Terra Nova Asset Management LLC Buys Shares of 3,243 Corteva, Inc. (NYSE:CTVA)

Terra Nova Asset Management LLC bought a new stake in Corteva, Inc. (NYSE:CTVA) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,243 shares of the company’s stock, valued at approximately $204,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Flagship Wealth Advisors LLC bought a new position in shares of Corteva during the fourth quarter worth about $25,000. Noble Wealth Management PBC bought a new position in shares of Corteva during the fourth quarter worth about $26,000. Pinney & Scofield Inc. bought a new position in shares of Corteva during the fourth quarter worth about $27,000. LGT Financial Advisors LLC bought a new position in shares of Corteva during the fourth quarter worth about $31,000. Finally, J.Safra Asset Management Corp bought a new position in shares of Corteva during the fourth quarter worth about $37,000. Institutional investors and hedge funds own 81.54% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on CTVA. Citigroup increased their price objective on Corteva from $75.00 to $78.00 and gave the stock a “buy” rating in a report on Friday, May 9th. Argus upgraded Corteva from a “hold” rating to a “buy” rating and set a $69.00 price objective for the company in a report on Monday, March 31st. KeyCorp increased their price objective on Corteva from $71.00 to $72.00 and gave the stock an “overweight” rating in a report on Friday, May 9th. Oppenheimer reiterated an “outperform” rating and set a $75.00 price objective (up from $72.00) on shares of Corteva in a report on Friday, May 9th. Finally, Morgan Stanley raised 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. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $72.08.

Corteva Stock Performance

CTVA opened at $73.30 on Thursday. Corteva, Inc. has a 12-month low of $50.30 and a 12-month high of $74.96. The stock has a market cap of $50.00 billion, a price-to-earnings ratio of 44.70, a PEG ratio of 1.87 and a beta of 0.75. The business has a 50 day moving average of $67.98 and a 200-day moving average of $63.16. The company has a quick ratio of 1.00, a current ratio of 1.44 and a debt-to-equity ratio of 0.07.

Corteva (NYSE:CTVA) last released its quarterly earnings data on Wednesday, May 7th. The company reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.25. Corteva had a return on equity of 7.84% and a net margin of 6.77%. The company had revenue of $4.42 billion during the quarter, compared to analysts’ expectations of $4.56 billion. During the same period last year, the firm posted $0.89 earnings per share. The business’s revenue was down 1.7% on a year-over-year basis. On average, equities research analysts expect that Corteva, Inc. will post 2.96 earnings per share for the current year.

Corteva Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Friday, May 2nd were issued a dividend of $0.17 per share. The ex-dividend date was Monday, June 2nd. This represents a $0.68 annualized dividend and a yield of 0.93%. Corteva’s payout ratio 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.