Mutual of America Capital Management LLC Decreases Stock Position in Corteva, Inc. $CTVA

Mutual of America Capital Management LLC lessened its position in Corteva, Inc. (NYSE:CTVA) by 1.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 78,221 shares of the company’s stock after selling 1,493 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Corteva were worth $5,830,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Peak Financial Advisors LLC purchased a new position in shares of Corteva in the second quarter valued at approximately $505,000. Cary Street Partners Financial LLC lifted its position in shares of Corteva by 20.7% in the first quarter. Cary Street Partners Financial LLC now owns 90,206 shares of the company’s stock valued at $5,677,000 after acquiring an additional 15,448 shares in the last quarter. PGGM Investments lifted its position in shares of Corteva by 68.5% in the second quarter. PGGM Investments now owns 1,223,444 shares of the company’s stock valued at $91,183,000 after acquiring an additional 497,200 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Corteva by 28.6% in the first quarter. Goldman Sachs Group Inc. now owns 2,851,993 shares of the company’s stock valued at $179,476,000 after acquiring an additional 634,938 shares in the last quarter. Finally, S.E.E.D. Planning Group LLC lifted its position in shares of Corteva by 70.3% in the second quarter. S.E.E.D. Planning Group LLC now owns 164,393 shares of the company’s stock valued at $12,252,000 after acquiring an additional 67,869 shares in the last quarter. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Price Performance

NYSE:CTVA opened at $61.93 on Wednesday. Corteva, Inc. has a 52 week low of $53.40 and a 52 week high of $77.41. The company has a quick ratio of 1.23, a current ratio of 1.68 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $42.05 billion, a P/E ratio of 30.21, a P/E/G ratio of 1.42 and a beta of 0.76. The stock’s fifty day moving average is $69.04 and its two-hundred day moving average is $68.97.

Corteva (NYSE:CTVA) last posted its earnings results on Wednesday, August 6th. The company reported $2.20 EPS for the quarter, beating analysts’ consensus estimates of $1.89 by $0.31. Corteva had a return on equity of 8.68% and a net margin of 8.16%.The company had revenue of $6.46 billion for the quarter, compared to the consensus estimate of $6.26 billion. During the same quarter in the previous year, the business earned $1.83 earnings per share. The company’s revenue for the quarter was up 5.6% on a year-over-year basis. Equities analysts expect that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were given a $0.18 dividend. This is an increase from Corteva’s previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Tuesday, September 2nd. Corteva’s dividend payout ratio (DPR) is presently 35.12%.

Wall Street Analyst Weigh In

CTVA has been the topic of several research reports. Oppenheimer set a $87.00 target price on Corteva and gave the company an “outperform” rating in a research report on Tuesday, July 15th. Wall Street Zen downgraded Corteva from a “buy” rating to a “hold” rating in a research report on Saturday. Citigroup downgraded Corteva from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $83.00 to $70.00 in a research report on Thursday, October 2nd. BMO Capital Markets set a $86.00 price objective on Corteva in a research report on Monday, September 15th. Finally, Mizuho reduced their price objective on Corteva from $85.00 to $78.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Corteva presently has an average rating of “Moderate Buy” and an average price target of $80.31.

Insider Activity

In related news, EVP Robert D. King sold 37,280 shares of the business’s stock in a transaction on Friday, August 29th. The stock was sold at an average price of $74.20, for a total value of $2,766,176.00. Following the sale, the executive vice president owned 49,262 shares in the company, valued at approximately $3,655,240.40. The trade was a 43.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.15% of the company’s stock.

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.