Corteva (NYSE:CTVA) Announces Quarterly Earnings Results

Corteva (NYSE:CTVA) issued its quarterly earnings data on Tuesday. The company reported ($0.23) EPS for the quarter, topping the consensus estimate of ($0.49) by $0.26, Zacks reports. Corteva had a net margin of 8.16% and a return on equity of 8.68%.

Corteva Stock Performance

Shares of CTVA stock traded up $0.46 during mid-day trading on Tuesday, reaching $62.52. 5,188,770 shares of the company’s stock traded hands, compared to its average volume of 4,046,965. Corteva has a 12 month low of $53.40 and a 12 month high of $77.41. The firm has a 50 day moving average price of $67.29 and a two-hundred day moving average price of $69.42. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.23 and a current ratio of 1.68. The firm has a market capitalization of $42.45 billion, a PE ratio of 30.50, a price-to-earnings-growth ratio of 1.40 and a beta of 0.81.

Corteva Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Monday, December 1st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.2%. Corteva’s payout ratio is presently 35.12%.

Insider Buying and Selling at Corteva

In related news, EVP Robert D. King sold 37,280 shares of Corteva stock in a transaction 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 transaction, the executive vice president owned 49,262 shares in the company, valued at approximately $3,655,240.40. The trade was a 43.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Brighton Jones LLC raised its position in shares of Corteva by 307.2% during the 4th quarter. Brighton Jones LLC now owns 15,588 shares of the company’s stock valued at $888,000 after buying an additional 11,760 shares in the last quarter. Woodline Partners LP raised its position in shares of Corteva by 40.3% during the 1st quarter. Woodline Partners LP now owns 57,919 shares of the company’s stock valued at $3,645,000 after buying an additional 16,644 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Corteva by 62.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,559 shares of the company’s stock valued at $191,000 after buying an additional 980 shares in the last quarter. Cresset Asset Management LLC raised its position in Corteva by 2.6% in the 2nd quarter. Cresset Asset Management LLC now owns 7,063 shares of the company’s stock worth $526,000 after purchasing an additional 181 shares during the period. Finally, Jump Financial LLC purchased a new stake in Corteva in the 2nd quarter worth about $1,464,000. Institutional investors own 81.54% of the company’s stock.

Wall Street Analyst Weigh In

CTVA has been the subject of several recent research reports. Wells Fargo & Company lowered their target price on shares of Corteva from $83.00 to $80.00 and set an “overweight” rating for the company in a report on Thursday, October 16th. BMO Capital Markets set a $86.00 target price on shares of Corteva in a report on Monday, September 15th. Morgan Stanley set a $84.00 target price on shares of Corteva in a report on Monday, September 15th. The Goldman Sachs Group lowered their target price on shares of Corteva from $85.00 to $77.00 and set a “buy” rating for the company in a report on Wednesday, October 22nd. Finally, Citigroup lowered shares of Corteva from a “buy” rating to a “neutral” rating and lowered their target price for the company from $83.00 to $70.00 in a report on Thursday, October 2nd. Fifteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $79.65.

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.