Argyle Capital Management Inc. Sells 7,254 Shares of Corteva, Inc. (NYSE:CTVA)

Argyle Capital Management Inc. reduced its position in shares of Corteva, Inc. (NYSE:CTVA) by 20.8% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 27,561 shares of the company’s stock after selling 7,254 shares during the quarter. Argyle Capital Management Inc.’s holdings in Corteva were worth $1,321,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. CVA Family Office LLC purchased a new stake in Corteva during the 4th quarter valued at $25,000. BKM Wealth Management LLC purchased a new stake in Corteva during the 4th quarter valued at $27,000. NewSquare Capital LLC raised its holdings in Corteva by 70.6% during the 3rd quarter. NewSquare Capital LLC now owns 546 shares of the company’s stock valued at $28,000 after buying an additional 226 shares during the period. Glass Jacobson Investment Advisors llc raised its holdings in Corteva by 234.3% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 555 shares of the company’s stock valued at $28,000 after buying an additional 389 shares during the period. Finally, Union Savings Bank increased its stake in Corteva by 58.5% in the third quarter. Union Savings Bank now owns 577 shares of the company’s stock worth $30,000 after purchasing an additional 213 shares during the period. 81.54% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CTVA. TheStreet upgraded Corteva from a “c+” rating to a “b-” rating in a research note on Tuesday, February 27th. Barclays raised their price target on Corteva from $55.00 to $58.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. Wolfe Research began coverage on Corteva in a research report on Friday, March 1st. They set an “outperform” rating and a $67.00 price objective on the stock. KeyCorp raised their price objective on Corteva from $63.00 to $66.00 and gave the company an “overweight” rating in a research report on Tuesday, April 9th. Finally, BNP Paribas raised Corteva from an “underperform” rating to a “neutral” rating and set a $53.00 price objective on the stock in a research report on Friday, February 2nd. Six research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $63.29.

Corteva Price Performance

Shares of Corteva stock traded up $0.22 on Friday, reaching $54.92. The company’s stock had a trading volume of 2,350,151 shares, compared to its average volume of 2,425,831. The company has a market capitalization of $38.38 billion, a P/E ratio of 53.84, a PEG ratio of 1.44 and a beta of 0.77. Corteva, Inc. has a 52-week low of $43.22 and a 52-week high of $61.87. The stock has a 50-day moving average price of $55.28 and a 200-day moving average price of $50.46. The company has a quick ratio of 0.90, a current ratio of 1.56 and a debt-to-equity ratio of 0.09.

Corteva (NYSE:CTVA) last issued its quarterly earnings results on Thursday, February 1st. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.09. The firm had revenue of $3.71 billion for the quarter, compared to analyst estimates of $3.54 billion. Corteva had a return on equity of 7.43% and a net margin of 4.27%. During the same period in the previous year, the company posted $0.16 earnings per share. Analysts expect that Corteva, Inc. will post 2.84 EPS for the current year.

Corteva Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Tuesday, June 4th will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.17%. The ex-dividend date is Tuesday, June 4th. Corteva’s dividend payout ratio (DPR) is currently 62.75%.

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.