Axxcess Wealth Management LLC Sells 9,411 Shares of Corteva, Inc. (NYSE:CTVA)

Axxcess Wealth Management LLC decreased its position in Corteva, Inc. (NYSE:CTVA) by 21.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 34,223 shares of the company’s stock after selling 9,411 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Corteva were worth $1,846,000 at the end of the most recent reporting period.

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

Analyst Upgrades and Downgrades

A number of equities analysts have commented on CTVA shares. Mizuho reduced their price objective on Corteva from $61.00 to $60.00 and set a “buy” rating on the stock in a research note on Tuesday, June 18th. Wells Fargo & Company decreased their price target on shares of Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. OTR Global restated a “negative” rating on shares of Corteva in a research report on Friday, June 7th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $65.00 price objective on shares of Corteva in a research report on Wednesday, June 12th. Finally, JPMorgan Chase & Co. dropped their target price on Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, Corteva presently has an average rating of “Moderate Buy” and an average target price of $61.67.

Corteva Price Performance

CTVA opened at $57.44 on Thursday. The stock has a market cap of $40.03 billion, a P/E ratio of 72.71, a P/E/G ratio of 1.60 and a beta of 0.77. Corteva, Inc. has a 12 month low of $43.22 and a 12 month high of $58.76. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.10. The company has a fifty day simple moving average of $54.47 and a 200 day simple moving average of $54.71.

Corteva (NYSE:CTVA) last released its quarterly earnings results on Wednesday, July 31st. The company reported $1.83 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.09. Corteva had a return on equity of 7.30% and a net margin of 5.31%. The company had revenue of $6.11 billion for the quarter, compared to analyst estimates of $6.15 billion. During the same quarter last year, the firm posted $1.60 earnings per share. Corteva’s revenue was up 1.1% compared to the same quarter last year. On average, research analysts expect that Corteva, Inc. will post 2.69 EPS for the current year.

Corteva Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were given a dividend of $0.17 per share. This is an increase from Corteva’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.68 annualized dividend and a dividend yield of 1.18%. Corteva’s dividend payout ratio is currently 86.08%.

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.