Balentine LLC Has $319,000 Stake in Corteva, Inc. (NYSE:CTVA)

Balentine LLC lowered its position in Corteva, Inc. (NYSE:CTVA) by 56.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,664 shares of the company’s stock after selling 8,688 shares during the quarter. Balentine LLC’s holdings in Corteva were worth $319,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. WCM Investment Management LLC boosted its position in Corteva by 3.1% during the fourth quarter. WCM Investment Management LLC now owns 7,103,146 shares of the company’s stock worth $341,590,000 after purchasing an additional 213,949 shares during the period. 17 Capital Partners LLC acquired a new position in Corteva in the 4th quarter valued at about $1,649,000. Factory Mutual Insurance Co. raised its holdings in Corteva by 10.7% in the 4th quarter. Factory Mutual Insurance Co. now owns 532,558 shares of the company’s stock valued at $25,520,000 after acquiring an additional 51,500 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its position in Corteva by 9.7% during the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 777,833 shares of the company’s stock worth $39,794,000 after acquiring an additional 68,593 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Corteva by 1.1% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,760,701 shares of the company’s stock worth $132,293,000 after acquiring an additional 31,171 shares during the period. Institutional investors own 81.54% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on CTVA shares. Canaccord Genuity Group increased their target price on Corteva from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Friday, May 3rd. BNP Paribas raised shares of Corteva from an “underperform” rating to a “neutral” rating and set a $53.00 price target on the stock in a research report on Friday, February 2nd. KeyCorp lifted their price objective on shares of Corteva from $63.00 to $66.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 9th. Royal Bank of Canada increased their target price on shares of Corteva from $62.00 to $64.00 and gave the stock an “outperform” rating in a research report on Monday, May 6th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $57.00 price target (down from $58.00) on shares of Corteva in a research report on Friday, April 12th. Six equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $63.05.

Corteva Price Performance

Shares of CTVA opened at $56.98 on Thursday. The business has a 50-day moving average of $56.03 and a 200-day moving average of $51.37. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.51 and a quick ratio of 0.97. The company has a market capitalization of $39.71 billion, a price-to-earnings ratio of 72.13, a price-to-earnings-growth ratio of 1.50 and a beta of 0.78. Corteva, Inc. has a 1 year low of $43.22 and a 1 year high of $58.81.

Corteva (NYSE:CTVA) last released its quarterly earnings results on Wednesday, May 1st. The company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.10. Corteva had a net margin of 3.32% and a return on equity of 6.68%. The firm had revenue of $4.49 billion during the quarter, compared to analyst estimates of $4.65 billion. During the same quarter last year, the business earned $1.16 EPS. The company’s revenue was down 8.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Corteva, Inc. will post 2.82 earnings per share for the current year.

Corteva Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Tuesday, June 4th will be issued a $0.16 dividend. The ex-dividend date is Tuesday, June 4th. This represents a $0.64 annualized dividend and a yield of 1.12%. Corteva’s payout ratio is 81.01%.

Insiders Place Their Bets

In other news, insider Brian Titus sold 12,134 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $56.65, for a total value of $687,391.10. Following the transaction, the insider now directly owns 13,495 shares of the company’s stock, valued at approximately $764,491.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Cornel B. Fuerer sold 39,736 shares of the stock in a transaction on Tuesday, May 14th. The shares were 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 directly owns 126,628 shares of the company’s stock, valued at $7,269,713.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Brian Titus sold 12,134 shares of Corteva stock in a transaction on Monday, May 6th. The shares were sold at an average price of $56.65, for a total transaction of $687,391.10. Following the completion of the sale, the insider now directly owns 13,495 shares of the company’s stock, valued at $764,491.75. The disclosure for this sale can be found here. In the last ninety days, insiders sold 83,556 shares of company stock worth $4,795,016. Company insiders own 0.14% of the company’s stock.

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.