Cresset Asset Management LLC Reduces Holdings in Corteva, Inc. $CTVA

Cresset Asset Management LLC reduced its stake in shares of Corteva, Inc. (NYSE:CTVA) by 2.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,882 shares of the company’s stock after selling 203 shares during the period. Cresset Asset Management LLC’s holdings in Corteva were worth $433,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. American Century Companies Inc. grew its holdings in Corteva by 2.0% during the 1st quarter. American Century Companies Inc. now owns 134,165 shares of the company’s stock worth $8,443,000 after acquiring an additional 2,627 shares in the last quarter. Ethic Inc. grew its holdings in Corteva by 2.6% during the 1st quarter. Ethic Inc. now owns 75,481 shares of the company’s stock worth $4,797,000 after acquiring an additional 1,918 shares in the last quarter. Brandywine Global Investment Management LLC grew its holdings in Corteva by 178.5% during the 1st quarter. Brandywine Global Investment Management LLC now owns 417,509 shares of the company’s stock worth $26,274,000 after acquiring an additional 267,608 shares in the last quarter. Element Capital Management LLC acquired a new position in Corteva during the 1st quarter worth $2,737,000. Finally, Aberdeen Group plc grew its holdings in Corteva by 68.8% during the 1st quarter. Aberdeen Group plc now owns 469,661 shares of the company’s stock worth $29,147,000 after acquiring an additional 191,449 shares in the last quarter. 81.54% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have weighed in on CTVA shares. Morgan Stanley raised their price objective on shares of Corteva from $65.00 to $71.00 and gave the stock an “overweight” rating in a report on Friday, May 9th. UBS Group lifted their price target on shares of Corteva from $90.00 to $91.00 and gave the company a “buy” rating in a report on Thursday, August 7th. Wall Street Zen raised shares of Corteva from a “hold” rating to a “buy” rating in a report on Saturday, August 9th. Zacks Research raised shares of Corteva to a “hold” rating in a report on Friday, August 8th. Finally, Oppenheimer set a $87.00 target price on shares of Corteva and gave the company an “outperform” rating in a research note on Tuesday, July 15th. Thirteen investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $80.25.

Corteva Trading Up 0.5%

Shares of CTVA stock opened at $73.3150 on Monday. The company has a quick ratio of 1.23, a current ratio of 1.68 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $49.79 billion, a P/E ratio of 35.76, a P/E/G ratio of 1.68 and a beta of 0.75. Corteva, Inc. has a twelve month low of $53.40 and a twelve month high of $77.41. The stock’s fifty day simple moving average is $73.42 and its 200 day simple moving average is $67.10.

Corteva (NYSE:CTVA) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $2.20 EPS for the quarter, beating analysts’ consensus estimates of $1.89 by $0.31. The firm had revenue of $6.46 billion for the quarter, compared to analyst estimates of $6.26 billion. Corteva had a return on equity of 8.68% and a net margin of 8.16%.The business’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same period last year, the firm posted $1.83 earnings per share. As a group, sell-side analysts predict that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.0%. This is an increase from Corteva’s previous quarterly dividend of $0.17. The ex-dividend date is Tuesday, September 2nd. Corteva’s dividend payout ratio (DPR) is presently 33.17%.

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.