Concord Wealth Partners Grows Stake in Corteva, Inc. (NYSE:CTVA)

Concord Wealth Partners grew its position in shares of Corteva, Inc. (NYSE:CTVA) by 9.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,917 shares of the company’s stock after purchasing an additional 341 shares during the period. Concord Wealth Partners’ holdings in Corteva were worth $188,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. Essex Financial Services Inc. lifted its holdings in shares of Corteva by 3.2% during the 3rd quarter. Essex Financial Services Inc. now owns 6,883 shares of the company’s stock worth $352,000 after acquiring an additional 215 shares during the last quarter. NewSquare Capital LLC lifted its stake in Corteva by 70.6% in the third quarter. NewSquare Capital LLC now owns 546 shares of the company’s stock worth $28,000 after purchasing an additional 226 shares during the last quarter. Tradewinds LLC. lifted its stake in Corteva by 5.1% in the third quarter. Tradewinds LLC. now owns 4,788 shares of the company’s stock worth $245,000 after purchasing an additional 231 shares during the last quarter. Jeppson Wealth Management LLC lifted its stake in Corteva by 6.2% in the third quarter. Jeppson Wealth Management LLC now owns 4,300 shares of the company’s stock worth $220,000 after purchasing an additional 250 shares during the last quarter. Finally, Portside Wealth Group LLC lifted its stake in Corteva by 6.3% in the fourth quarter. Portside Wealth Group LLC now owns 4,495 shares of the company’s stock worth $215,000 after purchasing an additional 266 shares during the last quarter. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Corteva Stock Performance

Shares of NYSE CTVA opened at $56.98 on Friday. The company has a current ratio of 1.56, a quick ratio of 0.90 and a debt-to-equity ratio of 0.09. Corteva, Inc. has a 12 month low of $43.22 and a 12 month high of $61.07. The company has a 50 day simple moving average of $55.33 and a two-hundred day simple moving average of $50.61. The stock has a market cap of $39.82 billion, a price-to-earnings ratio of 72.13, a PEG ratio of 1.41 and a beta of 0.78.

Corteva (NYSE:CTVA) last announced its quarterly earnings data on Wednesday, May 1st. The company reported $0.89 EPS for the quarter, beating the consensus estimate of $0.79 by $0.10. Corteva had a net margin of 3.32% and a return on equity of 6.63%. The business had revenue of $4.49 billion during the quarter, compared to analysts’ expectations of $4.65 billion. During the same period in the previous year, the business posted $1.16 EPS. The business’s quarterly revenue was down 8.0% compared to the same quarter last year. As a group, analysts predict that Corteva, Inc. will post 2.84 earnings per share for the current year.

Corteva Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Tuesday, June 4th will be paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 1.12%. The ex-dividend date of this dividend is Tuesday, June 4th. Corteva’s dividend payout ratio is currently 81.01%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $57.00 price objective (down from $58.00) on shares of Corteva in a research note on Friday, April 12th. Royal Bank of Canada upped their price objective on shares of Corteva from $56.00 to $64.00 and gave the company an “outperform” rating in a research note on Friday, February 2nd. UBS Group reduced their price target on shares of Corteva from $65.00 to $64.00 and set a “buy” rating on the stock in a research report on Thursday, January 11th. Loop Capital upgraded shares of Corteva from a “hold” rating to a “buy” rating and boosted their price target for the company from $57.00 to $65.00 in a research report on Monday, February 12th. Finally, KeyCorp boosted their price target on shares of Corteva from $63.00 to $66.00 and gave the company an “overweight” rating in a research report on Tuesday, April 9th. Six investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $63.52.

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.