Chesley Taft & Associates LLC Sells 2,274 Shares of Corteva, Inc. (NYSE:CTVA)

Chesley Taft & Associates LLC lowered its stake in shares of Corteva, Inc. (NYSE:CTVA) by 6.2% during the third quarter, HoldingsChannel reports. The firm owned 34,134 shares of the company’s stock after selling 2,274 shares during the quarter. Chesley Taft & Associates LLC’s holdings in Corteva were worth $2,007,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Harris Associates L P increased its holdings in shares of Corteva by 87.1% during the 4th quarter. Harris Associates L P now owns 9,011,702 shares of the company’s stock worth $431,841,000 after acquiring an additional 4,194,981 shares during the last quarter. Anomaly Capital Management LP acquired a new position in shares of Corteva during the 2nd quarter worth approximately $188,578,000. Vaughan Nelson Investment Management L.P. increased its holdings in shares of Corteva by 392.3% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 4,083,685 shares of the company’s stock worth $220,274,000 after acquiring an additional 3,254,126 shares during the last quarter. Glenview Capital Management LLC increased its holdings in shares of Corteva by 116.6% during the 4th quarter. Glenview Capital Management LLC now owns 4,698,725 shares of the company’s stock worth $225,163,000 after acquiring an additional 2,529,539 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Corteva by 28.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 6,842,907 shares of the company’s stock worth $369,106,000 after acquiring an additional 1,514,954 shares during the last quarter. Institutional investors own 81.54% of the company’s stock.

Corteva Price Performance

Shares of CTVA stock opened at $56.88 on Wednesday. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.10. Corteva, Inc. has a twelve month low of $43.22 and a twelve month high of $59.08. The company has a market cap of $39.64 billion, a P/E ratio of 72.00, a P/E/G ratio of 1.68 and a beta of 0.77. The business has a fifty day simple moving average of $55.43 and a 200 day simple moving average of $55.00.

Corteva (NYSE:CTVA) last announced 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. Corteva had a return on equity of 7.30% and a net margin of 5.31%. The business had revenue of $6.11 billion during the quarter, compared to the consensus estimate of $6.15 billion. During the same period in the prior year, the company earned $1.60 EPS. Corteva’s revenue for the quarter was up 1.1% on a year-over-year basis. On average, sell-side analysts forecast that Corteva, Inc. will post 2.69 EPS for the current fiscal year.

Corteva Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Investors 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. This represents a $0.68 annualized dividend and a dividend yield of 1.20%. The ex-dividend date was Tuesday, September 3rd. Corteva’s dividend payout ratio is currently 86.08%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CTVA. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $65.00 price objective on shares of Corteva in a report on Wednesday, June 12th. Morgan Stanley reaffirmed an “overweight” rating and issued a $65.00 price objective on shares of Corteva in a report on Tuesday, September 24th. JPMorgan Chase & Co. decreased their price objective 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 decreased their price objective on Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Finally, KeyCorp decreased their price objective on Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned 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 $61.94.

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.