Hennion & Walsh Asset Management Inc. Sells 550 Shares of Corteva, Inc. (NYSE:CTVA)

Hennion & Walsh Asset Management Inc. cut its holdings in Corteva, Inc. (NYSE:CTVA) by 2.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 22,634 shares of the company’s stock after selling 550 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Corteva were worth $1,331,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Redmont Wealth Advisors LLC acquired a new position in shares of Corteva during the 1st quarter valued at about $25,000. Acadian Asset Management LLC acquired a new position in Corteva during the first quarter valued at approximately $25,000. Albion Financial Group UT raised its position in shares of Corteva by 77.2% in the first quarter. Albion Financial Group UT now owns 505 shares of the company’s stock valued at $29,000 after purchasing an additional 220 shares during the period. Cultivar Capital Inc. acquired a new stake in shares of Corteva in the second quarter worth $34,000. Finally, Redwood Wealth Management Group LLC bought a new stake in shares of Corteva during the 2nd quarter worth $43,000. 81.54% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. JPMorgan Chase & Co. dropped 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. Argus cut Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. Citigroup initiated coverage on Corteva in a report on Wednesday. They issued a “buy” rating and a $68.00 target price on the stock. Wells Fargo & Company cut 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. Finally, Bank of America upgraded shares of Corteva from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $59.00 to $67.00 in a research note on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Corteva presently has a consensus rating of “Moderate Buy” and an average target price of $62.84.

Corteva Price Performance

Corteva stock opened at $60.35 on Friday. The business has a 50 day simple moving average of $57.13 and a 200 day simple moving average of $55.17. 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 company has a market capitalization of $42.06 billion, a PE ratio of 76.39, a price-to-earnings-growth ratio of 1.66 and a beta of 0.77. Corteva, Inc. has a one year low of $43.22 and a one year high of $61.21.

Corteva (NYSE:CTVA) last issued its quarterly earnings data 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 company 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 business’s revenue was up 1.1% on a year-over-year basis. On average, sell-side analysts forecast that Corteva, Inc. will post 2.66 EPS for the current fiscal year.

Corteva Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were issued a dividend of $0.17 per share. This is a positive change from Corteva’s previous quarterly dividend of $0.16. The ex-dividend date was Tuesday, September 3rd. This represents a $0.68 annualized dividend and a dividend yield of 1.13%. Corteva’s dividend payout ratio (DPR) 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.