Salem Investment Counselors Inc. Decreases Stock Holdings in Corteva, Inc. (NYSE:CTVA)

Salem Investment Counselors Inc. trimmed its holdings in Corteva, Inc. (NYSE:CTVA) by 14.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,988 shares of the company’s stock after selling 333 shares during the quarter. Salem Investment Counselors Inc.’s holdings in Corteva were worth $115,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of CTVA. CVA Family Office LLC purchased a new stake in shares of Corteva during the 4th quarter valued at approximately $25,000. BKM Wealth Management LLC purchased a new stake in shares of Corteva during the 4th quarter valued at approximately $27,000. Rise Advisors LLC raised its position in shares of Corteva by 2,522.2% during the 1st quarter. Rise Advisors LLC now owns 472 shares of the company’s stock valued at $27,000 after buying an additional 454 shares during the period. ICA Group Wealth Management LLC purchased a new stake in Corteva in the fourth quarter valued at approximately $28,000. Finally, Scarborough Advisors LLC purchased a new stake in Corteva in the fourth quarter valued at approximately $29,000. 81.54% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Wells Fargo & Company boosted their target price on Corteva from $66.00 to $67.00 and gave the company an “overweight” rating in a research report on Friday, May 3rd. Canaccord Genuity Group boosted their target price on Corteva from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, May 3rd. KeyCorp boosted their target price on Corteva from $63.00 to $66.00 and gave the company an “overweight” rating in a research report on Tuesday, April 9th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $57.00 price target (down previously from $58.00) on shares of Corteva in a research note on Friday, April 12th. Finally, Oppenheimer boosted their price target on shares of Corteva from $67.00 to $69.00 and gave the stock an “outperform” rating in a research note on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $63.00.

Insider Buying and Selling

In other Corteva news, SVP Cornel B. Fuerer sold 39,736 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $57.41, for a total transaction of $2,281,243.76. Following the transaction, the senior vice president now directly owns 126,628 shares in the company, valued at $7,269,713.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, SVP Cornel B. Fuerer sold 39,736 shares of the stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $57.41, for a total value of $2,281,243.76. Following the sale, the senior vice president now directly owns 126,628 shares in the company, valued at $7,269,713.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Brian Titus sold 12,134 shares of the stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $56.65, for a total transaction of $687,391.10. Following the completion of the sale, the insider now owns 13,495 shares in the company, valued at $764,491.75. The disclosure for this sale can be found here. Insiders sold 83,556 shares of company stock valued at $4,795,016 over the last ninety days. Corporate insiders own 0.14% of the company’s stock.

Corteva Price Performance

Shares of NYSE:CTVA opened at $52.92 on Monday. The company has a 50-day simple moving average of $54.81 and a 200-day simple moving average of $52.54. Corteva, Inc. has a one year low of $43.22 and a one year high of $58.76. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.97 and a current ratio of 1.51. The stock has a market capitalization of $36.88 billion, a price-to-earnings ratio of 66.99, a PEG ratio of 1.40 and a beta of 0.78.

Corteva (NYSE:CTVA) last posted its quarterly earnings results on Wednesday, May 1st. The company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.10. The firm had revenue of $4.49 billion during the quarter, compared to analysts’ expectations of $4.65 billion. Corteva had a net margin of 3.32% and a return on equity of 6.68%. The firm’s revenue for the quarter was down 8.0% on a year-over-year basis. During the same period in the prior year, the company posted $1.16 earnings per share. On average, analysts predict that Corteva, Inc. will post 2.8 EPS for the current year.

Corteva Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 18th. Investors of record on Tuesday, June 4th were issued a dividend of $0.16 per share. The ex-dividend date of this dividend was Tuesday, June 4th. This represents a $0.64 annualized dividend and a yield of 1.21%. Corteva’s dividend payout ratio is currently 81.01%.

Corteva Company Profile

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.