Sheets Smith Wealth Management Buys Shares of 2,777 Corteva, Inc. $CTVA

Sheets Smith Wealth Management bought a new stake in Corteva, Inc. (NYSE:CTVA) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 2,777 shares of the company’s stock, valued at approximately $207,000.

Several other institutional investors and hedge funds have also modified their holdings of CTVA. Brighton Jones LLC lifted its stake in shares of Corteva by 307.2% in the 4th quarter. Brighton Jones LLC now owns 15,588 shares of the company’s stock valued at $888,000 after purchasing an additional 11,760 shares during the last quarter. Vise Technologies Inc. acquired a new stake in shares of Corteva in the fourth quarter worth about $238,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Corteva in the fourth quarter worth about $22,079,000. Siemens Fonds Invest GmbH boosted its position in Corteva by 436.4% during the fourth quarter. Siemens Fonds Invest GmbH now owns 23,780 shares of the company’s stock worth $1,355,000 after purchasing an additional 19,347 shares during the period. Finally, Wealth Enhancement Advisory Services LLC boosted its position in Corteva by 6.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 129,314 shares of the company’s stock worth $7,366,000 after purchasing an additional 8,299 shares during the period. Institutional investors and hedge funds own 81.54% of the company’s stock.

Insider Activity

In other news, EVP Robert D. King sold 37,280 shares of the stock in a transaction on Friday, August 29th. The shares were sold at an average price of $74.20, for a total value of $2,766,176.00. Following the completion of the transaction, the executive vice president owned 49,262 shares in the company, valued at approximately $3,655,240.40. This represents a 43.08% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.14% of the company’s stock.

Corteva Trading Down 3.6%

Corteva stock opened at $67.08 on Friday. The business has a 50 day moving average price of $72.21 and a two-hundred day moving average price of $68.64. The company has a quick ratio of 1.23, a current ratio of 1.68 and a debt-to-equity ratio of 0.06. The stock has a market cap of $45.55 billion, a price-to-earnings ratio of 32.72, a price-to-earnings-growth ratio of 1.59 and a beta of 0.78. Corteva, Inc. has a 12 month low of $53.40 and a 12 month high of $77.41.

Corteva (NYSE:CTVA) last issued its earnings results on Wednesday, August 6th. The company reported $2.20 EPS for the quarter, beating analysts’ consensus estimates of $1.89 by $0.31. The business had revenue of $6.46 billion during the quarter, compared to analyst estimates of $6.26 billion. Corteva had a return on equity of 8.68% and a net margin of 8.16%.Corteva’s revenue was up 5.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.83 earnings per share. As a group, equities analysts forecast that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were paid a $0.18 dividend. The ex-dividend date was Tuesday, September 2nd. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.1%. This is a positive change from Corteva’s previous quarterly dividend of $0.17. Corteva’s dividend payout ratio is currently 35.12%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CTVA. Wall Street Zen raised shares of Corteva from a “hold” rating to a “buy” rating in a research report on Saturday, August 9th. Zacks Research raised Corteva to a “hold” rating in a research report on Friday, August 8th. Jefferies Financial Group reissued a “buy” rating on shares of Corteva in a research report on Friday, June 6th. Deutsche Bank Aktiengesellschaft boosted their price objective on Corteva from $83.00 to $90.00 and gave the stock a “buy” rating in a research report on Monday, September 15th. Finally, Barclays upgraded Corteva from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $75.00 to $84.00 in a report on Wednesday, August 13th. Thirteen investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Corteva currently has an average rating of “Moderate Buy” and an average target price of $82.00.

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.