Corteva, Inc. (NYSE:CTVA) Sees Large Decline in Short Interest

Corteva, Inc. (NYSE:CTVA) was the recipient of a significant decrease in short interest in the month of May. As of May 15th, there was short interest totalling 7,420,000 shares, a decrease of 20.6% from the April 30th total of 9,340,000 shares. Approximately 1.1% of the shares of the stock are short sold. Based on an average trading volume of 3,570,000 shares, the short-interest ratio is presently 2.1 days.

Corteva Trading Up 1.6%

Shares of CTVA stock opened at $70.81 on Monday. Corteva has a 1 year low of $50.01 and a 1 year high of $71.01. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.45 and a quick ratio of 0.93. The stock’s 50 day simple moving average is $63.29 and its two-hundred day simple moving average is $61.69. The company has a market cap of $48.30 billion, a PE ratio of 54.89, a price-to-earnings-growth ratio of 1.68 and a beta of 0.72.

Corteva (NYSE:CTVA) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.25. Corteva had a return on equity of 7.19% and a net margin of 5.36%. The business had revenue of $4.42 billion for the quarter, compared to the consensus estimate of $4.56 billion. During the same period in the prior year, the business posted $0.89 earnings per share. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. Research analysts predict that Corteva will post 2.96 earnings per share for the current year.

Corteva Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 2nd will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 0.96%. Corteva’s dividend payout ratio (DPR) is presently 41.46%.

Wall Street Analyst Weigh In

CTVA has been the subject of a number of recent analyst reports. Argus raised Corteva from a “hold” rating to a “buy” rating and set a $69.00 price objective for the company in a research note on Monday, March 31st. Barclays upped their price objective on Corteva from $64.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 14th. KeyCorp increased their price target on Corteva from $71.00 to $72.00 and gave the company an “overweight” rating in a research note on Friday, May 9th. The Goldman Sachs Group initiated coverage on Corteva in a research note on Thursday, March 13th. They set a “buy” rating and a $71.00 price target for the company. Finally, Bank of America increased their price target on Corteva from $69.00 to $73.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $70.50.

Institutional Investors Weigh In On Corteva

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ancora Advisors LLC raised its holdings in shares of Corteva by 0.8% in the first quarter. Ancora Advisors LLC now owns 18,567 shares of the company’s stock worth $1,168,000 after buying an additional 150 shares during the period. NewEdge Advisors LLC raised its holdings in shares of Corteva by 0.5% in the first quarter. NewEdge Advisors LLC now owns 31,455 shares of the company’s stock worth $1,979,000 after buying an additional 152 shares during the period. Chicago Partners Investment Group LLC raised its holdings in shares of Corteva by 1.2% in the fourth quarter. Chicago Partners Investment Group LLC now owns 13,282 shares of the company’s stock worth $759,000 after buying an additional 156 shares during the period. Avidian Wealth Enterprises LLC raised its holdings in shares of Corteva by 3.6% in the fourth quarter. Avidian Wealth Enterprises LLC now owns 4,521 shares of the company’s stock worth $258,000 after buying an additional 157 shares during the period. Finally, Beacon Capital Management LLC raised its holdings in shares of Corteva by 13.4% in the fourth quarter. Beacon Capital Management LLC now owns 1,341 shares of the company’s stock worth $76,000 after buying an additional 158 shares during the period. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Corteva Company Profile

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.