AlTi Global Inc. Sells 2,107 Shares of Corteva, Inc. (NYSE:CTVA)

AlTi Global Inc. reduced its stake in shares of Corteva, Inc. (NYSE:CTVA) by 8.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 23,139 shares of the company’s stock after selling 2,107 shares during the quarter. AlTi Global Inc.’s holdings in Corteva were worth $1,248,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Redmont Wealth Advisors LLC bought a new position in shares of Corteva during the 1st quarter valued at approximately $25,000. Acadian Asset Management LLC bought a new position in Corteva during the first quarter valued at $25,000. Rise Advisors LLC raised its stake in shares of Corteva by 2,522.2% in the first quarter. Rise Advisors LLC now owns 472 shares of the company’s stock valued at $27,000 after acquiring an additional 454 shares during the period. ICA Group Wealth Management LLC bought a new stake in shares of Corteva in the 4th quarter worth about $28,000. Finally, Scarborough Advisors LLC purchased a new position in shares of Corteva during the 4th quarter worth about $29,000. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Corteva Stock Down 1.2 %

Shares of NYSE CTVA opened at $57.15 on Thursday. Corteva, Inc. has a 12-month low of $43.22 and a 12-month high of $58.92. The stock’s fifty day simple moving average is $54.86 and its two-hundred day simple moving average is $54.82. The stock has a market capitalization of $39.56 billion, a PE ratio of 72.34, a price-to-earnings-growth ratio of 1.68 and a beta of 0.77. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.10.

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

Corteva Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were given a $0.17 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.19%. This is an increase from Corteva’s previous quarterly dividend of $0.16. Corteva’s payout ratio is presently 86.08%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $65.00 price objective on shares of Corteva in a research report on Wednesday, June 12th. KeyCorp reduced their price target on Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Mizuho dropped their price objective on Corteva from $61.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday, June 18th. Morgan Stanley reiterated an “overweight” rating and issued a $65.00 target price on shares of Corteva in a research note on Tuesday. Finally, JPMorgan Chase & Co. lowered their target price on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $61.94.

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.