Evernest Financial Advisors LLC Makes New Investment in Corteva, Inc. (NYSE:CTVA)

Evernest Financial Advisors LLC purchased a new stake in shares of Corteva, Inc. (NYSE:CTVA) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,243 shares of the company’s stock, valued at approximately $602,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Northwest Investment Counselors LLC bought a new stake in shares of Corteva during the third quarter worth $56,000. Arlington Partners LLC lifted its position in Corteva by 24.8% during the 3rd quarter. Arlington Partners LLC now owns 75,698 shares of the company’s stock valued at $4,450,000 after purchasing an additional 15,058 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of Corteva by 19.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 48,470 shares of the company’s stock worth $2,850,000 after buying an additional 7,923 shares during the period. KFA Private Wealth Group LLC bought a new stake in shares of Corteva during the third quarter worth approximately $255,000. Finally, Integris Wealth Management LLC acquired a new stake in Corteva during the 3rd quarter worth $216,000. Institutional investors and hedge funds own 81.54% of the company’s stock.

Corteva Stock Performance

Shares of NYSE CTVA opened at $59.25 on Tuesday. The stock has a market capitalization of $41.30 billion, a PE ratio of 75.00, a price-to-earnings-growth ratio of 1.66 and a beta of 0.77. Corteva, Inc. has a 52 week low of $43.22 and a 52 week high of $59.68. The stock has a 50 day moving average price of $56.52 and a 200 day moving average price of $55.07. 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 (NYSE:CTVA) last released its earnings results on Wednesday, July 31st. The company reported $1.83 earnings per share 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 business had revenue of $6.11 billion during the quarter, compared to analysts’ expectations of $6.15 billion. During the same period last year, the business earned $1.60 earnings per share. The firm’s revenue was up 1.1% on a year-over-year basis. Analysts predict that Corteva, Inc. will post 2.66 earnings per share for the current fiscal year.

Corteva Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.15%. This is a boost from Corteva’s previous quarterly dividend of $0.16. The ex-dividend date was Tuesday, September 3rd. Corteva’s dividend payout ratio is presently 86.08%.

Wall Street Analysts Forecast Growth

CTVA has been the topic of several analyst reports. Wells Fargo & Company cut their target price on Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Argus cut shares of Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. JPMorgan Chase & Co. cut their target price on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. Morgan Stanley reissued an “overweight” rating and issued a $65.00 price target on shares of Corteva in a report on Tuesday, September 24th. Finally, KeyCorp dropped their price objective on Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, Corteva presently has a consensus rating of “Moderate Buy” and a consensus price target 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.