Thoroughbred Financial Services LLC Buys Shares of 7,173 Corteva, Inc. (NYSE:CTVA)

Thoroughbred Financial Services LLC bought a new stake in Corteva, Inc. (NYSE:CTVA) in the second quarter, HoldingsChannel reports. The fund bought 7,173 shares of the company’s stock, valued at approximately $386,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CTVA. Capital International Investors grew its stake in Corteva by 47.2% in the fourth quarter. Capital International Investors now owns 25,758,735 shares of the company’s stock valued at $1,234,359,000 after acquiring an additional 8,260,808 shares during the period. Norges Bank acquired a new position in Corteva in the fourth quarter valued at about $265,298,000. Harris Associates L P grew its stake in Corteva by 87.1% in the fourth quarter. Harris Associates L P now owns 9,011,702 shares of the company’s stock valued at $431,841,000 after acquiring an additional 4,194,981 shares during the period. Vaughan Nelson Investment Management L.P. grew its stake in Corteva by 392.3% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 4,083,685 shares of the company’s stock valued at $220,274,000 after acquiring an additional 3,254,126 shares during the period. Finally, Glenview Capital Management LLC lifted its holdings in shares of Corteva by 116.6% in the fourth quarter. Glenview Capital Management LLC now owns 4,698,725 shares of the company’s stock valued at $225,163,000 after purchasing an additional 2,529,539 shares in the last quarter. 81.54% of the stock is owned by institutional investors and hedge funds.

Corteva Stock Down 0.6 %

CTVA stock opened at $56.27 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 stock has a market capitalization of $38.95 billion, a price-to-earnings ratio of 71.23, a PEG ratio of 1.60 and a beta of 0.77. The business’s fifty day moving average price is $54.21 and its two-hundred day moving average price is $54.66. Corteva, Inc. has a fifty-two week low of $43.22 and a fifty-two week high of $58.76.

Corteva (NYSE:CTVA) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $1.83 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.09. The firm had revenue of $6.11 billion for the quarter, compared to analysts’ expectations of $6.15 billion. Corteva had a return on equity of 7.30% and a net margin of 5.31%. The company’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same quarter last year, the business earned $1.60 EPS. On average, equities analysts anticipate that Corteva, Inc. will post 2.69 earnings per share 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 1.21%. Corteva’s dividend payout ratio (DPR) is presently 86.08%.

Analyst Ratings Changes

CTVA has been the topic of a number of research reports. Argus lowered Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. JPMorgan Chase & Co. cut their price target on Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. Wells Fargo & Company cut their price target on Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. OTR Global restated a “negative” rating on shares of Corteva in a report on Friday, June 7th. Finally, Mizuho cut their price target on Corteva from $61.00 to $60.00 and set a “buy” rating on the stock in a report on Tuesday, June 18th. One investment 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 a consensus rating of “Moderate Buy” and an average target price 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.