OLD National Bancorp IN Reduces Position in Corteva, Inc. (NYSE:CTVA)

OLD National Bancorp IN decreased its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 2.8% in the third quarter, HoldingsChannel reports. The fund owned 13,440 shares of the company’s stock after selling 384 shares during the quarter. OLD National Bancorp IN’s holdings in Corteva were worth $790,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fisher Asset Management LLC raised its stake in Corteva by 39.1% during the 4th quarter. Fisher Asset Management LLC now owns 9,380 shares of the company’s stock worth $449,000 after acquiring an additional 2,635 shares during the period. &PARTNERS lifted its stake in shares of Corteva by 4.3% during the 1st quarter. &PARTNERS now owns 4,829 shares of the company’s stock valued at $278,000 after buying an additional 200 shares in the last quarter. AdvisorNet Financial Inc lifted its stake in shares of Corteva by 23.6% during the 1st quarter. AdvisorNet Financial Inc now owns 4,644 shares of the company’s stock valued at $268,000 after buying an additional 887 shares in the last quarter. Brookstone Capital Management purchased a new stake in Corteva in the 1st quarter worth $204,000. Finally, GoalVest Advisory LLC purchased a new stake in Corteva in the 1st quarter worth $49,000. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Corteva Price Performance

NYSE:CTVA opened at $59.25 on Tuesday. The firm has a market capitalization of $41.30 billion, a price-to-earnings ratio of 75.00, a PEG ratio of 1.66 and a beta of 0.77. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.72 and a quick ratio of 1.17. The business has a 50 day simple moving average of $56.52 and a 200-day simple moving average of $55.07. Corteva, Inc. has a 1 year low of $43.22 and a 1 year high of $59.68.

Corteva (NYSE:CTVA) last released its quarterly earnings results on Wednesday, July 31st. The company reported $1.83 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.09. Corteva had a return on equity of 7.30% and a net margin of 5.31%. The company had revenue of $6.11 billion for the quarter, compared to analyst estimates of $6.15 billion. During the same quarter in the prior year, the firm posted $1.60 EPS. Corteva’s quarterly revenue was up 1.1% compared to the same quarter last year. Equities analysts forecast that Corteva, Inc. will post 2.66 EPS for the current year.

Corteva Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 1.15%. This is an increase from Corteva’s previous quarterly dividend of $0.16. The ex-dividend date was Tuesday, September 3rd. Corteva’s dividend payout ratio is presently 86.08%.

Wall Street Analysts Forecast Growth

CTVA has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. dropped their price objective on Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. Morgan Stanley restated an “overweight” rating and issued a $65.00 price target on shares of Corteva in a research note on Tuesday, September 24th. KeyCorp reduced their price objective on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Bank of America upgraded shares of Corteva from a “neutral” rating to a “buy” rating and upped their target price for the stock from $59.00 to $67.00 in a research report on Wednesday, October 16th. Finally, Wells Fargo & Company reduced 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. One analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $62.21.

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.