Toronto Dominion Bank Cuts Stock Position in Corteva, Inc. (NYSE:CTVA)

Toronto Dominion Bank trimmed its position in Corteva, Inc. (NYSE:CTVA) by 7.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 324,523 shares of the company’s stock after selling 25,073 shares during the period. Toronto Dominion Bank’s holdings in Corteva were worth $18,485,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Capital World Investors boosted its holdings in shares of Corteva by 2,874.6% in the fourth quarter. Capital World Investors now owns 12,812,151 shares of the company’s stock valued at $729,780,000 after acquiring an additional 12,381,436 shares in the last quarter. Independent Franchise Partners LLP raised its holdings in Corteva by 51.5% during the fourth quarter. Independent Franchise Partners LLP now owns 16,496,508 shares of the company’s stock worth $939,641,000 after purchasing an additional 5,604,838 shares in the last quarter. Norges Bank acquired a new stake in Corteva in the fourth quarter valued at about $251,892,000. Raymond James Financial Inc. purchased a new stake in Corteva in the 4th quarter valued at approximately $161,052,000. Finally, Franklin Resources Inc. increased its position in Corteva by 9.2% during the 4th quarter. Franklin Resources Inc. now owns 16,143,025 shares of the company’s stock worth $919,507,000 after purchasing an additional 1,354,418 shares during the period. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. BNP Paribas upgraded Corteva to a “hold” rating in a research note on Monday, February 10th. UBS Group raised their target price on Corteva from $74.00 to $76.00 and gave the company a “buy” rating in a report on Thursday, May 8th. Wells Fargo & Company raised their target price on Corteva from $73.00 to $79.00 and gave the company an “overweight” rating in a report on Monday, May 12th. Barclays upped their price target on shares of Corteva from $64.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 14th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $75.00 price objective (up previously from $72.00) on shares of Corteva in a research note on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $70.50.

Insider Buying and Selling at Corteva

In other Corteva news, insider Brian Titus sold 26,560 shares of Corteva stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $63.74, for a total value of $1,692,934.40. Following the completion of the sale, the insider now owns 11,347 shares in the company, valued at $723,257.78. The trade was a 70.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.14% of the stock is currently owned by insiders.

Corteva Stock Performance

NYSE CTVA opened at $68.80 on Tuesday. The company has a quick ratio of 0.93, a current ratio of 1.45 and a debt-to-equity ratio of 0.08. Corteva, Inc. has a fifty-two week low of $50.01 and a fifty-two week high of $69.28. The business has a fifty day moving average of $61.81 and a 200-day moving average of $61.04. The stock has a market cap of $46.93 billion, a price-to-earnings ratio of 53.33, a price-to-earnings-growth ratio of 1.68 and a beta of 0.72.

Corteva (NYSE:CTVA) last announced its earnings results on Wednesday, May 7th. The company reported $1.13 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.25. Corteva had a net margin of 5.36% and a return on equity of 7.19%. The firm had revenue of $4.42 billion during the quarter, compared to the consensus estimate of $4.56 billion. During the same quarter in the previous year, the company posted $0.89 EPS. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. As a group, analysts predict that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 2nd will be paid a $0.17 dividend. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $0.68 annualized dividend and a yield of 0.99%. Corteva’s payout ratio is currently 41.46%.

About Corteva

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.