Kestra Private Wealth Services LLC reduced its position in shares of Corteva, Inc. (NYSE:CTVA – Get Rating) by 3.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 20,118 shares of the company’s stock after selling 756 shares during the period. Kestra Private Wealth Services LLC’s holdings in Corteva were worth $1,156,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also added to or reduced their stakes in CTVA. Carl Stuart Investment Advisor Inc. acquired a new stake in Corteva during the 1st quarter worth approximately $28,000. CKW Financial Group increased its stake in Corteva by 1,083.7% during the 1st quarter. CKW Financial Group now owns 509 shares of the company’s stock worth $30,000 after acquiring an additional 466 shares during the period. Fieldpoint Private Securities LLC increased its stake in Corteva by 106.0% during the 1st quarter. Fieldpoint Private Securities LLC now owns 546 shares of the company’s stock worth $31,000 after acquiring an additional 281 shares during the period. Hazlett Burt & Watson Inc. bought a new position in Corteva during the 1st quarter worth $31,000. Finally, Carolinas Wealth Consulting LLC increased its stake in Corteva by 454.5% during the 1st quarter. Carolinas Wealth Consulting LLC now owns 610 shares of the company’s stock worth $35,000 after acquiring an additional 500 shares during the period. 79.02% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of equities analysts have commented on the company. Barclays assumed coverage on Corteva in a research note on Wednesday, June 1st. They set an “overweight” rating and a $71.00 price objective on the stock. Deutsche Bank Aktiengesellschaft raised their price objective on Corteva from $68.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday. JPMorgan Chase & Co. upgraded Corteva from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $58.00 to $63.00 in a research note on Monday, August 8th. BMO Capital Markets lifted their price target on Corteva from $66.00 to $72.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Roth Capital upgraded Corteva from a “neutral” rating to a “buy” rating and lifted their price target for the company from $67.00 to $74.00 in a research note on Monday, August 8th. One analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $68.60.
Corteva Trading Down 1.2 %
Corteva (NYSE:CTVA – Get Rating) last released its quarterly earnings data on Thursday, August 4th. The company reported $1.64 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $6.09 billion. During the same quarter last year, the business posted $1.40 EPS. Corteva’s revenue for the quarter was up 11.6% on a year-over-year basis. As a group, sell-side analysts expect that Corteva, Inc. will post 2.63 EPS for the current fiscal year.
Corteva Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Friday, August 12th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, August 11th. This is an increase from Corteva’s previous quarterly dividend of $0.14. This represents a $0.60 annualized dividend and a yield of 0.98%. Corteva’s payout ratio is presently 25.32%.
Corteva declared that its Board of Directors has approved a stock buyback program on Tuesday, September 13th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 4.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
Corteva Company 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.
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