Corteva, Inc. (NYSE:CTVA) Shares Sold by Calamos Advisors LLC

Calamos Advisors LLC cut its stake in shares of Corteva, Inc. (NYSE:CTVA) by 3.5% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 171,186 shares of the company’s stock after selling 6,248 shares during the period. Calamos Advisors LLC’s holdings in Corteva were worth $9,234,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Redmont Wealth Advisors LLC acquired a new stake in shares of Corteva in the 1st quarter valued at approximately $25,000. Acadian Asset Management LLC acquired a new stake in shares of Corteva in the first quarter valued at about $25,000. Rise Advisors LLC boosted its holdings in Corteva by 2,522.2% during the first quarter. Rise Advisors LLC now owns 472 shares of the company’s stock worth $27,000 after buying an additional 454 shares in the last quarter. ICA Group Wealth Management LLC acquired a new position in Corteva during the fourth quarter worth about $28,000. Finally, Scarborough Advisors LLC purchased a new position in Corteva in the fourth quarter valued at about $29,000. 81.54% of the stock is owned by institutional investors and hedge funds.

Corteva Stock Up 1.9 %

Corteva stock traded up $1.03 during mid-day trading on Friday, hitting $55.58. The company’s stock had a trading volume of 4,475,876 shares, compared to its average volume of 3,342,706. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.72 and a quick ratio of 0.97. Corteva, Inc. has a 52-week low of $43.22 and a 52-week high of $58.76. The firm’s 50 day moving average is $53.17 and its 200 day moving average is $54.49. The company has a market cap of $38.74 billion, a PE ratio of 70.35, a price-to-earnings-growth ratio of 1.46 and a beta of 0.77.

Corteva (NYSE:CTVA) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $1.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.09. Corteva had a return on equity of 7.30% and a net margin of 5.31%. The business had revenue of $6.11 billion during the quarter, compared to analyst estimates of $6.15 billion. During the same period in the previous year, the company earned $1.60 EPS. The firm’s revenue was up 1.1% on a year-over-year basis. On average, analysts anticipate that Corteva, Inc. will post 2.73 earnings per share for the current year.

Corteva Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.22%. The ex-dividend date of this dividend is Tuesday, September 3rd. This is a boost from Corteva’s previous quarterly dividend of $0.16. Corteva’s payout ratio is currently 86.08%.

Wall Street Analysts Forecast Growth

CTVA has been the topic of several research analyst reports. Oppenheimer boosted their price target on Corteva from $67.00 to $69.00 and gave the stock an “outperform” rating in a research note on Friday, May 3rd. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $65.00 price target on shares of Corteva in a report on Wednesday, June 12th. Wells Fargo & Company lowered their target price on shares of Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. OTR Global reiterated a “negative” rating on shares of Corteva in a research note on Friday, June 7th. Finally, KeyCorp cut their price objective on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $61.67.

About Corteva

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.