Envestnet Asset Management Inc. Increases Stake in Corteva, Inc. (NYSE:CTVA)

Envestnet Asset Management Inc. increased its position in Corteva, Inc. (NYSE:CTVA) by 6.9% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,585,959 shares of the company’s stock after acquiring an additional 101,964 shares during the quarter. Envestnet Asset Management Inc. owned about 0.23% of Corteva worth $85,547,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in CTVA. Redmont Wealth Advisors LLC purchased a new stake in Corteva in the 1st quarter worth about $25,000. Acadian Asset Management LLC purchased a new stake in Corteva in the 1st quarter worth about $25,000. Rise Advisors LLC grew its holdings in Corteva by 2,522.2% during the 1st quarter. Rise Advisors LLC now owns 472 shares of the company’s stock valued at $27,000 after buying an additional 454 shares in the last quarter. ICA Group Wealth Management LLC purchased a new position in Corteva during the 4th quarter valued at about $28,000. Finally, Scarborough Advisors LLC purchased a new position in Corteva during the 4th quarter valued at about $29,000. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on CTVA. JPMorgan Chase & Co. reduced their target price on Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. KeyCorp reduced their target price on Corteva from $66.00 to $62.00 and set an “overweight” rating for the company 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 research note on Tuesday, June 18th. Argus lowered Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. Finally, Wells Fargo & Company dropped their price target on Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $61.67.

Corteva Price Performance

CTVA stock opened at $57.04 on Wednesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.17 and a current ratio of 1.72. Corteva, Inc. has a 52 week low of $43.22 and a 52 week high of $58.76. The firm’s fifty day moving average is $54.34 and its 200 day moving average is $54.69. The firm has a market cap of $39.76 billion, a P/E ratio of 72.20, a P/E/G ratio of 1.60 and a beta of 0.77.

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

Corteva Increases Dividend

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

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.