Ellevest Inc. grew its holdings in shares of Corteva, Inc. (NYSE:CTVA – Free Report) by 239.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 611 shares of the company’s stock after acquiring an additional 431 shares during the quarter. Ellevest Inc.’s holdings in Corteva were worth $37,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in the business. Column Capital Advisors LLC increased its stake in shares of Corteva by 100.0% in 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. AXS Investments LLC purchased a new position in Corteva during the 4th quarter valued at $27,000. Beacon Capital Management LLC increased its position in Corteva by 82.8% during the 4th quarter. Beacon Capital Management LLC now owns 468 shares of the company’s stock valued at $28,000 after purchasing an additional 212 shares during the period. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Corteva during the 4th quarter valued at $29,000. Finally, Concord Wealth Partners purchased a new position in Corteva during the 4th quarter valued at $30,000. 80.63% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on the stock. Canaccord Genuity Group assumed coverage on shares of Corteva in a research report on Wednesday, June 28th. They set a “buy” rating and a $75.00 price objective on the stock. Redburn Partners downgraded shares of Corteva from a “buy” rating to a “neutral” rating in a research report on Tuesday, July 25th. KeyCorp dropped their price target on shares of Corteva from $70.00 to $68.00 in a research note on Tuesday, July 11th. Royal Bank of Canada reduced their price target on shares of Corteva from $73.00 to $66.00 and set an “outperform” rating for the company in a research report on Thursday, July 13th. Finally, Vertical Research upgraded Corteva from a “hold” rating to a “buy” rating and set a $67.00 price target for the company in a research note on Monday, May 22nd. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $71.65.
Corteva Stock Performance
Corteva (NYSE:CTVA – Get Free Report) last released its earnings results on Friday, August 4th. The company reported $1.60 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.02. Corteva had a return on equity of 7.86% and a net margin of 5.26%. The business had revenue of $6.05 billion for the quarter, compared to analyst estimates of $6.44 billion. During the same quarter last year, the firm posted $1.64 earnings per share. The business’s revenue was down 3.2% compared to the same quarter last year. Analysts predict that Corteva, Inc. will post 2.91 earnings per share for the current year.
Corteva Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be paid a dividend of $0.16 per share. The ex-dividend date is Thursday, August 31st. This represents a $0.64 annualized dividend and a dividend yield of 1.14%. This is a positive change from Corteva’s previous quarterly dividend of $0.15. Corteva’s dividend payout ratio (DPR) is currently 46.51%.
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.
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