Family Firm Inc. Buys New Position in Corteva, Inc. (NYSE:CTVA)

Family Firm Inc. purchased a new position in shares of Corteva, Inc. (NYSE:CTVA) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 1,797 shares of the company’s stock, valued at approximately $97,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Redmont Wealth Advisors LLC acquired a new position in Corteva during the first quarter worth about $25,000. Acadian Asset Management LLC purchased a new stake in shares of Corteva in the 1st quarter valued at approximately $25,000. Rise Advisors LLC boosted its stake in Corteva by 2,522.2% in the 1st quarter. Rise Advisors LLC now owns 472 shares of the company’s stock worth $27,000 after purchasing an additional 454 shares during the period. ICA Group Wealth Management LLC purchased a new position in Corteva during the 4th quarter worth approximately $28,000. Finally, Scarborough Advisors LLC acquired a new stake in Corteva during the 4th quarter valued at $29,000. 81.54% of the stock is currently owned by institutional investors.

Corteva Price Performance

Shares of CTVA stock traded up $1.03 during trading hours on Friday, hitting $55.58. 4,475,876 shares of the company’s stock were exchanged, compared to its average volume of 3,342,706. Corteva, Inc. has a 52 week low of $43.22 and a 52 week high of $58.76. The stock has a market cap of $38.74 billion, a price-to-earnings ratio of 70.35, a price-to-earnings-growth ratio of 1.46 and a beta of 0.77. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.72 and a quick ratio of 0.97. The stock’s 50-day moving average is $53.17 and its 200-day moving average is $54.47.

Corteva (NYSE:CTVA) last released its quarterly earnings results on Wednesday, July 31st. The company reported $1.83 EPS for the quarter, beating the consensus estimate of $1.74 by $0.09. Corteva had a net margin of 5.31% and a return on equity of 7.30%. The business had revenue of $6.11 billion for the quarter, compared to analysts’ expectations of $6.15 billion. During the same period in the prior year, the firm earned $1.60 earnings per share. Corteva’s revenue was up 1.1% compared to the same quarter last year. As a group, research analysts forecast that Corteva, Inc. will post 2.73 EPS for the current year.

Corteva Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date of this dividend is Tuesday, September 3rd. This is a positive change from Corteva’s previous quarterly dividend of $0.16. Corteva’s payout ratio is currently 86.08%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Argus cut Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. Royal Bank of Canada increased their price objective on Corteva from $62.00 to $64.00 and gave the stock an “outperform” rating in a report on Monday, May 6th. Canaccord Genuity Group lifted their target price on shares of Corteva from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Friday, May 3rd. Wells Fargo & Company dropped their price target on shares of Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Finally, OTR Global reaffirmed a “negative” rating on shares of Corteva in a research note on Friday, June 7th. One research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $61.67.

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.