Corteva, Inc. (NYSE:CTVA) Shares Sold by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC decreased its position in Corteva, Inc. (NYSE:CTVA) by 1.1% during the 2nd quarter, Holdings Channel reports. The firm owned 136,832 shares of the company’s stock after selling 1,587 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Corteva were worth $7,381,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in CTVA. Mediolanum International Funds Ltd acquired a new stake in Corteva in the 1st quarter valued at about $2,270,000. Red Mountain Financial LLC acquired a new stake in shares of Corteva in the fourth quarter valued at approximately $862,000. California State Teachers Retirement System increased its stake in shares of Corteva by 15.1% during the 4th quarter. California State Teachers Retirement System now owns 1,383,280 shares of the company’s stock worth $66,287,000 after purchasing an additional 181,883 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Corteva by 14.7% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 948,127 shares of the company’s stock worth $54,678,000 after purchasing an additional 121,817 shares during the last quarter. Finally, Los Angeles Capital Management LLC purchased a new stake in Corteva in the 1st quarter valued at approximately $1,965,000. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Stock Up 0.4 %

CTVA opened at $55.34 on Friday. Corteva, Inc. has a 1 year low of $43.22 and a 1 year high of $58.76. The firm has a 50 day moving average price of $53.81 and a 200 day moving average price of $54.61. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.17 and a current ratio of 1.72. The company has a market cap of $38.57 billion, a PE ratio of 70.05, a price-to-earnings-growth ratio of 1.65 and a beta of 0.77.

Corteva (NYSE:CTVA) last released its quarterly earnings data on Wednesday, July 31st. The company reported $1.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.09. The company had revenue of $6.11 billion during 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%. The business’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.60 earnings per share. Sell-side analysts expect that Corteva, Inc. will post 2.72 earnings per share for the current year.

Corteva Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date of this dividend is Tuesday, September 3rd. This is a boost from Corteva’s previous quarterly dividend of $0.16. Corteva’s payout ratio is currently 86.08%.

Wall Street Analysts Forecast Growth

CTVA has been the subject of several recent research reports. JPMorgan Chase & Co. dropped their price target on Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. 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. KeyCorp decreased their price target on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Mizuho cut their price objective on shares of Corteva from $61.00 to $60.00 and set a “buy” rating for the company in a research report on Tuesday, June 18th. Finally, Argus lowered shares of Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock 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.