Mercer Global Advisors Inc. ADV Trims Stake in Corteva, Inc. (NYSE:CTVA)

Mercer Global Advisors Inc. ADV decreased its stake in shares of Corteva, Inc. (NYSE:CTVA) by 5.2% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 53,855 shares of the company’s stock after selling 2,977 shares during the period. Mercer Global Advisors Inc. ADV’s holdings in Corteva were worth $2,905,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Redmont Wealth Advisors LLC purchased a new stake in Corteva during the 1st quarter worth about $25,000. Acadian Asset Management LLC purchased a new stake in shares of Corteva during the first quarter worth about $25,000. Rise Advisors LLC raised its position in shares of Corteva by 2,522.2% in the first quarter. Rise Advisors LLC now owns 472 shares of the company’s stock valued at $27,000 after buying an additional 454 shares during the last quarter. ICA Group Wealth Management LLC purchased a new position in shares of Corteva during the fourth quarter valued at approximately $28,000. Finally, Scarborough Advisors LLC acquired a new stake in Corteva during the fourth quarter worth approximately $29,000. 81.54% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. JPMorgan Chase & Co. reduced their price target on Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Argus lowered Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. OTR Global restated a “negative” rating on shares of Corteva in a report on Friday, June 7th. Mizuho cut their price objective on shares of Corteva from $61.00 to $60.00 and set a “buy” rating on the stock in a report on Tuesday, June 18th. Finally, KeyCorp lowered their target price on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, Corteva presently has a consensus rating of “Moderate Buy” and a consensus target price of $61.67.

Corteva Price Performance

CTVA stock opened at $57.58 on Monday. The firm has a market cap of $40.13 billion, a P/E ratio of 72.89, a price-to-earnings-growth ratio of 1.60 and a beta of 0.77. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.17 and a current ratio of 1.72. Corteva, Inc. has a 1 year low of $43.22 and a 1 year high of $58.92. The stock has a 50-day simple moving average of $54.68 and a 200-day simple moving average of $54.77.

Corteva (NYSE:CTVA) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $1.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.09. Corteva had a net margin of 5.31% and a return on equity of 7.30%. The company had revenue of $6.11 billion during the quarter, compared to the consensus estimate of $6.15 billion. During the same quarter last year, the company earned $1.60 earnings per share. Corteva’s revenue for the quarter was up 1.1% on a year-over-year basis. On average, equities analysts predict that Corteva, Inc. will post 2.69 earnings per share for the current fiscal year.

Corteva Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd were given a $0.17 dividend. This is a boost from Corteva’s previous quarterly dividend of $0.16. This represents a $0.68 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date was Tuesday, September 3rd. Corteva’s dividend payout ratio is presently 86.08%.

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.