Retirement Systems of Alabama Has $8.29 Million Stake in Corteva, Inc. (NYSE:CTVA)

Retirement Systems of Alabama cut its position in shares of Corteva, Inc. (NYSE:CTVA) by 0.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 153,744 shares of the company’s stock after selling 1,149 shares during the quarter. Retirement Systems of Alabama’s holdings in Corteva were worth $8,293,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Redmont Wealth Advisors LLC acquired a new position in Corteva in the first quarter valued at approximately $25,000. Acadian Asset Management LLC bought a new stake in shares of Corteva in the 1st quarter valued at $25,000. Rise Advisors LLC lifted its position in shares of Corteva by 2,522.2% during the 1st quarter. Rise Advisors LLC now owns 472 shares of the company’s stock valued at $27,000 after acquiring an additional 454 shares during the period. Albion Financial Group UT boosted its stake in Corteva by 77.2% during the first quarter. Albion Financial Group UT now owns 505 shares of the company’s stock worth $29,000 after acquiring an additional 220 shares in the last quarter. Finally, Ironwood Wealth Management Inc. grew its holdings in Corteva by 106.1% in the first quarter. Ironwood Wealth Management Inc. now owns 544 shares of the company’s stock worth $31,000 after purchasing an additional 280 shares during the period. Institutional investors own 81.54% of the company’s stock.

Wall Street Analysts Forecast Growth

CTVA has been the topic of a number of research analyst reports. OTR Global reissued a “negative” rating on shares of Corteva in a research report on Friday, June 7th. Oppenheimer increased their price target on Corteva from $67.00 to $69.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd. Mizuho reduced their price objective on Corteva from $61.00 to $60.00 and set a “buy” rating for the company in a research note on Tuesday, June 18th. Argus lowered Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. Finally, KeyCorp decreased their price target on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $61.67.

Corteva Price Performance

Shares of NYSE CTVA opened at $55.58 on Friday. The company has a market capitalization of $38.74 billion, a PE ratio of 70.35, a PEG ratio of 1.46 and a beta of 0.77. The company has a quick ratio of 0.97, a current ratio of 1.72 and a debt-to-equity ratio of 0.10. The stock’s 50 day moving average price is $53.17 and its 200-day moving average price is $54.48. Corteva, Inc. has a twelve month low of $43.22 and a twelve month high of $58.76.

Corteva (NYSE:CTVA) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $1.83 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.09. The business had revenue of $6.11 billion for the quarter, compared to analyst estimates of $6.15 billion. Corteva had a return on equity of 7.30% and a net margin of 5.31%. Corteva’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same period last year, the company posted $1.60 earnings per share. On average, equities analysts anticipate that Corteva, Inc. will post 2.73 EPS for the current year.

Corteva Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd will be given a dividend of $0.17 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $0.68 annualized dividend and a yield of 1.22%. This is a positive change from Corteva’s previous quarterly dividend of $0.16. Corteva’s dividend payout ratio is presently 86.08%.

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.