Murphy Middleton Hinkle & Parker Inc. trimmed its stake in shares of Corteva, Inc. (NYSE:CTVA – Free Report) by 18.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,298 shares of the company’s stock after selling 1,000 shares during the period. Murphy Middleton Hinkle & Parker Inc.’s holdings in Corteva were worth $246,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. AXS Investments LLC acquired a new stake in shares of Corteva in the fourth quarter valued at approximately $27,000. Barrett & Company Inc. purchased a new stake in shares of Corteva in the first quarter valued at $29,000. Carolinas Wealth Consulting LLC boosted its stake in shares of Corteva by 454.5% during the first quarter. Carolinas Wealth Consulting LLC now owns 610 shares of the company’s stock valued at $35,000 after acquiring an additional 500 shares during the last quarter. Ellevest Inc. increased its position in Corteva by 239.4% during the 1st quarter. Ellevest Inc. now owns 611 shares of the company’s stock worth $37,000 after purchasing an additional 431 shares in the last quarter. Finally, Quilter Plc acquired a new position in Corteva in the 1st quarter valued at about $611,688,000. Institutional investors and hedge funds own 80.56% of the company’s stock.
Analysts Set New Price Targets
A number of brokerages have recently commented on CTVA. UBS Group upgraded shares of Corteva from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $63.00 to $67.00 in a report on Tuesday, September 5th. Royal Bank of Canada reduced their price target on Corteva from $73.00 to $66.00 and set an “outperform” rating on the stock in a research note on Thursday, July 13th. Wells Fargo & Company decreased their price objective on Corteva from $74.00 to $73.00 and set an “overweight” rating on the stock in a report on Monday, August 7th. Mizuho dropped their target price on Corteva from $74.00 to $72.00 and set a “buy” rating for the company in a research note on Monday, August 7th. Finally, VNET Group reissued an “upgrade” rating on shares of Corteva in a research note on Monday, May 22nd. Four analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $70.41.
Corteva Stock Up 1.5 %
Shares of NYSE:CTVA traded up $0.79 during midday trading on Thursday, hitting $52.78. 642,035 shares of the company’s stock traded hands, compared to its average volume of 3,481,446. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.12 and a current ratio of 1.66. Corteva, Inc. has a twelve month low of $48.68 and a twelve month high of $68.43. The firm’s fifty day moving average price is $53.17 and its two-hundred day moving average price is $56.74. The company has a market cap of $37.46 billion, a PE ratio of 40.76, a P/E/G ratio of 1.32 and a beta of 0.81.
Corteva (NYSE:CTVA – Get Free Report) last posted its quarterly earnings results on Friday, August 4th. The company reported $1.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.02. Corteva had a return on equity of 7.78% and a net margin of 5.26%. The business had revenue of $6.05 billion for the quarter, compared to analyst estimates of $6.44 billion. During the same period in the prior year, the company posted $1.64 EPS. The business’s revenue was down 3.2% compared to the same quarter last year. On average, equities research analysts anticipate 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. Shareholders of record on Friday, September 1st will be paid a $0.16 dividend. This is an increase from Corteva’s previous quarterly dividend of $0.15. This represents a $0.64 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date is Thursday, August 31st. Corteva’s 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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