Fortis Advisors LLC purchased a new position in shares of Corteva, Inc. (NYSE:CTVA – Get Rating) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 1,807 shares of the company’s stock, valued at approximately $104,000.
Other institutional investors also recently added to or reduced their stakes in the company. Carl Stuart Investment Advisor Inc. purchased a new position in shares of Corteva in the 1st quarter valued at approximately $28,000. CKW Financial Group grew its stake in shares of Corteva by 1,083.7% in the 1st quarter. CKW Financial Group now owns 509 shares of the company’s stock valued at $30,000 after purchasing an additional 466 shares during the last quarter. Fieldpoint Private Securities LLC grew its stake in shares of Corteva by 106.0% in the 1st quarter. Fieldpoint Private Securities LLC now owns 546 shares of the company’s stock valued at $31,000 after purchasing an additional 281 shares during the last quarter. Hazlett Burt & Watson Inc. purchased a new position in shares of Corteva in the 1st quarter valued at approximately $31,000. Finally, MV Capital Management Inc. grew its stake in shares of Corteva by 51.1% in the 1st quarter. MV Capital Management Inc. now owns 624 shares of the company’s stock valued at $36,000 after purchasing an additional 211 shares during the last quarter. Institutional investors and hedge funds own 79.02% of the company’s stock.
Analysts Set New Price Targets
A number of analysts recently weighed in on CTVA shares. Credit Suisse Group lifted their price target on Corteva to $72.00 in a research note on Tuesday, August 9th. JPMorgan Chase & Co. upgraded Corteva from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $58.00 to $63.00 in a research note on Monday, August 8th. Mizuho lifted their price target on Corteva from $68.00 to $69.00 and gave the company a “buy” rating in a research note on Monday, August 8th. Deutsche Bank Aktiengesellschaft decreased their price target on Corteva from $72.00 to $68.00 in a research note on Monday, August 8th. Finally, Argus lifted their price target on Corteva from $61.00 to $69.00 and gave the company a “buy” rating in a research note on Monday, May 23rd. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $67.21.
Corteva Stock Performance
Corteva (NYSE:CTVA – Get Rating) last released its quarterly earnings results on Thursday, August 4th. The company reported $1.64 earnings per share for the quarter, topping analysts’ consensus estimates of $1.47 by $0.17. Corteva had a return on equity of 7.26% and a net margin of 10.31%. The company had revenue of $6.25 billion during the quarter, compared to analysts’ expectations of $6.09 billion. During the same period in the previous year, the firm posted $1.40 earnings per share. The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. Sell-side analysts forecast that Corteva, Inc. will post 2.58 earnings per share for the current fiscal year.
Corteva Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 15th. Stockholders of record on Friday, August 12th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.96%. This is a boost from Corteva’s previous quarterly dividend of $0.14. The ex-dividend date is Thursday, August 11th. Corteva’s payout ratio is 25.32%.
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.
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