Fosun International Ltd Sells 1,550 Shares of Corteva, Inc. (NYSE:CTVA)

Fosun International Ltd reduced its position in shares of Corteva, Inc. (NYSE:CTVA) by 14.0% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 9,500 shares of the company’s stock after selling 1,550 shares during the quarter. Fosun International Ltd’s holdings in Corteva were worth $455,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Harris Associates L P bought a new stake in shares of Corteva during the third quarter worth $246,423,000. Van ECK Associates Corp grew its stake in shares of Corteva by 78.7% during the third quarter. Van ECK Associates Corp now owns 7,645,091 shares of the company’s stock worth $391,123,000 after acquiring an additional 3,366,106 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in Corteva by 29.8% in the third quarter. Massachusetts Financial Services Co. MA now owns 11,095,076 shares of the company’s stock valued at $567,624,000 after buying an additional 2,545,570 shares during the last quarter. Vanguard Group Inc. boosted its position in Corteva by 2.4% in the third quarter. Vanguard Group Inc. now owns 81,346,924 shares of the company’s stock valued at $4,161,709,000 after buying an additional 1,941,323 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in Corteva by 662.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,535,708 shares of the company’s stock valued at $73,591,000 after buying an additional 1,334,415 shares during the last quarter. 81.54% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Brian Titus sold 12,134 shares of the business’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $56.65, for a total transaction of $687,391.10. Following the completion of the transaction, the insider now owns 13,495 shares of the company’s stock, valued at approximately $764,491.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.20% of the company’s stock.

Corteva Price Performance

Shares of NYSE:CTVA traded up $0.87 during midday trading on Thursday, reaching $57.69. The company’s stock had a trading volume of 276,058 shares, compared to its average volume of 3,536,696. The business’s fifty day simple moving average is $55.45 and its 200-day simple moving average is $50.74. The company has a market capitalization of $40.21 billion, a P/E ratio of 71.92, a P/E/G ratio of 1.50 and a beta of 0.78. Corteva, Inc. has a fifty-two week low of $43.22 and a fifty-two week high of $58.81. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.51 and a quick ratio of 0.97.

Corteva (NYSE:CTVA) last released its quarterly earnings data on Wednesday, May 1st. The company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.10. The business had revenue of $4.49 billion for the quarter, compared to analysts’ expectations of $4.65 billion. Corteva had a return on equity of 6.68% and a net margin of 3.32%. Corteva’s revenue for the quarter was down 8.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.16 EPS. As a group, equities research analysts expect that Corteva, Inc. will post 2.83 EPS for the current fiscal year.

Corteva Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Tuesday, June 4th will be given a dividend of $0.16 per share. The ex-dividend date is Tuesday, June 4th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.11%. Corteva’s payout ratio is 81.01%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CTVA. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $57.00 target price (down from $58.00) on shares of Corteva in a research note on Friday, April 12th. BNP Paribas upgraded Corteva from an “underperform” rating to a “neutral” rating and set a $53.00 price target for the company in a report on Friday, February 2nd. Barclays raised their target price on Corteva from $55.00 to $58.00 and gave the company an “equal weight” rating in a report on Wednesday, April 10th. Oppenheimer raised their target price on Corteva from $67.00 to $69.00 and gave the stock an “outperform” rating in a research report on Friday, May 3rd. Finally, Wells Fargo & Company raised their price target on Corteva from $66.00 to $67.00 and gave the stock an “overweight” rating in a research note on Friday, May 3rd. Six investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $63.24.

About Corteva

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.