Estabrook Capital Management Decreases Stock Holdings in Corteva, Inc. (NYSE:CTVA)

Estabrook Capital Management lessened its holdings in Corteva, Inc. (NYSE:CTVA) by 0.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 57,634 shares of the company’s stock after selling 353 shares during the quarter. Estabrook Capital Management’s holdings in Corteva were worth $3,109,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CTVA. Assetmark Inc. lifted its position in shares of Corteva by 13.0% during the 4th quarter. Assetmark Inc. now owns 60,768 shares of the company’s stock worth $2,912,000 after buying an additional 6,995 shares during the last quarter. TCW Group Inc. grew its holdings in shares of Corteva by 14.5% during the fourth quarter. TCW Group Inc. now owns 49,955 shares of the company’s stock worth $2,396,000 after purchasing an additional 6,315 shares during the last quarter. Team Hewins LLC acquired a new stake in shares of Corteva during the fourth quarter worth about $310,000. Orion Portfolio Solutions LLC lifted its holdings in shares of Corteva by 5.4% in the 4th quarter. Orion Portfolio Solutions LLC now owns 29,334 shares of the company’s stock valued at $1,379,000 after purchasing an additional 1,506 shares during the last quarter. Finally, Congress Wealth Management LLC DE boosted its position in shares of Corteva by 1.9% in the 4th quarter. Congress Wealth Management LLC DE now owns 77,577 shares of the company’s stock valued at $3,718,000 after purchasing an additional 1,429 shares during the period. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on CTVA. KeyCorp reduced their price objective on Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Mizuho lowered their price objective on shares of Corteva from $61.00 to $60.00 and set a “buy” rating on the stock in a research report on Tuesday, June 18th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $65.00 target price on shares of Corteva in a research note on Wednesday, June 12th. Argus cut Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. Finally, Wells Fargo & Company decreased their price objective on Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Corteva has an average rating of “Moderate Buy” and a consensus price target of $61.67.

Corteva Price Performance

Shares of NYSE:CTVA opened at $57.58 on Friday. The firm has a market capitalization of $40.13 billion, a price-to-earnings ratio of 72.89, a price-to-earnings-growth ratio of 1.60 and a beta of 0.77. 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 $54.68 and its 200-day simple moving average is $54.77. Corteva, Inc. has a 12 month low of $43.22 and a 12 month high of $58.92.

Corteva (NYSE:CTVA) last posted 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 company had revenue of $6.11 billion for the quarter, compared to the consensus estimate of $6.15 billion. During the same period in the previous year, the business earned $1.60 earnings per share. Corteva’s quarterly revenue was up 1.1% compared to the same quarter last year. As a group, equities analysts forecast that Corteva, Inc. will post 2.69 earnings per share for the current fiscal year.

Corteva Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd were given a dividend of $0.17 per share. The ex-dividend date was Tuesday, September 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 1.18%. This is a boost from Corteva’s previous quarterly dividend of $0.16. Corteva’s payout ratio is presently 86.08%.

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.