FSM Wealth Advisors LLC Makes New Investment in Corteva, Inc. $CTVA

FSM Wealth Advisors LLC purchased a new stake in Corteva, Inc. (NYSE:CTVA) during the second quarter, HoldingsChannel reports. The institutional investor purchased 2,678 shares of the company’s stock, valued at approximately $205,000.

A number of other hedge funds have also modified their holdings of CTVA. Bleakley Financial Group LLC raised its position in Corteva by 21.4% in the 2nd quarter. Bleakley Financial Group LLC now owns 15,635 shares of the company’s stock valued at $1,165,000 after buying an additional 2,754 shares during the last quarter. Forum Financial Management LP grew its stake in shares of Corteva by 3.5% during the 2nd quarter. Forum Financial Management LP now owns 12,801 shares of the company’s stock worth $954,000 after acquiring an additional 432 shares in the last quarter. Ethic Inc. raised its holdings in shares of Corteva by 5.7% in the second quarter. Ethic Inc. now owns 79,813 shares of the company’s stock valued at $5,937,000 after purchasing an additional 4,332 shares during the last quarter. Studio Investment Management LLC lifted its position in shares of Corteva by 0.9% in the second quarter. Studio Investment Management LLC now owns 36,534 shares of the company’s stock worth $2,723,000 after purchasing an additional 332 shares in the last quarter. Finally, St. James Investment Company LLC boosted its holdings in Corteva by 0.5% during the second quarter. St. James Investment Company LLC now owns 301,544 shares of the company’s stock worth $22,474,000 after purchasing an additional 1,368 shares during the last quarter. 81.54% of the stock is currently owned by institutional investors.

Corteva Stock Performance

CTVA opened at $63.63 on Friday. Corteva, Inc. has a 12-month low of $53.40 and a 12-month high of $77.41. The stock has a market cap of $43.21 billion, a price-to-earnings ratio of 31.04, a PEG ratio of 1.45 and a beta of 0.76. The business has a 50 day moving average of $68.53 and a 200-day moving average of $69.04. The company has a quick ratio of 1.23, a current ratio of 1.68 and a debt-to-equity ratio of 0.06.

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

Corteva Increases Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Citigroup lowered shares of Corteva from a “buy” rating to a “neutral” rating and lowered their price target for the company from $83.00 to $70.00 in a research note on Thursday, October 2nd. Argus lowered their target price on Corteva from $83.00 to $80.00 and set a “buy” rating on the stock in a research report on Monday, October 13th. Zacks Research upgraded Corteva from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 1st. Morgan Stanley set a $84.00 price target on Corteva in a research report on Monday, September 15th. Finally, The Goldman Sachs Group cut their price objective on Corteva from $85.00 to $77.00 and set a “buy” rating for the company in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $79.94.

Insider Activity

In related news, EVP Robert D. King sold 37,280 shares of Corteva stock in a transaction dated 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 owned 49,262 shares of the company’s stock, valued at approximately $3,655,240.40. The trade was a 43.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate 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.