Park Avenue Securities LLC Increases Stake in Corteva, Inc. (NYSE:CTVA)

Park Avenue Securities LLC raised its position in Corteva, Inc. (NYSE:CTVA) by 1.2% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 42,617 shares of the company’s stock after purchasing an additional 500 shares during the period. Park Avenue Securities LLC’s holdings in Corteva were worth $2,299,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Redmont Wealth Advisors LLC purchased a new position in shares of Corteva during the 1st quarter worth $25,000. Acadian Asset Management LLC purchased a new stake in Corteva in the 1st quarter valued at about $25,000. Rise Advisors LLC raised its holdings in Corteva by 2,522.2% in the 1st quarter. Rise Advisors LLC now owns 472 shares of the company’s stock valued at $27,000 after buying an additional 454 shares during the period. Albion Financial Group UT raised its holdings in Corteva by 77.2% in the 1st quarter. Albion Financial Group UT now owns 505 shares of the company’s stock valued at $29,000 after buying an additional 220 shares during the period. Finally, Ironwood Wealth Management Inc. raised its holdings in Corteva by 106.1% in the 1st quarter. Ironwood Wealth Management Inc. now owns 544 shares of the company’s stock valued at $31,000 after buying an additional 280 shares during the period. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on CTVA. Mizuho dropped their target price on Corteva from $61.00 to $60.00 and set a “buy” rating for the company in a research report on Tuesday, June 18th. OTR Global reaffirmed a “negative” rating on shares of Corteva in a research report on Friday, June 7th. JPMorgan Chase & Co. dropped their target price on Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $65.00 price objective on shares of Corteva in a research report on Wednesday, June 12th. Finally, Canaccord Genuity Group boosted their price objective on Corteva from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Friday, May 3rd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $62.00.

Corteva Price Performance

CTVA stock traded down $0.40 on Wednesday, reaching $50.78. 2,472,431 shares of the company’s stock were exchanged, compared to its average volume of 3,424,949. The stock has a fifty day moving average of $53.31 and a 200-day moving average of $54.07. Corteva, Inc. has a twelve month low of $43.22 and a twelve month high of $58.76. The firm has a market cap of $35.39 billion, a PE ratio of 64.28, a P/E/G ratio of 1.46 and a beta of 0.77. The company has a quick ratio of 0.97, a current ratio of 1.72 and a debt-to-equity ratio of 0.10.

Corteva (NYSE:CTVA) last posted its earnings results on Wednesday, July 31st. The company reported $1.83 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.09. The company had revenue of $6.11 billion for the quarter, compared to analyst estimates of $6.15 billion. Corteva had a return on equity of 7.30% and a net margin of 5.31%. Corteva’s revenue was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.60 earnings per share. As a group, equities analysts predict that Corteva, Inc. will post 2.73 EPS for the current fiscal year.

Corteva Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.34%. This is a positive change from Corteva’s previous quarterly dividend of $0.16. Corteva’s dividend payout ratio (DPR) is presently 86.08%.

Insider Activity at Corteva

In related news, SVP Cornel B. Fuerer sold 39,736 shares of the stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $57.41, for a total transaction of $2,281,243.76. Following the sale, the senior vice president now owns 126,628 shares of the company’s stock, valued at $7,269,713.48. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, SVP Cornel B. Fuerer sold 39,736 shares of the stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $57.41, for a total transaction of $2,281,243.76. Following the transaction, the senior vice president now directly owns 126,628 shares in the company, valued at $7,269,713.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Samuel R. Eathington sold 31,686 shares of the stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $57.64, for a total value of $1,826,381.04. Following the transaction, the insider now owns 53,854 shares in the company, valued at $3,104,144.56. The disclosure for this sale can be found here. Corporate insiders own 0.14% of the company’s stock.

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.