Sawgrass Asset Management LLC Sells 752 Shares of Corteva, Inc. (NYSE:CTVA)

Sawgrass Asset Management LLC lessened its holdings in Corteva, Inc. (NYSE:CTVA) by 7.0% during the fourth quarter, HoldingsChannel.com reports. The fund owned 10,041 shares of the company’s stock after selling 752 shares during the period. Sawgrass Asset Management LLC’s holdings in Corteva were worth $572,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CTVA. State Street Corp grew its holdings in shares of Corteva by 2.3% during the third quarter. State Street Corp now owns 34,290,086 shares of the company’s stock worth $2,015,914,000 after purchasing an additional 768,519 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Corteva by 2.0% in the third quarter. Geode Capital Management LLC now owns 17,703,771 shares of the company’s stock valued at $1,037,505,000 after acquiring an additional 355,206 shares during the last quarter. Franklin Resources Inc. boosted its holdings in Corteva by 6.1% in the third quarter. Franklin Resources Inc. now owns 14,788,607 shares of the company’s stock valued at $860,746,000 after acquiring an additional 856,007 shares during the last quarter. Harris Associates L P boosted its holdings in Corteva by 1.4% in the third quarter. Harris Associates L P now owns 14,362,309 shares of the company’s stock valued at $844,360,000 after acquiring an additional 200,917 shares during the last quarter. Finally, FMR LLC boosted its holdings in Corteva by 1.9% in the third quarter. FMR LLC now owns 10,747,791 shares of the company’s stock valued at $631,863,000 after acquiring an additional 203,126 shares during the last quarter. Institutional investors own 81.54% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on CTVA shares. Wells Fargo & Company boosted their price target on Corteva from $67.00 to $73.00 and gave the company an “overweight” rating in a research note on Tuesday, January 28th. Citigroup boosted their price target on Corteva from $69.00 to $74.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. KeyCorp boosted their price target on Corteva from $68.00 to $70.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. Barclays boosted their price target on Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 21st. Finally, Royal Bank of Canada upped their target price on Corteva from $72.00 to $73.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. One research analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $67.73.

Corteva Price Performance

Shares of Corteva stock opened at $62.02 on Thursday. The company has a current ratio of 1.45, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $42.63 billion, a PE ratio of 48.08, a price-to-earnings-growth ratio of 1.85 and a beta of 0.78. The business’s 50-day moving average price is $60.24 and its 200-day moving average price is $58.35. Corteva, Inc. has a 12 month low of $50.01 and a 12 month high of $66.24.

Corteva (NYSE:CTVA) last posted its quarterly earnings results on Wednesday, February 5th. The company reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.02). Corteva had a return on equity of 7.19% and a net margin of 5.36%. Sell-side analysts forecast that Corteva, Inc. will post 2.83 EPS for the current fiscal year.

Corteva Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be given a $0.17 dividend. The ex-dividend date is Monday, March 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.10%. Corteva’s dividend payout ratio is currently 52.71%.

Corteva declared that its Board of Directors has initiated a share buyback plan on Tuesday, November 19th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 7.5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Corteva Company 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.