Bleakley Financial Group LLC Sells 426 Shares of Corteva, Inc. (NYSE:CTVA)

Bleakley Financial Group LLC trimmed its position in shares of Corteva, Inc. (NYSE:CTVA) by 3.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,079 shares of the company’s stock after selling 426 shares during the quarter. Bleakley Financial Group LLC’s holdings in Corteva were worth $710,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Anomaly Capital Management LP acquired a new stake in Corteva during the 2nd quarter valued at $188,578,000. Vaughan Nelson Investment Management L.P. lifted its position in Corteva by 392.3% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 4,083,685 shares of the company’s stock worth $220,274,000 after buying an additional 3,254,126 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Corteva by 28.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 6,842,907 shares of the company’s stock worth $369,106,000 after acquiring an additional 1,514,954 shares during the last quarter. Panagora Asset Management Inc. grew its holdings in Corteva by 700.2% during the 2nd quarter. Panagora Asset Management Inc. now owns 1,301,996 shares of the company’s stock worth $70,230,000 after acquiring an additional 1,139,297 shares during the last quarter. Finally, Artemis Investment Management LLP acquired a new stake in Corteva in the 1st quarter valued at about $63,238,000. Institutional investors and hedge funds own 81.54% of the company’s stock.

Corteva Trading Down 0.3 %

NYSE:CTVA opened at $59.25 on Tuesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.72 and a quick ratio of 1.17. The business’s 50-day simple moving average is $56.52 and its 200-day simple moving average is $55.07. Corteva, Inc. has a fifty-two week low of $43.22 and a fifty-two week high of $59.68. The stock has a market capitalization of $41.30 billion, a PE ratio of 75.00, a price-to-earnings-growth ratio of 1.66 and a beta of 0.77.

Corteva (NYSE:CTVA) last released its quarterly earnings results on Wednesday, July 31st. The company reported $1.83 earnings per share 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 company had revenue of $6.11 billion during the quarter, compared to analysts’ expectations of $6.15 billion. During the same quarter in the prior year, the company earned $1.60 earnings per share. The business’s quarterly revenue was up 1.1% compared to the same quarter last year. Sell-side analysts expect that Corteva, Inc. will post 2.66 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. Shareholders of record on Tuesday, September 3rd were paid a $0.17 dividend. 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 annualized dividend and a dividend yield of 1.15%. Corteva’s dividend payout ratio (DPR) is currently 86.08%.

Analysts Set New Price Targets

Several analysts have recently commented on CTVA shares. Wells Fargo & Company decreased 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. JPMorgan Chase & Co. dropped their target price on Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Bank of America upgraded Corteva from a “neutral” rating to a “buy” rating and raised their price target for the company from $59.00 to $67.00 in a report on Wednesday, October 16th. Morgan Stanley reissued an “overweight” rating and set a $65.00 price objective on shares of Corteva in a report on Tuesday, September 24th. Finally, Argus downgraded shares of Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $62.21.

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.