5,647 Shares in Corteva, Inc. (NYSE:CTVA) Acquired by Eastern Bank

Eastern Bank acquired a new position in Corteva, Inc. (NYSE:CTVA) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 5,647 shares of the company’s stock, valued at approximately $332,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Capital International Investors raised its position in Corteva by 2.6% in the 1st quarter. Capital International Investors now owns 26,437,457 shares of the company’s stock worth $1,524,648,000 after purchasing an additional 678,722 shares during the last quarter. Van ECK Associates Corp raised its position in shares of Corteva by 7.2% during the first quarter. Van ECK Associates Corp now owns 9,145,282 shares of the company’s stock worth $527,409,000 after acquiring an additional 617,030 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Corteva by 28.4% during the second quarter. Bank of New York Mellon Corp now owns 6,842,907 shares of the company’s stock valued at $369,106,000 after acquiring an additional 1,514,954 shares during the period. Legal & General Group Plc increased its position in Corteva by 0.9% in the second quarter. Legal & General Group Plc now owns 6,741,972 shares of the company’s stock worth $363,662,000 after purchasing an additional 61,127 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in Corteva by 5.1% in the second quarter. Dimensional Fund Advisors LP now owns 4,649,450 shares of the company’s stock worth $250,786,000 after purchasing an additional 224,423 shares during the period. Institutional investors and hedge funds own 81.54% of the company’s stock.

Corteva Stock Performance

CTVA opened at $60.79 on Thursday. The company has a market capitalization of $42.37 billion, a price-to-earnings ratio of 76.95, a P/E/G ratio of 1.66 and a beta of 0.77. The business’s 50-day moving average price is $56.84 and its two-hundred day moving average price is $55.13. Corteva, Inc. has a 1 year low of $43.22 and a 1 year high of $60.88. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.72 and a quick ratio of 1.17.

Corteva (NYSE:CTVA) last announced its earnings results on Wednesday, July 31st. The company reported $1.83 earnings per share (EPS) for the quarter, beating 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 business 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 earned $1.60 EPS. Corteva’s revenue for the quarter was up 1.1% compared to the same quarter last year. Equities analysts expect that Corteva, Inc. will post 2.66 EPS for the current fiscal year.

Corteva Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd were given a $0.17 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 1.12%. This is an increase from Corteva’s previous quarterly dividend of $0.16. Corteva’s dividend payout ratio (DPR) is 86.08%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CTVA. Morgan Stanley reaffirmed an “overweight” rating and issued a $65.00 target price on shares of Corteva in a research note on Tuesday, September 24th. JPMorgan Chase & Co. reduced their price objective on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Wells Fargo & Company dropped their target price on shares of Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Citigroup assumed coverage on Corteva in a research report on Wednesday. They issued a “buy” rating and a $68.00 price target on the stock. Finally, Bank of America upgraded Corteva from a “neutral” rating to a “buy” rating and upped their price objective for the company from $59.00 to $67.00 in a report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $62.50.

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.