QRG Capital Management Inc. Boosts Stake in Corteva, Inc. (NYSE:CTVA)

QRG Capital Management Inc. boosted its position in shares of Corteva, Inc. (NYSE:CTVA) by 5.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 26,429 shares of the company’s stock after acquiring an additional 1,420 shares during the period. QRG Capital Management Inc.’s holdings in Corteva were worth $1,554,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of CTVA. National Pension Service lifted its position in shares of Corteva by 10.3% in the third quarter. National Pension Service now owns 2,137,825 shares of the company’s stock worth $125,683,000 after buying an additional 198,768 shares in the last quarter. Old North State Wealth Management LLC grew its holdings in shares of Corteva by 33.5% in the third quarter. Old North State Wealth Management LLC now owns 6,432 shares of the company’s stock valued at $379,000 after purchasing an additional 1,613 shares in the last quarter. Van ECK Associates Corp increased its position in Corteva by 2.5% in the third quarter. Van ECK Associates Corp now owns 8,902,675 shares of the company’s stock worth $541,194,000 after purchasing an additional 213,872 shares during the last quarter. Confluence Wealth Services Inc. raised its stake in Corteva by 3.4% during the third quarter. Confluence Wealth Services Inc. now owns 9,937 shares of the company’s stock valued at $584,000 after purchasing an additional 330 shares in the last quarter. Finally, Pure Financial Advisors LLC bought a new position in Corteva during the third quarter valued at $217,000. 81.54% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CTVA. Wells Fargo & Company decreased their target price on shares of Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. KeyCorp lowered their price objective on Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Morgan Stanley reiterated an “overweight” rating and issued a $65.00 target price on shares of Corteva in a report on Tuesday, September 24th. Citigroup started coverage on Corteva in a report on Wednesday, October 23rd. They set a “buy” rating and a $68.00 price target on the stock. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Corteva presently has an average rating of “Moderate Buy” and a consensus target price of $63.21.

Corteva Price Performance

Shares of CTVA stock opened at $58.64 on Friday. Corteva, Inc. has a twelve month low of $43.22 and a twelve month high of $63.75. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.10. The stock has a fifty day simple moving average of $58.14 and a two-hundred day simple moving average of $55.55. The stock has a market capitalization of $40.59 billion, a price-to-earnings ratio of 45.11, a P/E/G ratio of 1.76 and a beta of 0.77.

Corteva (NYSE:CTVA) last issued its earnings results on Wednesday, November 6th. The company reported ($0.49) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.18). Corteva had a return on equity of 7.30% and a net margin of 5.31%. The business had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.69 billion. On average, analysts predict that Corteva, Inc. will post 2.66 EPS for the current fiscal year.

Corteva Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.68 annualized dividend and a yield of 1.16%. Corteva’s dividend payout ratio (DPR) is presently 52.31%.

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.