Concord Wealth Partners Makes New Investment in Corteva, Inc. (NYSE:CTVA)

Posted by Defense World Staff on Apr 15th, 2023

Concord Wealth Partners acquired a new stake in Corteva, Inc. (NYSE:CTVA – Get Rating) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 514 shares of the company’s stock, valued at approximately $30,000.

A number of other hedge funds have also modified their holdings of CTVA. Tower Bridge Advisors lifted its holdings in Corteva by 0.8% during the 3rd quarter. Tower Bridge Advisors now owns 18,514 shares of the company’s stock valued at $1,058,000 after purchasing an additional 150 shares during the last quarter. Kingsview Wealth Management LLC raised its stake in shares of Corteva by 2.0% in the third quarter. Kingsview Wealth Management LLC now owns 7,660 shares of the company’s stock valued at $438,000 after acquiring an additional 153 shares during the last quarter. Resources Investment Advisors LLC. boosted its holdings in shares of Corteva by 3.5% in the 3rd quarter. Resources Investment Advisors LLC. now owns 4,567 shares of the company’s stock worth $261,000 after acquiring an additional 155 shares in the last quarter. Ronald Blue Trust Inc. grew its position in Corteva by 1.7% during the 3rd quarter. Ronald Blue Trust Inc. now owns 9,706 shares of the company’s stock worth $525,000 after acquiring an additional 165 shares during the last quarter. Finally, Cardinal Capital Management increased its holdings in Corteva by 0.7% during the 3rd quarter. Cardinal Capital Management now owns 24,144 shares of the company’s stock valued at $1,380,000 after purchasing an additional 167 shares in the last quarter. 79.45% of the stock is owned by institutional investors and hedge funds.

Corteva Trading Down 0.9 %

NYSE CTVA opened at $62.13 on Friday. The company has a current ratio of 1.56, a quick ratio of 0.93 and a debt-to-equity ratio of 0.05. Corteva, Inc. has a 12 month low of $50.03 and a 12 month high of $68.43. The company has a market capitalization of $44.27 billion, a PE ratio of 39.57, a P/E/G ratio of 1.42 and a beta of 0.78. The stock has a 50-day simple moving average of $60.62 and a 200 day simple moving average of $61.96.

Corteva (NYSE:CTVA – Get Rating) last announced its quarterly earnings results on Thursday, February 2nd. The company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.10. Corteva had a return on equity of 7.54% and a net margin of 6.57%. The company had revenue of $3.83 billion during the quarter, compared to analysts’ expectations of $3.79 billion. During the same period in the prior year, the business posted $0.08 EPS. Corteva’s revenue was up 10.1% on a year-over-year basis. Research analysts forecast that Corteva, Inc. will post 2.88 EPS for the current year.

Corteva Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 15th. Stockholders of record on Wednesday, March 1st were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 0.97%. The ex-dividend date was Tuesday, February 28th. Corteva’s dividend payout ratio (DPR) is 38.22%.

Insider Buying and Selling

In other Corteva news, CEO Charles V. Magro bought 40,000 shares of the firm’s stock in a transaction on Monday, February 6th. The stock was purchased at an average cost of $60.64 per share, with a total value of $2,425,600.00. Following the completion of the purchase, the chief executive officer now owns 126,095 shares in the company, valued at $7,646,400.80. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.14% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. KeyCorp reduced their price objective on Corteva from $72.00 to $70.00 and set an “overweight” rating on the stock in a research note on Friday, February 3rd. Oppenheimer began coverage on shares of Corteva in a report on Thursday, April 6th. They set a “market perform” rating on the stock. Morgan Stanley boosted their target price on shares of Corteva from $70.00 to $80.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 11th. Citigroup increased their price target on shares of Corteva from $72.00 to $74.00 and gave the company a “buy” rating in a research note on Friday, February 3rd. Finally, Bank of America upgraded shares of Corteva from an “underperform” rating to a “neutral” rating and boosted their price objective for the stock from $64.00 to $68.00 in a research report on Wednesday, January 11th. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $73.44.

About Corteva

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Corteva, Inc engages in the provision of seed and crop protection solutions, which focus on the agriculture industry and contributing to food supply. It operates through the Seed and Crop Protection segments. The Seed segment is involved in developing and supplying advanced germplasm and traits that produce yield for farms.