Pictet Asset Management Ltd. Increases Holdings in Corteva (NYSE:CTVA)
Pictet Asset Management Ltd. boosted its holdings in shares of Corteva (NYSE:CTVA) by 1.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 342,384 shares of the company’s stock after purchasing an additional 5,990 shares during the period. Pictet Asset Management Ltd.’s holdings in Corteva were worth $9,587,000 at the end of the most recent reporting period.
Other large investors have also made changes to their positions in the company. Vanguard Group Inc. purchased a new position in shares of Corteva during the 2nd quarter worth approximately $1,803,496,000. BlackRock Inc. purchased a new position in shares of Corteva during the 2nd quarter worth approximately $1,728,215,000. State Street Corp grew its holdings in shares of Corteva by 2.9% during the 3rd quarter. State Street Corp now owns 44,884,480 shares of the company’s stock worth $1,256,765,000 after acquiring an additional 1,266,301 shares during the period. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of Corteva during the 2nd quarter worth approximately $579,764,000. Finally, Nuveen Asset Management LLC purchased a new position in shares of Corteva during the 2nd quarter worth approximately $429,256,000. Institutional investors own 74.70% of the company’s stock.
A number of research firms have weighed in on CTVA. Redburn Partners began coverage on Corteva in a report on Tuesday, November 12th. They set a “buy” rating on the stock. JPMorgan Chase & Co. downgraded Corteva from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $30.00 to $27.00 in a report on Friday, November 1st. Barclays set a $32.00 target price on Corteva and gave the stock a “hold” rating in a report on Friday, November 1st. Citigroup reduced their target price on Corteva from $34.50 to $31.00 and set a “buy” rating on the stock in a report on Wednesday, October 9th. Finally, Zacks Investment Research upgraded Corteva from a “sell” rating to a “hold” rating in a report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $31.50.
Corteva stock opened at $25.18 on Tuesday. The stock has a 50 day moving average of $26.08. Corteva has a twelve month low of $24.35 and a twelve month high of $32.78.
Corteva (NYSE:CTVA) last posted its quarterly earnings results on Thursday, October 31st. The company reported ($0.39) earnings per share for the quarter, topping the consensus estimate of ($0.46) by $0.07. The company had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.97 billion. The business’s quarterly revenue was down 1.8% on a year-over-year basis. As a group, analysts forecast that Corteva will post 1.24 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Friday, November 29th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $0.52 annualized dividend and a dividend yield of 2.07%.
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.
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