Merit Financial Group LLC Has $580,000 Stock Position in Corteva, Inc. (NYSE:CTVA)

Merit Financial Group LLC grew its position in Corteva, Inc. (NYSE:CTVA) by 71.8% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 9,212 shares of the company’s stock after acquiring an additional 3,849 shares during the period. Merit Financial Group LLC’s holdings in Corteva were worth $580,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in CTVA. Flagship Wealth Advisors LLC bought a new position in Corteva during the 4th quarter worth about $25,000. Noble Wealth Management PBC bought a new position in Corteva during the 4th quarter worth about $26,000. Pinney & Scofield Inc. bought a new position in Corteva during the 4th quarter worth about $27,000. LGT Financial Advisors LLC bought a new position in Corteva during the 4th quarter worth about $31,000. Finally, Golden State Wealth Management LLC bought a new position in Corteva during the 4th quarter worth about $32,000. Institutional investors and hedge funds own 81.54% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Bank of America increased their target price on Corteva from $69.00 to $73.00 and gave the stock a “buy” rating in a report on Tuesday, February 11th. KeyCorp increased their price objective on shares of Corteva from $71.00 to $72.00 and gave the stock an “overweight” rating in a research note on Friday, May 9th. Jefferies Financial Group restated a “buy” rating on shares of Corteva in a research note on Friday. BNP Paribas upgraded shares of Corteva to a “hold” rating in a research note on Monday, February 10th. Finally, Oppenheimer restated an “outperform” rating and set a $75.00 price objective (up from $72.00) on shares of Corteva in a research note on Friday, May 9th. Three equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $70.50.

Corteva Stock Performance

Shares of CTVA opened at $72.00 on Tuesday. The company has a current ratio of 1.45, a quick ratio of 0.93 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $49.12 billion, a P/E ratio of 55.81, a price-to-earnings-growth ratio of 1.68 and a beta of 0.75. The firm’s fifty day simple moving average is $64.33 and its two-hundred day simple moving average is $62.23. Corteva, Inc. has a 12 month low of $50.01 and a 12 month high of $72.30.

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

Corteva Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 2nd will be issued a dividend of $0.17 per share. The ex-dividend date is Monday, June 2nd. This represents a $0.68 annualized dividend and a dividend yield of 0.94%. Corteva’s dividend payout ratio is currently 41.46%.

Corteva 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.