Meeder Asset Management Inc. Purchases 583 Shares of Corteva (NYSE:CTVA)
Meeder Asset Management Inc. grew its position in shares of Corteva (NYSE:CTVA) by 35.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,221 shares of the company’s stock after buying an additional 583 shares during the quarter. Meeder Asset Management Inc.’s holdings in Corteva were worth $52,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Aristotle Capital Management LLC raised its holdings in Corteva by 80.1% in the 1st quarter. Aristotle Capital Management LLC now owns 24,927,669 shares of the company’s stock worth $585,800,000 after purchasing an additional 11,086,514 shares during the period. Norges Bank bought a new position in Corteva in the 4th quarter worth $122,993,000. Massachusetts Financial Services Co. MA raised its holdings in Corteva by 63.4% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 6,818,943 shares of the company’s stock worth $201,568,000 after purchasing an additional 2,646,205 shares during the period. Capital International Investors raised its holdings in Corteva by 82.7% in the 4th quarter. Capital International Investors now owns 5,026,646 shares of the company’s stock worth $148,588,000 after purchasing an additional 2,275,287 shares during the period. Finally, Van ECK Associates Corp raised its holdings in Corteva by 182.0% in the 4th quarter. Van ECK Associates Corp now owns 3,524,959 shares of the company’s stock worth $104,197,000 after purchasing an additional 2,274,995 shares during the period. 78.04% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts recently commented on the company. Bank of America cut Corteva from a “neutral” rating to an “underperform” rating in a report on Monday, May 11th. KeyCorp began coverage on Corteva in a research note on Wednesday, March 25th. They issued a “sector weight” rating for the company. Citigroup increased their price target on Corteva from $32.00 to $34.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Monness Crespi & Hardt lowered Corteva from a “neutral” rating to a “sell” rating and set a $24.00 price target for the company. in a research note on Monday, June 8th. Finally, Vertical Research upgraded Corteva from a “hold” rating to a “buy” rating and set a $31.00 price target for the company in a research note on Tuesday, June 16th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and eleven have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $30.69.
Corteva (NYSE:CTVA) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.59 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.20. The firm had revenue of $3.96 billion during the quarter, compared to analyst estimates of $3.56 billion. Corteva had a positive return on equity of 5.09% and a negative net margin of 5.91%. The business’s revenue was up 16.5% on a year-over-year basis. On average, equities analysts expect that Corteva will post 1.36 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 15th were given a $0.13 dividend. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $0.52 annualized dividend and a yield of 2.01%. Corteva’s dividend payout ratio is currently 36.36%.
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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