Corteva, Inc. (NYSE:CTVA) Shares Sold by Spire Wealth Management

Spire Wealth Management cut its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 4.8% in the second quarter, HoldingsChannel reports. The firm owned 7,911 shares of the company’s stock after selling 401 shares during the period. Spire Wealth Management’s holdings in Corteva were worth $427,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Mediolanum International Funds Ltd purchased a new position in Corteva in the first quarter valued at $2,270,000. Red Mountain Financial LLC purchased a new position in Corteva in the fourth quarter valued at $862,000. California State Teachers Retirement System increased its holdings in Corteva by 15.1% in the fourth quarter. California State Teachers Retirement System now owns 1,383,280 shares of the company’s stock valued at $66,287,000 after buying an additional 181,883 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Corteva by 14.7% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 948,127 shares of the company’s stock valued at $54,678,000 after buying an additional 121,817 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new position in Corteva in the first quarter valued at $1,965,000. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Stock Performance

NYSE:CTVA opened at $57.30 on Tuesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.72 and a quick ratio of 1.17. The firm has a market capitalization of $39.67 billion, a price-to-earnings ratio of 72.53, a PEG ratio of 1.65 and a beta of 0.77. The company’s 50-day moving average is $53.67 and its two-hundred day moving average is $54.59. Corteva, Inc. has a 1-year low of $43.22 and a 1-year high of $58.76.

Corteva (NYSE:CTVA) last posted its earnings results on Wednesday, July 31st. The company reported $1.83 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.09. The company 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 revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.60 EPS. Analysts forecast that Corteva, Inc. will post 2.72 EPS for the current year.

Corteva Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.19%. This is a positive change from Corteva’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Tuesday, September 3rd. Corteva’s payout ratio is presently 81.01%.

Analyst Ratings Changes

A number of research firms have weighed in on CTVA. KeyCorp cut their price objective 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. Mizuho cut their target price on shares of Corteva from $61.00 to $60.00 and set a “buy” rating for the company in a research note 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 for the company in a research note on Friday, August 2nd. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $65.00 target price on shares of Corteva in a research note on Wednesday, June 12th. Finally, Royal Bank of Canada boosted their target price on shares of Corteva from $62.00 to $64.00 and gave the stock an “outperform” rating in a research note on Monday, May 6th. One research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $61.67.

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.