Probity Advisors Inc. Acquires 289 Shares of Corteva, Inc. $CTVA

Probity Advisors Inc. lifted its holdings in Corteva, Inc. (NYSE:CTVA) by 3.3% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 9,025 shares of the company’s stock after buying an additional 289 shares during the period. Probity Advisors Inc.’s holdings in Corteva were worth $673,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Peak Financial Advisors LLC bought a new position in shares of Corteva in the 2nd quarter worth about $505,000. Cary Street Partners Financial LLC raised its position in shares of Corteva by 20.7% in the 1st quarter. Cary Street Partners Financial LLC now owns 90,206 shares of the company’s stock worth $5,677,000 after acquiring an additional 15,448 shares in the last quarter. PGGM Investments raised its position in shares of Corteva by 68.5% in the 2nd quarter. PGGM Investments now owns 1,223,444 shares of the company’s stock worth $91,183,000 after acquiring an additional 497,200 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Corteva by 28.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,851,993 shares of the company’s stock worth $179,476,000 after acquiring an additional 634,938 shares in the last quarter. Finally, S.E.E.D. Planning Group LLC raised its position in shares of Corteva by 70.3% in the 2nd quarter. S.E.E.D. Planning Group LLC now owns 164,393 shares of the company’s stock worth $12,252,000 after acquiring an additional 67,869 shares in the last quarter. 81.54% of the stock is owned by institutional investors.

Corteva Stock Performance

Shares of Corteva stock opened at $61.93 on Tuesday. The company has a market cap of $42.06 billion, a PE ratio of 30.21, a price-to-earnings-growth ratio of 1.40 and a beta of 0.76. Corteva, Inc. has a 52 week low of $53.40 and a 52 week high of $77.41. The business has a 50 day moving average price of $69.23 and a 200-day moving average price of $69.02. 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 data on Wednesday, August 6th. The company reported $2.20 EPS for the quarter, topping the consensus estimate of $1.89 by $0.31. The firm had revenue of $6.46 billion during the quarter, compared to the consensus estimate of $6.26 billion. Corteva had a return on equity of 8.68% and a net margin of 8.16%.The company’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.83 earnings per share. Equities analysts anticipate that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.2%. This is a boost from Corteva’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Tuesday, September 2nd. Corteva’s dividend payout ratio (DPR) is currently 35.12%.

Analysts Set New Price Targets

CTVA has been the subject of a number of research analyst reports. JPMorgan Chase & Co. raised Corteva from a “neutral” rating to an “overweight” rating and set a $67.00 target price for the company in a research report on Thursday, October 2nd. Jefferies Financial Group decreased their target price on Corteva from $92.00 to $85.00 in a research report on Thursday, October 2nd. Morgan Stanley set a $84.00 target price on Corteva in a research report on Monday, September 15th. Royal Bank Of Canada decreased their target price on Corteva from $86.00 to $80.00 and set an “outperform” rating for the company in a research report on Friday. Finally, Barclays raised Corteva from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $75.00 to $84.00 in a research report on Wednesday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $80.31.

Insider Activity at Corteva

In related news, EVP Robert D. King sold 37,280 shares of the stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $74.20, for a total transaction of $2,766,176.00. Following the completion of the sale, the executive vice president directly owned 49,262 shares of the company’s stock, valued at approximately $3,655,240.40. This trade represents a 43.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.15% of the company’s stock.

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.