Oakview Capital Management L.P. Sells 63,968 Shares of Corteva, Inc. (NYSE:CTVA)

Oakview Capital Management L.P. cut its holdings in Corteva, Inc. (NYSE:CTVA) by 72.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 24,228 shares of the company’s stock after selling 63,968 shares during the period. Corteva accounts for 4.1% of Oakview Capital Management L.P.’s portfolio, making the stock its 13th largest holding. Oakview Capital Management L.P.’s holdings in Corteva were worth $1,307,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in CTVA. Orion Portfolio Solutions LLC raised its position in Corteva by 5.4% in the fourth quarter. Orion Portfolio Solutions LLC now owns 29,334 shares of the company’s stock worth $1,379,000 after acquiring an additional 1,506 shares during the period. TD Asset Management Inc raised its position in Corteva by 3.5% in the fourth quarter. TD Asset Management Inc now owns 434,296 shares of the company’s stock worth $20,811,000 after acquiring an additional 14,683 shares during the period. Stifel Financial Corp raised its position in Corteva by 8.1% in the fourth quarter. Stifel Financial Corp now owns 346,599 shares of the company’s stock worth $16,609,000 after acquiring an additional 25,852 shares during the period. Focus Financial Network Inc. ADV bought a new position in Corteva in the fourth quarter worth approximately $215,000. Finally, Fiduciary Trust Co increased its stake in shares of Corteva by 12.8% in the fourth quarter. Fiduciary Trust Co now owns 9,528 shares of the company’s stock worth $457,000 after purchasing an additional 1,078 shares in the last quarter. 81.54% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CTVA has been the subject of a number of analyst reports. JPMorgan Chase & Co. reduced their price objective on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. 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. Wells Fargo & Company reduced their price objective on shares of Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Morgan Stanley reissued an “overweight” rating and issued a $65.00 price objective on shares of Corteva in a research note on Tuesday. Finally, KeyCorp reduced their price objective on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $61.94.

Corteva Stock Performance

Shares of NYSE:CTVA opened at $58.58 on Friday. Corteva, Inc. has a 52 week low of $43.22 and a 52 week high of $59.08. The stock has a market capitalization of $40.83 billion, a P/E ratio of 74.15, a PEG ratio of 1.68 and a beta of 0.77. The firm has a fifty day simple moving average of $55.02 and a two-hundred day simple moving average of $54.88. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.10.

Corteva (NYSE:CTVA) last issued its quarterly earnings data 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 net margin of 5.31% and a return on equity of 7.30%. The business had revenue of $6.11 billion during the quarter, compared to analysts’ expectations of $6.15 billion. During the same period last year, the company posted $1.60 EPS. The business’s revenue was up 1.1% on a year-over-year basis. On average, analysts expect that Corteva, Inc. will post 2.69 earnings per share for the current fiscal 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 issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.16%. The ex-dividend date of this dividend was Tuesday, September 3rd. This is a positive change from Corteva’s previous quarterly dividend of $0.16. Corteva’s dividend payout ratio (DPR) is 86.08%.

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.