Pallas Capital Advisors LLC Boosts Stock Position in Corteva, Inc. (NYSE:CTVA)

Pallas Capital Advisors LLC lifted its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 6.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 71,262 shares of the company’s stock after buying an additional 4,288 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Corteva were worth $4,485,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in CTVA. Capital World Investors raised its stake in Corteva by 2,874.6% in the 4th quarter. Capital World Investors now owns 12,812,151 shares of the company’s stock valued at $729,780,000 after purchasing an additional 12,381,436 shares during the last quarter. Independent Franchise Partners LLP grew its holdings in shares of Corteva by 51.5% during the fourth quarter. Independent Franchise Partners LLP now owns 16,496,508 shares of the company’s stock worth $939,641,000 after buying an additional 5,604,838 shares in the last quarter. Norges Bank purchased a new stake in shares of Corteva during the fourth quarter worth $251,892,000. Raymond James Financial Inc. purchased a new position in shares of Corteva in the fourth quarter worth about $161,052,000. Finally, Franklin Resources Inc. boosted its position in Corteva by 9.2% during the fourth quarter. Franklin Resources Inc. now owns 16,143,025 shares of the company’s stock worth $919,507,000 after acquiring an additional 1,354,418 shares during the last quarter. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Price Performance

CTVA stock opened at $71.70 on Monday. The stock’s 50 day moving average price is $64.17 and its 200 day moving average price is $62.16. The firm has a market cap of $48.91 billion, a P/E ratio of 55.58, a PEG ratio of 1.68 and a beta of 0.75. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.93 and a current ratio of 1.45. Corteva, Inc. has a 1 year low of $50.01 and a 1 year high of $72.55.

Corteva (NYSE:CTVA) last announced its earnings results on Wednesday, May 7th. The company reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.25. The firm had revenue of $4.42 billion for the quarter, compared to analyst estimates of $4.56 billion. Corteva had a net margin of 5.36% and a return on equity of 7.19%. Corteva’s revenue was down 1.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.89 earnings per share. On average, sell-side analysts expect that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 2nd will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date of this dividend is Monday, June 2nd. Corteva’s payout ratio is 41.46%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CTVA. Bank of America boosted their price objective on Corteva from $69.00 to $73.00 and gave the stock a “buy” rating in a research note on Tuesday, February 11th. The Goldman Sachs Group initiated coverage on Corteva in a report on Thursday, March 13th. They set a “buy” rating and a $71.00 price target on the stock. BNP Paribas raised shares of Corteva to a “hold” rating in a report on Monday, February 10th. Citigroup lifted their target price on shares of Corteva from $75.00 to $78.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of Corteva in a report on Friday. Three equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $70.50.

Corteva Profile

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.