Drive Wealth Management LLC Purchases 373 Shares of Corteva, Inc. (NYSE:CTVA)

Drive Wealth Management LLC lifted its position in shares of Corteva, Inc. (NYSE:CTVA) by 8.9% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,550 shares of the company’s stock after acquiring an additional 373 shares during the quarter. Drive Wealth Management LLC’s holdings in Corteva were worth $245,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Redmont Wealth Advisors LLC bought a new position in Corteva in the first quarter valued at approximately $25,000. Acadian Asset Management LLC bought a new position in shares of Corteva in the 1st quarter worth $25,000. Rise Advisors LLC grew its stake in shares of Corteva by 2,522.2% during the first quarter. Rise Advisors LLC now owns 472 shares of the company’s stock worth $27,000 after purchasing an additional 454 shares during the period. ICA Group Wealth Management LLC bought a new stake in Corteva in the fourth quarter valued at about $28,000. Finally, Scarborough Advisors LLC acquired a new position in Corteva in the fourth quarter valued at about $29,000. Institutional investors and hedge funds own 81.54% of the company’s stock.

Corteva Price Performance

Shares of NYSE CTVA opened at $57.30 on Monday. Corteva, Inc. has a twelve month low of $43.22 and a twelve month high of $58.76. The company has a market cap of $39.67 billion, a PE ratio of 72.53, a price-to-earnings-growth ratio of 1.65 and a beta of 0.77. The business’s 50 day moving average price is $53.58 and its two-hundred day moving average price is $54.57. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.10.

Corteva (NYSE:CTVA) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $1.83 EPS for the quarter, beating analysts’ consensus estimates of $1.74 by $0.09. The business had revenue of $6.11 billion for the quarter, compared to analyst estimates of $6.15 billion. Corteva had a net margin of 5.31% and a return on equity of 7.30%. Corteva’s quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.60 EPS. On average, analysts predict that Corteva, Inc. will post 2.72 EPS for the current year.

Corteva Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd will be given a dividend of $0.17 per share. This is a boost from Corteva’s previous quarterly dividend of $0.16. The ex-dividend date is Tuesday, September 3rd. This represents a $0.68 annualized dividend and a yield of 1.19%. Corteva’s dividend payout ratio (DPR) is presently 81.01%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CTVA. OTR Global restated a “negative” rating on shares of Corteva in a research report on Friday, June 7th. Mizuho decreased their price objective on shares of Corteva from $61.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday, June 18th. Wells Fargo & Company cut their target price on shares of Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. KeyCorp decreased their price target on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $65.00 price objective on shares of Corteva in a research note on Wednesday, June 12th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, Corteva has an average rating of “Moderate Buy” and an average price target of $61.67.

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.