NewEdge Advisors LLC Has $1.60 Million Stock Holdings in Corteva, Inc. (NYSE:CTVA)

NewEdge Advisors LLC raised its holdings in Corteva, Inc. (NYSE:CTVA) by 8.0% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 29,684 shares of the company’s stock after buying an additional 2,195 shares during the quarter. NewEdge Advisors LLC’s holdings in Corteva were worth $1,601,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the business. Capital International Investors lifted its stake in shares of Corteva by 2.6% in the first quarter. Capital International Investors now owns 26,437,457 shares of the company’s stock valued at $1,524,648,000 after buying an additional 678,722 shares during the period. Van ECK Associates Corp lifted its position in shares of Corteva by 7.2% in the 1st quarter. Van ECK Associates Corp now owns 9,145,282 shares of the company’s stock worth $527,409,000 after acquiring an additional 617,030 shares during the period. Harris Associates L P grew its holdings in shares of Corteva by 87.1% during the 4th quarter. Harris Associates L P now owns 9,011,702 shares of the company’s stock worth $431,841,000 after purchasing an additional 4,194,981 shares in the last quarter. Putnam Investments LLC increased its position in shares of Corteva by 12.9% during the fourth quarter. Putnam Investments LLC now owns 8,950,382 shares of the company’s stock valued at $428,902,000 after purchasing an additional 1,021,733 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in shares of Corteva by 28.4% in the second quarter. Bank of New York Mellon Corp now owns 6,842,907 shares of the company’s stock valued at $369,106,000 after purchasing an additional 1,514,954 shares in the last quarter. 81.54% of the stock is owned by institutional investors.

Corteva Trading Up 0.4 %

Shares of CTVA opened at $58.33 on Friday. The stock’s fifty day simple moving average is $55.39 and its 200-day simple moving average is $55.00. The firm has a market capitalization of $40.65 billion, a PE ratio of 73.84, a price-to-earnings-growth ratio of 1.68 and a beta of 0.77. Corteva, Inc. has a 12-month low of $43.22 and a 12-month high of $59.08. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.10.

Corteva (NYSE:CTVA) last released its earnings results on Wednesday, July 31st. The company reported $1.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $6.15 billion. During the same period in the prior year, the company posted $1.60 EPS. The company’s revenue was up 1.1% compared to the same quarter last year. As a group, research analysts predict that Corteva, Inc. will post 2.69 earnings per share for the current year.

Corteva Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd were issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.17%. The ex-dividend date of this dividend was Tuesday, September 3rd. This is a positive change from Corteva’s previous quarterly dividend of $0.16. Corteva’s payout ratio is currently 86.08%.

Analysts Set New Price Targets

Several brokerages have issued reports on CTVA. Wells Fargo & Company lowered their price target on shares of Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Mizuho dropped their price target on shares of Corteva from $61.00 to $60.00 and set a “buy” rating for the company in a research report on Tuesday, June 18th. KeyCorp decreased their price objective on Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Morgan Stanley restated an “overweight” rating and set a $65.00 target price on shares of Corteva in a research report on Tuesday, September 24th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $65.00 price target on shares of Corteva in a research report on Wednesday, June 12th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $61.94.

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.