Asset Dedication LLC Boosts Stock Position in Corteva, Inc. (NYSE:CTVA)

Asset Dedication LLC grew its holdings in Corteva, Inc. (NYSE:CTVA) by 9.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,830 shares of the company’s stock after buying an additional 321 shares during the quarter. Asset Dedication LLC’s holdings in Corteva were worth $225,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Mediolanum International Funds Ltd acquired a new stake in shares of Corteva in the first quarter worth approximately $2,270,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Corteva by 14.7% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 948,127 shares of the company’s stock worth $54,678,000 after buying an additional 121,817 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in Corteva during the first quarter worth $1,965,000. Intech Investment Management LLC boosted its stake in Corteva by 69.5% during the first quarter. Intech Investment Management LLC now owns 52,557 shares of the company’s stock worth $3,031,000 after buying an additional 21,545 shares during the last quarter. Finally, Illinois Municipal Retirement Fund boosted its stake in Corteva by 295.9% during the first quarter. Illinois Municipal Retirement Fund now owns 94,896 shares of the company’s stock worth $5,473,000 after buying an additional 70,924 shares during the last quarter. 81.54% of the stock is owned by institutional investors and hedge funds.

Corteva Price Performance

CTVA stock opened at $58.95 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.72 and a quick ratio of 1.17. The firm has a market capitalization of $41.09 billion, a P/E ratio of 74.62, a P/E/G ratio of 1.66 and a beta of 0.77. The business’s 50-day moving average is $56.20 and its two-hundred day moving average is $55.08. Corteva, Inc. has a 1 year low of $43.22 and a 1 year high of $59.13.

Corteva (NYSE:CTVA) last posted its quarterly 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. The company had revenue of $6.11 billion for the quarter, compared to analyst estimates of $6.15 billion. Corteva had a return on equity of 7.30% and a net margin of 5.31%. Corteva’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 EPS. Analysts anticipate that Corteva, Inc. will post 2.66 earnings per share for the current fiscal year.

Corteva Increases Dividend

The firm also recently announced 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 represents a $0.68 annualized dividend and a dividend yield of 1.15%. The ex-dividend date of this dividend was Tuesday, September 3rd. This is a positive change from Corteva’s previous quarterly dividend of $0.16. Corteva’s dividend payout ratio (DPR) is 86.08%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on CTVA shares. Morgan Stanley reiterated an “overweight” rating and set a $65.00 price target on shares of Corteva in a report on Tuesday, September 24th. Wells Fargo & Company lowered their price target on Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Argus cut Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. Bank of America upgraded Corteva from a “neutral” rating to a “buy” rating and increased their price target for the stock from $59.00 to $67.00 in a report on Wednesday. Finally, KeyCorp lowered their price target on Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.21.

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.