Independent Advisor Alliance purchased a new stake in Corteva, Inc. (NYSE:CTVA – Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 8,633 shares of the company’s stock, valued at approximately $521,000.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Kingsview Wealth Management LLC increased its position in Corteva by 2.0% during the third quarter. Kingsview Wealth Management LLC now owns 7,660 shares of the company’s stock worth $438,000 after buying an additional 153 shares during the period. Strong Tower Advisory Services grew its position in Corteva by 1.4% during the 1st quarter. Strong Tower Advisory Services now owns 12,154 shares of the company’s stock worth $733,000 after purchasing an additional 168 shares during the last quarter. Mastrapasqua Asset Management Inc. increased its stake in Corteva by 0.7% in the first quarter. Mastrapasqua Asset Management Inc. now owns 23,892 shares of the company’s stock valued at $1,441,000 after purchasing an additional 175 shares during the period. Quadrant Capital Group LLC raised its holdings in shares of Corteva by 2.7% in the fourth quarter. Quadrant Capital Group LLC now owns 6,730 shares of the company’s stock valued at $396,000 after buying an additional 176 shares during the last quarter. Finally, Lindbrook Capital LLC boosted its stake in shares of Corteva by 7.1% during the first quarter. Lindbrook Capital LLC now owns 2,705 shares of the company’s stock worth $163,000 after buying an additional 179 shares during the period. Institutional investors and hedge funds own 80.56% of the company’s stock.
Wall Street Analyst Weigh In
Several analysts have commented on the company. Royal Bank of Canada reduced their price objective on Corteva from $73.00 to $66.00 and set an “outperform” rating for the company in a research note on Thursday, July 13th. Wells Fargo & Company cut their price target on Corteva from $74.00 to $73.00 and set an “overweight” rating for the company in a research note on Monday, August 7th. KeyCorp lowered their price objective on shares of Corteva from $68.00 to $66.00 and set an “overweight” rating on the stock in a research report on Monday, August 7th. Argus cut their price objective on shares of Corteva from $78.00 to $68.00 and set a “buy” rating for the company in a research report on Thursday, August 17th. Finally, VNET Group reaffirmed an “upgrade” rating on shares of Corteva in a report on Monday, May 22nd. Four equities research 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 has an average rating of “Moderate Buy” and a consensus target price of $70.41.
Corteva Price Performance
Corteva stock opened at $50.96 on Wednesday. The firm has a market capitalization of $36.17 billion, a PE ratio of 39.50, a P/E/G ratio of 1.36 and a beta of 0.81. Corteva, Inc. has a 52 week low of $48.68 and a 52 week high of $68.43. The firm’s 50-day simple moving average is $53.90 and its 200 day simple moving average is $57.14. The company has a quick ratio of 1.12, a current ratio of 1.66 and a debt-to-equity ratio of 0.09.
Corteva (NYSE:CTVA – Get Free Report) last announced its quarterly earnings results on Friday, August 4th. The company reported $1.60 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.02. Corteva had a net margin of 5.26% and a return on equity of 7.78%. The firm had revenue of $6.05 billion for the quarter, compared to analysts’ expectations of $6.44 billion. During the same period in the previous year, the company posted $1.64 earnings per share. Corteva’s revenue was down 3.2% compared to the same quarter last year. On average, equities research analysts predict that Corteva, Inc. will post 2.84 EPS for the current fiscal year.
Corteva Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be given a $0.16 dividend. This is an increase from Corteva’s previous quarterly dividend of $0.15. The ex-dividend date is Thursday, August 31st. This represents a $0.64 annualized dividend and a dividend yield of 1.26%. Corteva’s dividend payout ratio is presently 49.61%.
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.
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