Summit Trail Advisors LLC Boosts Stock Position in Corteva, Inc. (NYSE:CTVA)

Summit Trail Advisors LLC grew its stake in Corteva, Inc. (NYSE:CTVA) by 90.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 19,917 shares of the company’s stock after acquiring an additional 9,433 shares during the quarter. Summit Trail Advisors LLC’s holdings in Corteva were worth $1,074,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

A number of analysts have commented on CTVA shares. Argus lowered Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. KeyCorp reduced their price objective on Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $65.00 target price on shares of Corteva in a research note on Wednesday, June 12th. JPMorgan Chase & Co. decreased their price objective on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. Finally, Wells Fargo & Company dropped their target price on shares of Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $61.67.

Corteva Price Performance

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

Corteva (NYSE:CTVA) last issued its earnings results 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 for the quarter, compared to analysts’ expectations of $6.15 billion. During the same period in the previous year, the firm posted $1.60 earnings per share. The business’s revenue was up 1.1% compared to the same quarter last year. As a group, sell-side analysts expect that Corteva, Inc. will post 2.69 earnings per share for the current fiscal year.

Corteva Increases Dividend

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