Holderness Investments Co. Sells 732 Shares of Corteva, Inc. (NYSE:CTVA)

Holderness Investments Co. lessened its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 7.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,025 shares of the company’s stock after selling 732 shares during the quarter. Holderness Investments Co.’s holdings in Corteva were worth $487,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of CTVA. Capital International Investors grew its holdings in Corteva by 2.6% during the first quarter. Capital International Investors now owns 26,437,457 shares of the company’s stock valued at $1,524,648,000 after purchasing an additional 678,722 shares during the period. Northern Trust Corp grew its stake in shares of Corteva by 2.5% during the 4th quarter. Northern Trust Corp now owns 12,815,795 shares of the company’s stock valued at $614,133,000 after acquiring an additional 310,012 shares during the period. Van ECK Associates Corp increased its holdings in Corteva by 7.2% in the 1st quarter. Van ECK Associates Corp now owns 9,145,282 shares of the company’s stock worth $527,409,000 after acquiring an additional 617,030 shares in the last quarter. Harris Associates L P raised its stake in Corteva by 87.1% during the 4th quarter. Harris Associates L P now owns 9,011,702 shares of the company’s stock worth $431,841,000 after acquiring an additional 4,194,981 shares during the period. Finally, Putnam Investments LLC lifted its holdings in Corteva by 12.9% during the fourth quarter. Putnam Investments LLC now owns 8,950,382 shares of the company’s stock valued at $428,902,000 after purchasing an additional 1,021,733 shares in the last quarter. Institutional investors own 81.54% of the company’s stock.

Corteva Trading Down 1.7 %

CTVA opened at $57.58 on Friday. The stock has a 50-day moving average of $54.68 and a 200 day moving average of $54.77. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.10. Corteva, Inc. has a 12 month low of $43.22 and a 12 month high of $58.92. The firm has a market cap of $40.13 billion, a P/E ratio of 72.89, a P/E/G ratio of 1.60 and a beta of 0.77.

Corteva (NYSE:CTVA) last announced its earnings results on Wednesday, July 31st. The company reported $1.83 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $6.15 billion. During the same quarter in the previous year, the business earned $1.60 EPS. The company’s quarterly revenue was up 1.1% on a year-over-year basis. As a group, research analysts forecast that Corteva, Inc. will post 2.69 EPS for the current year.

Corteva Increases Dividend

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

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CTVA shares. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $65.00 price objective on shares of Corteva in a research note on Wednesday, June 12th. KeyCorp decreased their price target on Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. JPMorgan Chase & Co. dropped their price objective on Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. Mizuho decreased their target price on Corteva from $61.00 to $60.00 and set a “buy” rating on the stock in a research note on Tuesday, June 18th. Finally, Argus downgraded Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. One 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 MarketBeat, Corteva presently has a consensus rating of “Moderate Buy” and an average target price of $61.67.

Corteva 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.