Park Avenue Securities LLC Sells 18,589 Shares of Corteva, Inc. (NYSE:CTVA)

Park Avenue Securities LLC decreased its stake in shares of Corteva, Inc. (NYSE:CTVA) by 49.2% during the first quarter, Holdings Channel reports. The firm owned 19,163 shares of the company’s stock after selling 18,589 shares during the quarter. Park Avenue Securities LLC’s holdings in Corteva were worth $1,206,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. OLD National Bancorp IN raised its stake in Corteva by 5.2% during the 1st quarter. OLD National Bancorp IN now owns 14,199 shares of the company’s stock valued at $894,000 after buying an additional 701 shares during the last quarter. Miracle Mile Advisors LLC grew its holdings in shares of Corteva by 2.3% in the first quarter. Miracle Mile Advisors LLC now owns 11,997 shares of the company’s stock worth $755,000 after acquiring an additional 274 shares during the period. Wedmont Private Capital increased its position in Corteva by 4.4% during the first quarter. Wedmont Private Capital now owns 4,913 shares of the company’s stock valued at $291,000 after acquiring an additional 205 shares during the last quarter. Gemmer Asset Management LLC bought a new position in Corteva in the first quarter valued at about $221,000. Finally, Impact Capital Partners LLC purchased a new position in Corteva in the first quarter worth about $204,000. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Analyst Ratings Changes

CTVA has been the subject of several research reports. Wells Fargo & Company upped their price target on shares of Corteva from $73.00 to $79.00 and gave the company an “overweight” rating in a research report on Monday, May 12th. Citigroup upped their target price on shares of Corteva from $75.00 to $78.00 and gave the company a “buy” rating in a report on Friday, May 9th. Jefferies Financial Group reiterated a “buy” rating on shares of Corteva in a research report on Friday, June 6th. Argus raised shares of Corteva from a “hold” rating to a “buy” rating and set a $69.00 price objective for the company in a research report on Monday, March 31st. Finally, 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. Three investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $70.50.

Corteva Trading Up 0.7%

Shares of CTVA stock opened at $72.04 on Thursday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.93 and a current ratio of 1.45. The stock has a fifty day simple moving average of $64.86 and a two-hundred day simple moving average of $62.37. The firm has a market capitalization of $49.15 billion, a PE ratio of 55.85, a PEG ratio of 1.68 and a beta of 0.75. Corteva, Inc. has a 52-week low of $50.30 and a 52-week high of $72.40.

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

Corteva Dividend Announcement

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 issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 0.94%. The ex-dividend date is Monday, June 2nd. Corteva’s dividend payout ratio (DPR) is currently 41.46%.

About Corteva

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.