Cullinan Associates Inc. Has $1.05 Million Stake in Corteva, Inc. (NYSE:CTVA)

Cullinan Associates Inc. reduced its position in shares of Corteva, Inc. (NYSE:CTVA) by 28.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 17,759 shares of the company’s stock after selling 7,110 shares during the quarter. Cullinan Associates Inc.’s holdings in Corteva were worth $1,046,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Mediolanum International Funds Ltd purchased a new position in shares of Corteva during the first quarter valued at approximately $2,270,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Corteva by 14.7% in the 1st 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. Intech Investment Management LLC grew its stake in shares of Corteva by 69.5% in the 1st quarter. Intech Investment Management LLC now owns 52,557 shares of the company’s stock worth $3,031,000 after acquiring an additional 21,545 shares in the last quarter. Illinois Municipal Retirement Fund raised its holdings in shares of Corteva by 295.9% in the first quarter. Illinois Municipal Retirement Fund now owns 94,896 shares of the company’s stock valued at $5,473,000 after purchasing an additional 70,924 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its position in Corteva by 75.5% in the 1st quarter. BNP Paribas Financial Markets now owns 633,117 shares of the company’s stock worth $36,512,000 after purchasing an additional 272,461 shares in the last quarter. Institutional investors and hedge funds own 81.54% of the company’s stock.

Corteva Stock Performance

Shares of NYSE CTVA traded down $0.22 during trading on Friday, hitting $60.56. The company had a trading volume of 76,271 shares, compared to its average volume of 3,241,054. The stock has a 50 day simple moving average of $56.84 and a 200 day simple moving average of $55.13. The firm has a market capitalization of $42.21 billion, a P/E ratio of 76.95, a price-to-earnings-growth ratio of 1.66 and a beta of 0.77. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.17 and a current ratio of 1.72. Corteva, Inc. has a 12 month low of $43.22 and a 12 month high of $61.20.

Corteva (NYSE:CTVA) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $1.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.09. The firm had revenue of $6.11 billion during the quarter, compared to analysts’ expectations of $6.15 billion. Corteva had a return on equity of 7.30% and a net margin of 5.31%. The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period last year, the business posted $1.60 earnings per share. As a group, analysts anticipate that Corteva, Inc. will post 2.66 earnings per share for the current year.

Corteva Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.12%. The ex-dividend date of this dividend was Tuesday, September 3rd. This is a boost from Corteva’s previous quarterly dividend of $0.16. Corteva’s dividend payout ratio (DPR) is 86.08%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on CTVA shares. Morgan Stanley reiterated an “overweight” rating and issued a $65.00 target price on shares of Corteva in a research note on Tuesday, September 24th. Citigroup assumed coverage on shares of Corteva in a report on Wednesday. They set a “buy” rating and a $68.00 target price on the stock. Argus downgraded Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. Bank of America raised shares of Corteva from a “neutral” rating to a “buy” rating and upped their price target for the stock from $59.00 to $67.00 in a report on Wednesday, October 16th. Finally, KeyCorp lowered their price objective on Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Corteva currently has a consensus rating of “Moderate Buy” and a consensus price target of $62.84.

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.