Barrett & Company Inc. Cuts Stock Holdings in Corteva, Inc. $CTVA

Barrett & Company Inc. decreased its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 46.6% in the 2nd quarter, Holdings Channel reports. The firm owned 463 shares of the company’s stock after selling 404 shares during the period. Barrett & Company Inc.’s holdings in Corteva were worth $35,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Peak Financial Advisors LLC bought a new stake in Corteva in the 2nd quarter worth approximately $505,000. Cary Street Partners Financial LLC lifted its position in Corteva by 20.7% in the 1st quarter. Cary Street Partners Financial LLC now owns 90,206 shares of the company’s stock worth $5,677,000 after buying an additional 15,448 shares during the last quarter. PGGM Investments lifted its position in Corteva by 68.5% in the 2nd quarter. PGGM Investments now owns 1,223,444 shares of the company’s stock worth $91,183,000 after buying an additional 497,200 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in Corteva by 28.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,851,993 shares of the company’s stock worth $179,476,000 after buying an additional 634,938 shares during the last quarter. Finally, S.E.E.D. Planning Group LLC lifted its position in Corteva by 70.3% in the 2nd quarter. S.E.E.D. Planning Group LLC now owns 164,393 shares of the company’s stock worth $12,252,000 after buying an additional 67,869 shares during the last quarter. Institutional investors own 81.54% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on CTVA. Morgan Stanley set a $84.00 price objective on Corteva in a research report on Monday, September 15th. Jefferies Financial Group lowered their price objective on Corteva from $92.00 to $85.00 in a research report on Thursday. Zacks Research upgraded Corteva from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. JPMorgan Chase & Co. upgraded Corteva from a “neutral” rating to an “overweight” rating and set a $67.00 price objective for the company in a research report on Thursday. Finally, Royal Bank Of Canada reiterated an “outperform” rating on shares of Corteva in a research report on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $80.67.

Insiders Place Their Bets

In related news, EVP Robert D. King sold 37,280 shares of the company’s stock in a transaction on Friday, August 29th. The stock was sold at an average price of $74.20, for a total value of $2,766,176.00. Following the sale, the executive vice president directly owned 49,262 shares of the company’s stock, valued at $3,655,240.40. This represents a 43.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.14% of the stock is currently owned by insiders.

Corteva Price Performance

Shares of Corteva stock opened at $63.36 on Friday. 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 company has a market cap of $43.03 billion, a PE ratio of 30.91, a P/E/G ratio of 1.43 and a beta of 0.76. The business has a 50 day moving average of $71.24 and a 200 day moving average of $68.85. Corteva, Inc. has a 52 week low of $53.40 and a 52 week high of $77.41.

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

Corteva Increases Dividend

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

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.