Prelude Capital Management LLC cut its stake in Corteva, Inc. (NYSE:CTVA – Get Rating) by 40.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 37,913 shares of the company’s stock after selling 25,889 shares during the period. Prelude Capital Management LLC’s holdings in Corteva were worth $2,179,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also bought and sold shares of CTVA. HighTower Advisors LLC lifted its holdings in Corteva by 31.1% in the fourth quarter. HighTower Advisors LLC now owns 128,982 shares of the company’s stock worth $6,101,000 after buying an additional 30,565 shares during the period. Acadian Asset Management LLC lifted its holdings in shares of Corteva by 3,181,600.0% during the fourth quarter. Acadian Asset Management LLC now owns 31,817 shares of the company’s stock valued at $1,501,000 after purchasing an additional 31,816 shares during the last quarter. Qube Research & Technologies Ltd purchased a new position in shares of Corteva during the fourth quarter valued at approximately $6,347,000. BRYN MAWR TRUST Co lifted its holdings in shares of Corteva by 5.4% during the fourth quarter. BRYN MAWR TRUST Co now owns 22,869 shares of the company’s stock valued at $1,082,000 after purchasing an additional 1,180 shares during the last quarter. Finally, Rhumbline Advisers lifted its holdings in shares of Corteva by 2.2% during the fourth quarter. Rhumbline Advisers now owns 1,136,282 shares of the company’s stock valued at $53,723,000 after purchasing an additional 24,030 shares during the last quarter. 79.02% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several research firms have recently issued reports on CTVA. Argus lifted their target price on shares of Corteva from $61.00 to $69.00 and gave the company a “buy” rating in a report on Monday, May 23rd. JPMorgan Chase & Co. upgraded shares of Corteva from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $58.00 to $63.00 in a report on Monday, August 8th. Barclays began coverage on shares of Corteva in a report on Wednesday, June 1st. They set an “overweight” rating and a $71.00 target price for the company. Royal Bank of Canada lifted their target price on shares of Corteva from $67.00 to $72.00 and gave the company an “outperform” rating in a report on Tuesday, August 9th. Finally, Credit Suisse Group raised their price target on shares of Corteva to $72.00 in a research report on Tuesday, August 9th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $67.21.
Corteva Trading Up 0.8 %
Corteva (NYSE:CTVA – Get Rating) last posted its earnings results on Thursday, August 4th. The company reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.47 by $0.17. Corteva had a net margin of 10.31% and a return on equity of 7.26%. The business had revenue of $6.25 billion during the quarter, compared to the consensus estimate of $6.09 billion. During the same quarter in the previous year, the firm posted $1.40 EPS. The firm’s revenue was up 11.6% on a year-over-year basis. Research analysts forecast that Corteva, Inc. will post 2.58 earnings per share for the current year.
Corteva Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Friday, August 12th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 0.96%. The ex-dividend date is Thursday, August 11th. This is an increase from Corteva’s previous quarterly dividend of $0.14. 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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