IFP Advisors Inc Raises Stock Holdings in Corteva, Inc. (NYSE:CTVA)

Posted by Defense World Staff on May 9th, 2023

IFP Advisors Inc grew its stake in Corteva, Inc. (NYSE:CTVA – Get Rating) by 8.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,306 shares of the company’s stock after acquiring an additional 929 shares during the quarter. IFP Advisors Inc’s holdings in Corteva were worth $376,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Baron Silver Stevens Financial Advisors LLC purchased a new position in Corteva during the third quarter worth about $313,000. Column Capital Advisors LLC lifted its position in Corteva by 100.0% during the fourth quarter. Column Capital Advisors LLC now owns 426 shares of the company’s stock worth $25,000 after buying an additional 213 shares during the period. Legacy Bridge LLC lifted its position in Corteva by 73.9% during the fourth quarter. Legacy Bridge LLC now owns 433 shares of the company’s stock worth $25,000 after buying an additional 184 shares during the period. Greenwood Capital Associates LLC purchased a new position in Corteva during the fourth quarter worth about $25,000. Finally, Beacon Capital Management LLC lifted its position in Corteva by 82.8% during the fourth quarter. Beacon Capital Management LLC now owns 468 shares of the company’s stock worth $28,000 after buying an additional 212 shares during the period. 79.45% of the stock is currently owned by hedge funds and other institutional investors.

Corteva Price Performance

Shares of NYSE CTVA opened at $57.59 on Tuesday. Corteva, Inc. has a fifty-two week low of $50.03 and a fifty-two week high of $68.43. The business has a 50 day moving average price of $60.19 and a two-hundred day moving average price of $62.03. The company has a quick ratio of 0.93, a current ratio of 1.39 and a debt-to-equity ratio of 0.05. The firm has a market cap of $41.04 billion, a PE ratio of 35.55, a price-to-earnings-growth ratio of 1.34 and a beta of 0.78.

Corteva (NYSE:CTVA – Get Rating) last issued its quarterly earnings data on Wednesday, May 3rd. The company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.23. Corteva had a return on equity of 8.03% and a net margin of 6.64%. The firm had revenue of $4.88 billion during the quarter, compared to analyst estimates of $4.74 billion. During the same quarter last year, the firm earned $0.97 EPS. Corteva’s quarterly revenue was up 6.2% on a year-over-year basis. Sell-side analysts expect that Corteva, Inc. will post 2.91 earnings per share for the current fiscal year.

Corteva Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Thursday, June 1st will be paid a dividend of $0.15 per share. The ex-dividend date is Wednesday, May 31st. This represents a $0.60 dividend on an annualized basis and a yield of 1.04%. Corteva’s dividend payout ratio (DPR) is presently 37.04%.

Analyst Upgrades and Downgrades

CTVA has been the topic of several recent analyst reports. OTR Global downgraded Corteva to a “positive” rating in a research report on Wednesday, March 8th. Bank of America upgraded Corteva from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $64.00 to $68.00 in a report on Wednesday, January 11th. KeyCorp cut their price objective on Corteva from $72.00 to $70.00 and set an “overweight” rating on the stock in a report on Friday, February 3rd. Deutsche Bank Aktiengesellschaft cut their price objective on Corteva from $75.00 to $68.00 in a report on Monday. Finally, Oppenheimer assumed coverage on Corteva in a report on Thursday, April 6th. They issued a “market perform” rating on the stock. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, Corteva presently has a consensus rating of “Moderate Buy” and an average price target of $72.88.

Corteva Profile

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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.