Gateway Investment Advisers LLC Raises Stake in Corteva, Inc. (NYSE:CTVA)

Gateway Investment Advisers LLC raised its holdings in Corteva, Inc. (NYSE:CTVA) by 0.1% during the first quarter, HoldingsChannel reports. The firm owned 334,657 shares of the company’s stock after buying an additional 433 shares during the period. Gateway Investment Advisers LLC’s holdings in Corteva were worth $21,060,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in CTVA. Flagship Wealth Advisors LLC purchased a new stake in shares of Corteva during the fourth quarter worth approximately $25,000. Noble Wealth Management PBC acquired a new position in Corteva in the 4th quarter valued at $26,000. Pinney & Scofield Inc. acquired a new position in Corteva in the 4th quarter valued at $27,000. LGT Financial Advisors LLC purchased a new position in Corteva during the 4th quarter worth $31,000. Finally, Golden State Wealth Management LLC acquired a new stake in shares of Corteva in the 4th quarter worth $32,000. 81.54% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Jefferies Financial Group reaffirmed a “buy” rating on shares of Corteva in a report on Friday. Barclays raised their price objective on shares of Corteva from $64.00 to $70.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 14th. The Goldman Sachs Group initiated coverage on Corteva in a research report on Thursday, March 13th. They set a “buy” rating and a $71.00 target price on the stock. KeyCorp increased their target price on Corteva from $71.00 to $72.00 and gave the stock an “overweight” rating in a research note on Friday, May 9th. Finally, Morgan Stanley lifted their price target on Corteva from $65.00 to $71.00 and gave the company an “overweight” rating in a research note on Friday, May 9th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Corteva presently has an average rating of “Moderate Buy” and a consensus target price of $70.50.

Corteva Stock Performance

Shares of CTVA stock opened at $71.70 on Friday. The stock has a fifty day moving average price of $64.17 and a 200 day moving average price of $62.13. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.93 and a current ratio of 1.45. The stock has a market cap of $48.91 billion, a PE ratio of 55.58, a P/E/G ratio of 1.68 and a beta of 0.72. Corteva, Inc. has a 1 year low of $50.01 and a 1 year high of $72.24.

Corteva (NYSE:CTVA) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.25. The business had revenue of $4.42 billion during the quarter, compared to analysts’ expectations of $4.56 billion. Corteva had a return on equity of 7.19% and a net margin of 5.36%. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter last year, the business posted $0.89 earnings per share. Sell-side analysts forecast that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 2nd will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $0.68 annualized dividend and a yield of 0.95%. Corteva’s dividend payout ratio (DPR) is currently 41.46%.

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.