Resona Asset Management Co. Ltd. Makes New $11.58 Million Investment in Corteva, Inc. (NYSE:CTVA)

Resona Asset Management Co. Ltd. purchased a new stake in Corteva, Inc. (NYSE:CTVA) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 203,193 shares of the company’s stock, valued at approximately $11,582,000.

A number of other hedge funds have also recently made changes to their positions in CTVA. Oak Thistle LLC acquired a new stake in shares of Corteva during the fourth quarter worth about $1,514,000. Van ECK Associates Corp lifted its holdings in Corteva by 5.9% during the 4th quarter. Van ECK Associates Corp now owns 9,428,206 shares of the company’s stock worth $537,031,000 after buying an additional 525,531 shares in the last quarter. Swedbank AB increased its position in shares of Corteva by 51.9% during the fourth quarter. Swedbank AB now owns 695,641 shares of the company’s stock worth $39,624,000 after acquiring an additional 237,764 shares during the period. Assenagon Asset Management S.A. boosted its holdings in Corteva by 755.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 552,769 shares of the company’s stock valued at $31,486,000 after purchasing an additional 488,181 shares during the period. Finally, S.E.E.D. Planning Group LLC grew its stake in Corteva by 54.5% during the 4th quarter. S.E.E.D. Planning Group LLC now owns 96,103 shares of the company’s stock worth $5,474,000 after purchasing an additional 33,886 shares in the last quarter. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Insider Activity at Corteva

In related news, insider Brian Titus sold 26,560 shares of the firm’s stock in a transaction dated Thursday, February 20th. The shares were 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. This trade represents a 70.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.14% of the company’s stock.

Corteva Stock Down 9.2 %

Corteva stock opened at $55.66 on Monday. The stock has a market capitalization of $38.02 billion, a price-to-earnings ratio of 43.15, a PEG ratio of 1.68 and a beta of 0.73. The company has a current ratio of 1.45, a quick ratio of 0.93 and a debt-to-equity ratio of 0.08. The stock has a 50 day moving average of $62.36 and a two-hundred day moving average of $60.31. Corteva, Inc. has a twelve month low of $50.01 and a twelve month high of $66.24.

Corteva (NYSE:CTVA) last announced its quarterly earnings data on Wednesday, February 5th. The company reported $0.32 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.02). Corteva had a return on equity of 7.19% and a net margin of 5.36%. As a group, research analysts expect that Corteva, Inc. will post 2.96 earnings per share for the current year.

Corteva Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were issued a $0.17 dividend. The ex-dividend date was Monday, March 3rd. This represents a $0.68 annualized dividend and a dividend yield of 1.22%. Corteva’s dividend payout ratio is currently 52.71%.

Analyst Ratings Changes

A number of research firms have issued reports on CTVA. Wells Fargo & Company increased their price target on Corteva from $67.00 to $73.00 and gave the company an “overweight” rating in a research report on Tuesday, January 28th. KeyCorp lifted their price target on shares of Corteva from $68.00 to $70.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. Oppenheimer increased their price objective on shares of Corteva from $70.00 to $72.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Citigroup lifted their price objective on shares of Corteva from $69.00 to $74.00 and gave the stock a “buy” rating in a research report on Wednesday, January 29th. Finally, Argus raised Corteva from a “hold” rating to a “buy” rating and set a $69.00 target price on the stock in a report on Monday, March 31st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $68.06.

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.