Y Intercept Hong Kong Ltd Trims Position in Corteva, Inc. (NYSE:CTVA)

Y Intercept Hong Kong Ltd lessened its stake in Corteva, Inc. (NYSE:CTVA) by 60.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,137 shares of the company’s stock after selling 20,216 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Corteva were worth $827,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. Clifford Swan Investment Counsel LLC increased its position in Corteva by 0.3% during the 1st quarter. Clifford Swan Investment Counsel LLC now owns 514,494 shares of the company’s stock valued at $32,377,000 after purchasing an additional 1,372 shares during the period. HighPoint Advisor Group LLC boosted its stake in Corteva by 8.1% in the 1st quarter. HighPoint Advisor Group LLC now owns 16,277 shares of the company’s stock worth $1,006,000 after purchasing an additional 1,220 shares in the last quarter. Crestwood Advisors Group LLC lifted its stake in Corteva by 9.9% during the 1st quarter. Crestwood Advisors Group LLC now owns 7,497 shares of the company’s stock valued at $472,000 after acquiring an additional 674 shares during the period. Allianz Asset Management GmbH lifted its stake in Corteva by 49.2% during the 1st quarter. Allianz Asset Management GmbH now owns 124,869 shares of the company’s stock valued at $7,858,000 after acquiring an additional 41,203 shares during the period. Finally, Lindbrook Capital LLC lifted its stake in Corteva by 56.8% during the 1st quarter. Lindbrook Capital LLC now owns 5,006 shares of the company’s stock valued at $315,000 after acquiring an additional 1,813 shares during the period. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Stock Up 0.4%

Shares of CTVA opened at $73.41 on Friday. The stock has a market capitalization of $50.08 billion, a PE ratio of 44.76, a P/E/G ratio of 1.77 and a beta of 0.76. Corteva, Inc. has a 1 year low of $50.30 and a 1 year high of $77.41. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.00 and a current ratio of 1.44. The company’s 50-day simple moving average is $72.84 and its 200-day simple moving average is $65.72.

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

Corteva Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders 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 dividend on an annualized basis and a dividend yield of 0.93%. Corteva’s dividend payout ratio (DPR) is presently 41.46%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Argus raised shares of Corteva from a “hold” rating to a “buy” rating and set a $69.00 target price for the company in a report on Monday, March 31st. Jefferies Financial Group reissued a “buy” rating on shares of Corteva in a report on Friday, June 6th. BMO Capital Markets upped their target price on shares of Corteva from $74.00 to $86.00 and gave the stock an “outperform” rating in a report on Tuesday, July 8th. KeyCorp lifted their target price on shares of Corteva from $72.00 to $84.00 and gave the stock an “overweight” rating in a research note on Monday, July 14th. Finally, Citigroup lifted their target price on shares of Corteva from $75.00 to $78.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $77.38.

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.