WCM Investment Management LLC Cuts Stock Position in Corteva, Inc. $CTVA

WCM Investment Management LLC cut its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 1.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,933,223 shares of the company’s stock after selling 111,483 shares during the quarter. Corteva accounts for 1.3% of WCM Investment Management LLC’s investment portfolio, making the stock its 28th largest position. WCM Investment Management LLC owned approximately 1.32% of Corteva worth $605,405,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Simmons Bank increased its holdings in Corteva by 3.8% during the 3rd quarter. Simmons Bank now owns 40,515 shares of the company’s stock worth $2,740,000 after purchasing an additional 1,471 shares during the period. Strategy Asset Managers LLC purchased a new stake in shares of Corteva during the third quarter worth approximately $627,000. Murphy Middleton Hinkle & Parker Inc. purchased a new stake in shares of Corteva during the third quarter worth approximately $203,000. State of Wyoming increased its stake in shares of Corteva by 261.7% during the third quarter. State of Wyoming now owns 6,634 shares of the company’s stock worth $449,000 after buying an additional 4,800 shares during the period. Finally, Jones Financial Companies Lllp raised its holdings in Corteva by 17.7% in the third quarter. Jones Financial Companies Lllp now owns 119,068 shares of the company’s stock valued at $8,104,000 after acquiring an additional 17,875 shares in the last quarter. Institutional investors and hedge funds own 81.54% of the company’s stock.

Corteva Stock Performance

Shares of CTVA stock opened at $73.27 on Tuesday. The stock has a 50 day simple moving average of $68.26 and a 200-day simple moving average of $68.34. Corteva, Inc. has a 12-month low of $53.40 and a 12-month high of $77.41. The company has a market cap of $49.51 billion, a price-to-earnings ratio of 31.31, a price-to-earnings-growth ratio of 1.85 and a beta of 0.75. The company has a current ratio of 1.58, a quick ratio of 1.07 and a debt-to-equity ratio of 0.07.

Corteva (NYSE:CTVA) last announced its quarterly earnings results on Tuesday, November 4th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.26. Corteva had a net margin of 9.19% and a return on equity of 9.37%. The business had revenue of $2.62 billion during the quarter, compared to the consensus estimate of $2.47 billion. During the same quarter last year, the firm posted ($0.49) EPS. The business’s revenue was up 6.5% compared to the same quarter last year. On average, equities analysts forecast that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Monday, March 2nd. Corteva’s dividend payout ratio (DPR) is presently 30.77%.

Analyst Ratings Changes

Several research firms recently commented on CTVA. Bank of America increased their target price on Corteva from $80.00 to $82.00 and gave the company a “buy” rating in a report on Thursday, January 8th. Weiss Ratings restated a “hold (c-)” rating on shares of Corteva in a research note on Monday, December 29th. Mizuho lifted their price target on shares of Corteva from $78.00 to $80.00 and gave the stock an “outperform” rating in a research note on Friday, January 16th. Zacks Research raised Corteva from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 22nd. Finally, Citigroup lifted their price target on Corteva from $70.00 to $74.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 21st. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $79.58.

About Corteva

Corteva, Inc (NYSE: CTVA) is an independent global agriculture company that was established as a publicly traded firm in mid‑2019 following the separation of the agriculture businesses from DowDuPont. The company focuses on delivering technologies and products that help farmers increase productivity and manage crop health. Corteva’s operations combine seed genetics, crop protection chemistries, digital tools and biological solutions to address the full cycle of crop production.

Core business activities include research and development of seed genetics and trait technologies, formulation and sale of crop protection products (such as herbicides, insecticides and fungicides), and the development of seed treatments and biologicals.