Corteva, Inc. (NYSE:CTVA) Shares Sold by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC trimmed its position in shares of Corteva, Inc. (NYSE:CTVAGet Rating) by 21.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 377,257 shares of the company’s stock after selling 101,393 shares during the quarter. Lord Abbett & CO. LLC owned 0.05% of Corteva worth $21,685,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in CTVA. CarsonAllaria Wealth Management Ltd. acquired a new position in shares of Corteva during the fourth quarter worth about $25,000. Carl Stuart Investment Advisor Inc. acquired a new position in Corteva during the first quarter worth about $28,000. CKW Financial Group grew its position in Corteva by 1,083.7% during the first quarter. CKW Financial Group now owns 509 shares of the company’s stock worth $30,000 after buying an additional 466 shares during the period. Fieldpoint Private Securities LLC grew its position in Corteva by 106.0% during the first quarter. Fieldpoint Private Securities LLC now owns 546 shares of the company’s stock worth $31,000 after buying an additional 281 shares during the period. Finally, Hazlett Burt & Watson Inc. acquired a new position in Corteva during the first quarter worth about $31,000. 79.02% of the stock is currently owned by institutional investors and hedge funds.

Corteva Stock Performance

Shares of CTVA opened at $62.04 on Friday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.35 and a current ratio of 1.88. The company has a market capitalization of $44.90 billion, a price-to-earnings ratio of 26.18, a PEG ratio of 1.54 and a beta of 0.68. The company’s 50 day simple moving average is $57.67 and its 200 day simple moving average is $57.17. Corteva, Inc. has a 1 year low of $40.72 and a 1 year high of $64.03.

Corteva (NYSE:CTVAGet Rating) last announced its quarterly earnings data on Thursday, August 4th. The company reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.47 by $0.17. The business had revenue of $6.25 billion for the quarter, compared to the consensus estimate of $6.09 billion. Corteva had a net margin of 10.31% and a return on equity of 7.26%. The company’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.40 earnings per share. On average, sell-side analysts predict that Corteva, Inc. will post 2.58 EPS for the current year.

Corteva Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Friday, August 12th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, August 11th. This represents a $0.60 dividend on an annualized basis and a yield of 0.97%. This is an increase from Corteva’s previous quarterly dividend of $0.14. Corteva’s dividend payout ratio (DPR) is currently 25.32%.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Argus upped their target price on shares of Corteva from $61.00 to $69.00 and gave the stock a “buy” rating in a research report on Monday, May 23rd. Citigroup increased their price target on shares of Corteva from $63.00 to $69.00 and gave the company a “buy” rating in a research report on Monday, August 8th. JPMorgan Chase & Co. upgraded shares of Corteva from a “neutral” rating to an “overweight” rating and increased their price target for the company from $58.00 to $63.00 in a research report on Monday, August 8th. Roth Capital upgraded shares of Corteva from a “neutral” rating to a “buy” rating and increased their price target for the company from $67.00 to $74.00 in a research report on Monday, August 8th. Finally, Royal Bank of Canada increased their price target on shares of Corteva from $67.00 to $72.00 and gave the company an “outperform” rating in a research report on Tuesday, August 9th. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, Corteva has an average rating of “Moderate Buy” and an average target price of $67.21.

Corteva Company Profile

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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.

Further Reading

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Institutional Ownership by Quarter for Corteva (NYSE:CTVA)

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