Corteva, Inc. (NYSE:CTVA) Stock Position Lessened by Independent Franchise Partners LLP

Independent Franchise Partners LLP decreased its holdings in Corteva, Inc. (NYSE:CTVA) by 22.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,118,124 shares of the company’s stock after selling 3,304,957 shares during the quarter. Corteva comprises 5.5% of Independent Franchise Partners LLP’s investment portfolio, making the stock its 9th largest holding. Independent Franchise Partners LLP owned 1.60% of Corteva worth $599,712,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. 1832 Asset Management L.P. raised its stake in Corteva by 91,373.1% during the 2nd quarter. 1832 Asset Management L.P. now owns 85,070 shares of the company’s stock valued at $4,589,000 after acquiring an additional 84,977 shares during the last quarter. Frank Rimerman Advisors LLC raised its stake in shares of Corteva by 10,695.2% during the second quarter. Frank Rimerman Advisors LLC now owns 4,534 shares of the company’s stock worth $245,000 after purchasing an additional 4,492 shares during the last quarter. ProShare Advisors LLC raised its stake in shares of Corteva by 13.5% during the second quarter. ProShare Advisors LLC now owns 125,770 shares of the company’s stock worth $6,784,000 after purchasing an additional 14,968 shares during the last quarter. Summit Trail Advisors LLC lifted its holdings in shares of Corteva by 90.0% during the second quarter. Summit Trail Advisors LLC now owns 19,917 shares of the company’s stock worth $1,074,000 after purchasing an additional 9,433 shares during the period. Finally, Sei Investments Co. grew its position in Corteva by 3.4% in the 2nd quarter. Sei Investments Co. now owns 1,273,639 shares of the company’s stock valued at $68,700,000 after buying an additional 41,726 shares during the last quarter. Institutional investors and hedge funds own 81.54% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on CTVA. JPMorgan Chase & Co. cut their price objective on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. OTR Global restated a “negative” rating on shares of Corteva in a research report on Friday, June 7th. Argus lowered Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. KeyCorp cut their target price on Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Finally, Wells Fargo & Company decreased their price target on Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, Corteva presently has an average rating of “Moderate Buy” and a consensus target price of $61.67.

Corteva Stock Performance

Shares of CTVA opened at $57.58 on Friday. Corteva, Inc. has a 12-month low of $43.22 and a 12-month high of $58.92. The stock has a market cap of $40.13 billion, a P/E ratio of 72.89, a PEG ratio of 1.60 and a beta of 0.77. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.10. The company has a 50-day moving average of $54.68 and a two-hundred day moving average of $54.77.

Corteva (NYSE:CTVA) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $1.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.09. Corteva had a return on equity of 7.30% and a net margin of 5.31%. The firm had revenue of $6.11 billion during the quarter, compared to the consensus estimate of $6.15 billion. During the same period in the previous year, the firm posted $1.60 EPS. The company’s quarterly revenue was up 1.1% compared to the same quarter last year. As a group, research analysts predict that Corteva, Inc. will post 2.69 EPS for the current fiscal year.

Corteva Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were given a $0.17 dividend. This is an increase from Corteva’s previous quarterly dividend of $0.16. This represents a $0.68 annualized dividend and a dividend yield of 1.18%. The ex-dividend date of this dividend was Tuesday, September 3rd. Corteva’s dividend payout ratio is currently 86.08%.

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.