Welch & Forbes LLC Sells 576 Shares of Corteva, Inc. (NYSE:CTVA)

Welch & Forbes LLC reduced its stake in shares of Corteva, Inc. (NYSE:CTVA) by 4.7% in the 1st quarter, HoldingsChannel.com reports. The fund owned 11,645 shares of the company’s stock after selling 576 shares during the quarter. Welch & Forbes LLC’s holdings in Corteva were worth $733,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Scissortail Wealth Management LLC lifted its position in shares of Corteva by 72,080.0% during the fourth quarter. Scissortail Wealth Management LLC now owns 3,609 shares of the company’s stock worth $206,000 after purchasing an additional 3,604 shares in the last quarter. Allworth Financial LP increased its stake in shares of Corteva by 11.8% in the 1st quarter. Allworth Financial LP now owns 15,313 shares of the company’s stock valued at $945,000 after buying an additional 1,614 shares during the period. DnB Asset Management AS lifted its stake in shares of Corteva by 39.0% during the fourth quarter. DnB Asset Management AS now owns 232,902 shares of the company’s stock valued at $13,266,000 after acquiring an additional 65,334 shares during the period. Brighton Jones LLC raised its holdings in Corteva by 307.2% during the 4th quarter. Brighton Jones LLC now owns 15,588 shares of the company’s stock worth $888,000 after purchasing an additional 11,760 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its position in Corteva by 13.9% during the 1st quarter. Farther Finance Advisors LLC now owns 4,387 shares of the company’s stock valued at $279,000 after purchasing an additional 536 shares during the period. 81.54% of the stock is owned by institutional investors.

Corteva Stock Performance

Shares of CTVA stock opened at $73.00 on Thursday. The stock has a market cap of $49.80 billion, a P/E ratio of 44.51, a P/E/G ratio of 1.83 and a beta of 0.76. The company has a fifty day moving average price of $72.06 and a two-hundred day moving average price of $64.91. Corteva, Inc. has a one year low of $50.30 and a one year high of $77.41. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.44 and a quick ratio of 1.00.

Corteva (NYSE:CTVA) last released its quarterly earnings data on Wednesday, May 7th. The company reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.25. The firm had revenue of $4.42 billion during the quarter, compared to analysts’ expectations of $4.56 billion. Corteva had a net margin of 6.77% and a return on equity of 7.84%. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.89 earnings per share. As a group, equities analysts predict that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Friday, May 2nd were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $0.68 annualized dividend and a yield of 0.93%. Corteva’s dividend payout ratio (DPR) is presently 41.46%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CTVA. Argus upgraded shares of Corteva from a “hold” rating to a “buy” rating and set a $69.00 price objective on the stock in a report on Monday, March 31st. Citigroup upped their price objective on Corteva from $75.00 to $78.00 and gave the company a “buy” rating in a report on Friday, May 9th. KeyCorp raised their target price on Corteva from $72.00 to $84.00 and gave the stock an “overweight” rating in a report on Monday. Oppenheimer set a $87.00 price target on Corteva and gave the company an “outperform” rating in a research note on Tuesday. Finally, Morgan Stanley lifted their price objective on shares of Corteva from $65.00 to $71.00 and gave the stock an “overweight” rating in a research note on Friday, May 9th. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Corteva presently has a consensus rating of “Moderate Buy” and a consensus price target of $77.38.

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.