Covington Capital Management Sells 3,867 Shares of Corteva (NYSE:CTVA)

Covington Capital Management reduced its position in Corteva (NYSE:CTVA) by 16.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 19,166 shares of the company’s stock after selling 3,867 shares during the quarter. Covington Capital Management’s holdings in Corteva were worth $567,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Worldquant Millennium Advisors LLC bought a new position in shares of Corteva during the third quarter valued at $2,039,000. Bank of Hawaii lifted its holdings in shares of Corteva by 214.9% during the third quarter. Bank of Hawaii now owns 21,319 shares of the company’s stock valued at $597,000 after acquiring an additional 14,549 shares during the period. Keeley Teton Advisors LLC bought a new position in shares of Corteva during the third quarter valued at $604,000. Squarepoint Ops LLC bought a new position in shares of Corteva during the third quarter valued at $13,199,000. Finally, Princeton Global Asset Management LLC raised its holdings in shares of Corteva by 2.7% in the third quarter. Princeton Global Asset Management LLC now owns 14,669 shares of the company’s stock valued at $405,000 after buying an additional 389 shares during the last quarter. 80.65% of the stock is owned by hedge funds and other institutional investors.

Shares of Corteva stock opened at $23.40 on Thursday. Corteva has a 12-month low of $20.38 and a 12-month high of $32.78. The stock has a market cap of $16.73 billion and a P/E ratio of 16.36. The business’s 50 day moving average is $27.53 and its 200-day moving average is $27.37.

Corteva (NYSE:CTVA) last posted its earnings results on Thursday, January 30th. The company reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.19. The business had revenue of $2.98 billion for the quarter, compared to analyst estimates of $2.91 billion. The firm’s revenue was up 6.0% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.10) earnings per share. Analysts forecast that Corteva will post 1.46 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Tuesday, March 3rd were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date was Monday, March 2nd. Corteva’s payout ratio is presently 36.36%.

Several equities analysts recently issued reports on CTVA shares. Susquehanna Bancshares lowered Corteva from a “positive” rating to a “neutral” rating and decreased their price objective for the company from $36.00 to $34.00 in a research report on Tuesday, February 4th. KeyCorp started coverage on Corteva in a research report on Wednesday. They issued a “sector weight” rating for the company. JPMorgan Chase & Co. upgraded Corteva from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $26.00 to $29.00 in a research report on Friday, January 31st. Sanford C. Bernstein upgraded Corteva from a “market perform” rating to an “outperform” rating and set a $39.00 price objective for the company in a research report on Thursday, January 23rd. Finally, Bank of America upgraded Corteva from a “neutral” rating to a “buy” rating in a research report on Friday, March 13th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and twelve have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $31.56.

Corteva Company Profile

Corteva, Inc provides agriculture products worldwide. The company develops and supplies germplasm and traits in corn, soybean, and sunflower seed markets. It also supplies products to the agricultural input industry that protect against weeds, insects and other pests, and diseases, as well as to enhance crop health.

Featured Story: Understanding debt-to-equity ratio in fundamental analysis

Want to see what other hedge funds are holding CTVA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corteva (NYSE:CTVA).

Institutional Ownership by Quarter for Corteva (NYSE:CTVA)

Receive News & Ratings for Corteva Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corteva and related companies with MarketBeat.com's FREE daily email newsletter.