State of Michigan Retirement System Has $11.09 Million Stock Position in Corteva, Inc. (NYSE:CTVA)

State of Michigan Retirement System reduced its stake in shares of Corteva, Inc. (NYSE:CTVA) by 0.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 192,310 shares of the company’s stock after selling 600 shares during the quarter. State of Michigan Retirement System’s holdings in Corteva were worth $11,091,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of CTVA. Rise Advisors LLC raised its stake in shares of Corteva by 2,522.2% in the first quarter. Rise Advisors LLC now owns 472 shares of the company’s stock valued at $27,000 after purchasing an additional 454 shares in the last quarter. CVA Family Office LLC acquired a new position in shares of Corteva in the 4th quarter valued at $25,000. Ironwood Wealth Management Inc. lifted its holdings in shares of Corteva by 106.1% during the 1st quarter. Ironwood Wealth Management Inc. now owns 544 shares of the company’s stock worth $31,000 after acquiring an additional 280 shares during the period. Scarborough Advisors LLC bought a new position in shares of Corteva during the 4th quarter worth about $29,000. Finally, BKM Wealth Management LLC acquired a new stake in shares of Corteva during the 4th quarter valued at about $27,000. 81.54% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CTVA has been the subject of several recent analyst reports. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $57.00 price objective (down from $58.00) on shares of Corteva in a research note on Friday, April 12th. OTR Global reissued a “negative” rating on shares of Corteva in a report on Friday, June 7th. Canaccord Genuity Group upped their price objective on shares of Corteva from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Friday, May 3rd. BMO Capital Markets lifted their target price on shares of Corteva from $64.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, May 3rd. Finally, Mizuho decreased their price target on Corteva from $61.00 to $60.00 and set a “buy” rating on the stock in a research report on Tuesday, June 18th. One analyst has rated the stock with a sell rating, six have given a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $63.00.

Insiders Place Their Bets

In other news, insider Brian Titus sold 12,134 shares of the company’s stock in a transaction on Monday, May 6th. The stock was 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 in the company, valued at approximately $764,491.75. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Corteva news, insider Samuel R. Eathington sold 31,686 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $57.64, for a total transaction of $1,826,381.04. Following the completion of the transaction, the insider now directly owns 53,854 shares in the company, valued at $3,104,144.56. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Brian Titus sold 12,134 shares of the firm’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $56.65, for a total value of $687,391.10. Following the completion of the sale, the insider now directly owns 13,495 shares in the company, valued at approximately $764,491.75. The disclosure for this sale can be found here. Insiders have sold a total of 83,556 shares of company stock worth $4,795,016 in the last quarter. Corporate insiders own 0.20% of the company’s stock.

Corteva Stock Down 0.6 %

NYSE CTVA traded down $0.30 on Tuesday, reaching $52.77. The company had a trading volume of 2,066,428 shares, compared to its average volume of 3,570,926. The company’s fifty day moving average is $54.73 and its 200-day moving average is $52.88. Corteva, Inc. has a 1-year low of $43.22 and a 1-year high of $58.76. The firm has a market capitalization of $36.78 billion, a price-to-earnings ratio of 66.82, a price-to-earnings-growth ratio of 1.44 and a beta of 0.77. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.97 and a current ratio of 1.51.

Corteva (NYSE:CTVA) last issued its quarterly earnings results on Wednesday, May 1st. The company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.10. The company had revenue of $4.49 billion during the quarter, compared to analysts’ expectations of $4.65 billion. Corteva had a net margin of 3.32% and a return on equity of 6.68%. The business’s quarterly revenue was down 8.0% on a year-over-year basis. During the same period last year, the business earned $1.16 EPS. On average, research analysts forecast that Corteva, Inc. will post 2.8 earnings per share for the current fiscal year.

Corteva Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 18th. Shareholders of record on Tuesday, June 4th were issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date of this dividend was Tuesday, June 4th. Corteva’s dividend payout ratio is currently 81.01%.

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.