Janney Montgomery Scott LLC Trims Stake in Corteva, Inc. (NYSE:CTVA)

Posted by Defense World Staff on Jul 23rd, 2023

Janney Montgomery Scott LLC lessened its holdings in Corteva, Inc. (NYSE:CTVA – Free Report) by 4.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 105,310 shares of the company’s stock after selling 5,112 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Corteva were worth $6,351,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Handelsbanken Fonder AB grew its holdings in Corteva by 4.6% in the first quarter. Handelsbanken Fonder AB now owns 358,600 shares of the company’s stock worth $21,627,000 after purchasing an additional 15,664 shares during the period. Callahan Advisors LLC grew its holdings in Corteva by 7.8% in the first quarter. Callahan Advisors LLC now owns 142,570 shares of the company’s stock worth $8,598,000 after purchasing an additional 10,272 shares during the period. Schechter Investment Advisors LLC grew its holdings in Corteva by 48.7% in the first quarter. Schechter Investment Advisors LLC now owns 10,780 shares of the company’s stock worth $650,000 after purchasing an additional 3,532 shares during the period. Stoneridge Investment Partners LLC purchased a new stake in Corteva in the first quarter worth about $1,301,000. Finally, North Star Investment Management Corp. grew its holdings in Corteva by 67.6% in the first quarter. North Star Investment Management Corp. now owns 2,560 shares of the company’s stock worth $154,000 after purchasing an additional 1,033 shares during the period. Hedge funds and other institutional investors own 80.63% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Oppenheimer assumed coverage on shares of Corteva in a research note on Thursday, April 6th. They issued a “market perform” rating on the stock. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Corteva from $75.00 to $68.00 in a research note on Monday, May 8th. Canaccord Genuity Group assumed coverage on shares of Corteva in a research note on Wednesday, June 28th. They issued a “buy” rating and a $75.00 target price on the stock. KeyCorp dropped their target price on shares of Corteva from $70.00 to $68.00 in a research note on Tuesday, July 11th. Finally, Royal Bank of Canada lowered their price objective on shares of Corteva from $73.00 to $66.00 and set an “outperform” rating on the stock in a research report on Thursday, July 13th. Four equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Corteva currently has an average rating of “Moderate Buy” and a consensus target price of $71.65.

Corteva Stock Performance

Shares of NYSE CTVA opened at $56.35 on Friday. The firm has a fifty day moving average price of $56.40 and a 200-day moving average price of $59.30. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.39 and a quick ratio of 0.89. The stock has a market cap of $40.06 billion, a PE ratio of 34.78, a price-to-earnings-growth ratio of 1.24 and a beta of 0.79. Corteva, Inc. has a 1 year low of $52.76 and a 1 year high of $68.43.

Corteva (NYSE:CTVA – Get Free Report) last announced its quarterly earnings data on Wednesday, May 3rd. The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.23. The firm had revenue of $4.88 billion during the quarter, compared to analysts’ expectations of $4.74 billion. Corteva had a net margin of 6.64% and a return on equity of 8.03%. The company’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.97 earnings per share. Equities analysts anticipate that Corteva, Inc. will post 2.93 earnings per share for the current fiscal year.

Corteva Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be issued a $0.16 dividend. This is an increase from Corteva’s previous quarterly dividend of $0.15. This represents a $0.64 dividend on an annualized basis and a yield of 1.14%. Corteva’s payout ratio is currently 37.04%.

Corteva Profile

(Free Report)

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.