Corteva, Inc. $CTVA Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama lowered its position in Corteva, Inc. (NYSE:CTVA) by 13.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 654,172 shares of the company’s stock after selling 100,331 shares during the quarter. Retirement Systems of Alabama’s holdings in Corteva were worth $56,433,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. EFG International AG purchased a new stake in shares of Corteva in the 2nd quarter worth about $25,000. Compass Financial Management LLC purchased a new position in Corteva during the 2nd quarter valued at about $25,000. Elevation Wealth Partners LLC increased its holdings in Corteva by 334.6% during the 2nd quarter. Elevation Wealth Partners LLC now owns 339 shares of the company’s stock valued at $29,000 after acquiring an additional 261 shares in the last quarter. Clearstead Trust LLC acquired a new position in Corteva during the second quarter worth about $31,000. Finally, N.E.W. Advisory Services LLC acquired a new position in Corteva during the second quarter worth about $33,000. Institutional investors and hedge funds own 81.54% of the company’s stock.

Corteva Stock Performance

Shares of NYSE CTVA opened at $12.11 on Tuesday. The company has a 50-day simple moving average of $43.38 and a 200-day simple moving average of $70.80. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.52 and a quick ratio of 1.10. The company has a market cap of $8.08 billion, a PE ratio of 3.23, a price-to-earnings-growth ratio of 1.71 and a beta of 0.58. Corteva, Inc. has a 12 month low of $11.24 and a 12 month high of $90.97.

Corteva Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 1st will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.7%. This is a decrease from Corteva’s previous quarterly dividend of $0.18. The ex-dividend date is Tuesday, December 1st. Corteva’s dividend payout ratio (DPR) is 47.68%.

Analysts Set New Price Targets

Several brokerages have issued reports on CTVA. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $20.00 price target on shares of Corteva in a report on Thursday, October 8th. Argus reissued a “buy” rating and set a $91.00 price objective on shares of Corteva in a research note on Friday, September 18th. BMO Capital Markets set a $15.00 price objective on Corteva in a research report on Friday, October 2nd. New Street Research set a $17.00 target price on Corteva in a research note on Monday, October 5th. Finally, Zacks Research cut Corteva from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 6th. Sixteen analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Corteva currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.59.

Corteva Profile

Corteva, Inc is an agricultural science company that develops and supplies products and services for farmers. Its business focuses on seeds and crop protection, including technologies intended to help improve crop performance and manage weeds, insects, and plant diseases.

Its seed portfolio includes corn, soybean, and other crop varieties, sold under brands such as Pioneer and Brevant. Corteva’s crop protection offerings include herbicides, insecticides, fungicides, and biological products, alongside digital tools and services that support farm decision-making.

Corteva became an independent, publicly traded company in 2019 following the separation of DowDuPont.