high of $62.38. The stock’s fifty day moving average price is $57.69 and its 200-day moving average price is $55.32. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.72 and a quick ratio of 1.17. The company has a market cap of $42.46 billion, a P/E ratio of 77.11, a PEG ratio of 1.66 and a beta of 0.77.

Corteva (NYSE:CTVA) last posted its earnings results on Wednesday, July 31st. The company reported $1.83 earnings per share for the quarter, beating 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 company had revenue of $6.11 billion for the quarter, compared to the consensus estimate of $6.15 billion. During the same quarter in the prior year, the company earned $1.60 earnings per share. Corteva’s revenue was up 1.1% on a year-over-year basis. Sell-side analysts expect that Corteva, Inc. will post 2.66 earnings per share for the current year.

Corteva Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 1.12%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva’s dividend payout ratio is 86.08%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CTVA shares. Wells Fargo & Company reduced their price target on Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. JPMorgan Chase & Co. reduced their price target on Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. KeyCorp reduced their price target on Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Citigroup began coverage on Corteva in a research note on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 price target on the stock. Finally, Argus cut Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $62.84.

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.