Sumitomo Mitsui Trust Group Inc. Decreases Stock Holdings in Corteva, Inc. (NYSE:CTVA)

Sumitomo Mitsui Trust Group Inc. cut its stake in Corteva, Inc. (NYSE:CTVA) by 2.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,427,466 shares of the company’s stock after selling 57,562 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Corteva were worth $142,711,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Corteva by 14.7% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 948,127 shares of the company’s stock valued at $54,678,000 after purchasing an additional 121,817 shares in the last quarter. Intech Investment Management LLC raised its stake in shares of Corteva by 69.5% during the 1st quarter. Intech Investment Management LLC now owns 52,557 shares of the company’s stock worth $3,031,000 after buying an additional 21,545 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its position in shares of Corteva by 5.5% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 851,742 shares of the company’s stock worth $51,369,000 after buying an additional 44,528 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in Corteva by 51.4% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 123,621 shares of the company’s stock valued at $6,668,000 after acquiring an additional 41,943 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings in Corteva by 0.4% during the 3rd quarter. Nisa Investment Advisors LLC now owns 220,134 shares of the company’s stock valued at $12,942,000 after acquiring an additional 845 shares in the last quarter. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Corteva Price Performance

Shares of CTVA opened at $57.13 on Wednesday. Corteva, Inc. has a 52 week low of $43.22 and a 52 week high of $63.75. The company has a current ratio of 1.50, a quick ratio of 1.17 and a debt-to-equity ratio of 0.08. The firm has a market cap of $39.55 billion, a price-to-earnings ratio of 57.71, a PEG ratio of 1.72 and a beta of 0.77. The stock has a 50 day moving average of $58.22 and a 200-day moving average of $55.62.

Corteva Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.19%. Corteva’s dividend payout ratio (DPR) is 68.69%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Citigroup assumed coverage on shares of Corteva in a report on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 price target on the stock. Wells Fargo & Company dropped their price target on Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Bank of America upgraded Corteva from a “neutral” rating to a “buy” rating and upped their price objective for the company from $59.00 to $67.00 in a research report on Wednesday, October 16th. Morgan Stanley reiterated an “overweight” rating and set a $65.00 price objective on shares of Corteva in a research report on Tuesday, September 24th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Corteva has an average rating of “Moderate Buy” and a consensus target price of $63.68.

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.