Corteva, Inc. $CTVA Shares Acquired by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC increased its position in shares of Corteva, Inc. (NYSE:CTVA) by 11.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 111,785 shares of the company’s stock after acquiring an additional 11,785 shares during the quarter. HITE Hedge Asset Management LLC’s holdings in Corteva were worth $7,035,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Pinney & Scofield Inc. acquired a new position in shares of Corteva during the fourth quarter worth $27,000. LGT Financial Advisors LLC bought a new position in shares of Corteva in the 4th quarter worth about $31,000. Valley National Advisers Inc. grew its holdings in shares of Corteva by 85.9% during the first quarter. Valley National Advisers Inc. now owns 526 shares of the company’s stock valued at $33,000 after purchasing an additional 243 shares during the last quarter. Richardson Capital Management LLC bought a new stake in Corteva in the first quarter valued at $37,000. Finally, von Borstel & Associates Inc. bought a new stake in Corteva in the 1st quarter valued at about $44,000. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on CTVA. Jefferies Financial Group reiterated a “buy” rating on shares of Corteva in a report on Friday, June 6th. Wells Fargo & Company reissued an “overweight” rating and issued a $83.00 price objective (up from $82.00) on shares of Corteva in a research note on Friday, August 8th. Citigroup increased their target price on Corteva from $75.00 to $78.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Zacks Research raised Corteva to a “hold” rating in a research report on Friday, August 8th. Finally, KeyCorp increased their target price on shares of Corteva from $84.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, August 8th. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $80.25.

Corteva Price Performance

Shares of NYSE CTVA opened at $71.74 on Monday. The stock’s 50 day moving average price is $73.35 and its 200-day moving average price is $66.81. The company has a market capitalization of $48.72 billion, a PE ratio of 35.00, a PEG ratio of 1.64 and a beta of 0.75. Corteva, Inc. has a twelve month low of $52.59 and a twelve month high of $77.41. The company has a quick ratio of 1.23, a current ratio of 1.68 and a debt-to-equity ratio of 0.06.

Corteva (NYSE:CTVA) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $2.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.31. Corteva had a net margin of 8.16% and a return on equity of 8.68%. The company had revenue of $6.46 billion during the quarter, compared to analyst estimates of $6.26 billion. During the same quarter last year, the business posted $1.83 EPS. Corteva’s quarterly revenue was up 5.6% compared to the same quarter last year. On average, equities analysts anticipate that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be issued a $0.18 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This is an increase from Corteva’s previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.0%. Corteva’s dividend payout ratio is 33.17%.

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.