Confluence Wealth Services Inc. Cuts Position in Corteva, Inc. $CTVA

Confluence Wealth Services Inc. decreased its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 2.9% in the second quarter, Holdings Channel.com reports. The firm owned 5,579 shares of the company’s stock after selling 165 shares during the period. Confluence Wealth Services Inc.’s holdings in Corteva were worth $416,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Moody National Bank Trust Division boosted its holdings in Corteva by 0.7% in the second quarter. Moody National Bank Trust Division now owns 22,139 shares of the company’s stock worth $1,650,000 after acquiring an additional 143 shares in the last quarter. Ancora Advisors LLC boosted its stake in Corteva by 0.8% in the 1st quarter. Ancora Advisors LLC now owns 18,567 shares of the company’s stock worth $1,168,000 after purchasing an additional 150 shares in the last quarter. NewEdge Advisors LLC grew its position in Corteva by 0.5% during the 1st quarter. NewEdge Advisors LLC now owns 31,455 shares of the company’s stock valued at $1,979,000 after purchasing an additional 152 shares during the last quarter. Plancorp LLC increased its stake in Corteva by 2.3% during the 1st quarter. Plancorp LLC now owns 7,156 shares of the company’s stock valued at $450,000 after purchasing an additional 158 shares in the last quarter. Finally, Legacy Financial Advisors Inc. raised its holdings in Corteva by 4.4% in the first quarter. Legacy Financial Advisors Inc. now owns 3,761 shares of the company’s stock worth $237,000 after buying an additional 160 shares during the last quarter. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Stock Performance

CTVA stock opened at $64.30 on Tuesday. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.68 and a quick ratio of 1.23. Corteva, Inc. has a 1 year low of $53.40 and a 1 year high of $77.41. The company has a market cap of $43.67 billion, a P/E ratio of 31.37, a price-to-earnings-growth ratio of 1.43 and a beta of 0.76. The stock’s fifty day moving average price is $71.08 and its 200-day moving average price is $68.97.

Corteva (NYSE:CTVA) last posted its earnings results on Wednesday, August 6th. The company reported $2.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.89 by $0.31. The company had revenue of $6.46 billion for the quarter, compared to the consensus estimate 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 quarter in the prior year, the company earned $1.83 earnings per share. On average, equities analysts forecast that Corteva, Inc. will post 2.96 earnings per share for the current year.

Corteva Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were issued 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 dividend on an annualized basis and a dividend yield of 1.1%. Corteva’s payout ratio is 35.12%.

Wall Street Analyst Weigh In

CTVA has been the topic of a number of recent analyst reports. Zacks Research upgraded shares of Corteva from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 1st. Wells Fargo & Company reiterated an “overweight” rating and set a $83.00 target price (up from $82.00) on shares of Corteva in a research note on Friday, August 8th. UBS Group decreased their price target on Corteva from $91.00 to $85.00 and set a “buy” rating for the company in a research note on Monday. Barclays raised Corteva from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $75.00 to $84.00 in a report on Wednesday, August 13th. Finally, Royal Bank Of Canada reiterated an “outperform” rating on shares of Corteva in a report on Monday, August 11th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $80.27.

Insider Transactions at Corteva

In other Corteva news, EVP Robert D. King sold 37,280 shares of the company’s stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $74.20, for a total transaction of $2,766,176.00. Following the completion of the sale, the executive vice president directly owned 49,262 shares of the company’s stock, valued at approximately $3,655,240.40. This represents a 43.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.14% of the company’s stock.

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.