DAVENPORT & Co LLC lessened its stake in Corteva (NYSE:CTVA) by 5.8% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 21,407 shares of the company’s stock after selling 1,318 shares during the quarter. DAVENPORT & Co LLC’s holdings in Corteva were worth $573,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of the company. Aristotle Capital Management LLC lifted its holdings in shares of Corteva by 80.1% in the 1st quarter. Aristotle Capital Management LLC now owns 24,927,669 shares of the company’s stock valued at $585,800,000 after buying an additional 11,086,514 shares during the period. Invesco Ltd. lifted its holdings in shares of Corteva by 1.8% in the 1st quarter. Invesco Ltd. now owns 22,343,243 shares of the company’s stock valued at $525,068,000 after buying an additional 402,160 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Corteva by 2.2% in the 1st quarter. Geode Capital Management LLC now owns 12,229,227 shares of the company’s stock valued at $286,851,000 after buying an additional 258,155 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Corteva by 4.4% in the 1st quarter. Bank of New York Mellon Corp now owns 6,860,822 shares of the company’s stock valued at $161,232,000 after buying an additional 289,695 shares during the period. Finally, Deutsche Bank AG lifted its holdings in shares of Corteva by 1.2% in the 1st quarter. Deutsche Bank AG now owns 4,823,712 shares of the company’s stock valued at $113,358,000 after buying an additional 58,742 shares during the period. 78.10% of the stock is owned by institutional investors and hedge funds.
Several equities analysts have recently issued reports on the company. Royal Bank of Canada boosted their price objective on Corteva from $27.00 to $31.00 and gave the company an “outperform” rating in a report on Monday, May 11th. Morgan Stanley lifted their price target on Corteva from $27.00 to $29.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 2nd. Cleveland Research initiated coverage on Corteva in a research note on Friday, June 26th. They issued a “neutral” rating for the company. Vertical Research upgraded Corteva from a “hold” rating to a “buy” rating and set a $31.00 price target for the company in a research note on Tuesday, June 16th. Finally, Loop Capital upgraded Corteva from a “sell” rating to a “hold” rating and set a $28.00 price target for the company in a research note on Friday, April 17th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $30.69.
NYSE:CTVA opened at $28.56 on Friday. The firm has a market cap of $21.37 billion and a P/E ratio of -25.05. The stock has a 50 day moving average of $27.38 and a two-hundred day moving average of $26.87. Corteva has a 12 month low of $20.38 and a 12 month high of $32.78. The company has a current ratio of 1.60, a quick ratio of 1.12 and a debt-to-equity ratio of 0.03.
Corteva (NYSE:CTVA) last issued its earnings results on Wednesday, May 6th. The company reported $0.59 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.20. The business had revenue of $3.96 billion for the quarter, compared to analysts’ expectations of $3.56 billion. Corteva had a positive return on equity of 5.09% and a negative net margin of 5.91%. The firm’s quarterly revenue was up 16.5% on a year-over-year basis. On average, research analysts forecast that Corteva will post 1.35 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Friday, August 14th will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 1.82%. The ex-dividend date is Thursday, August 13th. Corteva’s dividend payout ratio is currently 36.36%.
Corteva Company Profile
Corteva, Inc provides agriculture products worldwide. The company develops and supplies germplasm and traits in corn, soybean, and sunflower seed markets. It also supplies products to the agricultural input industry that protect against weeds, insects and other pests, and diseases, as well as to enhance crop health.
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