Industrial Alliance Investment Management Inc. Grows Holdings in Corteva, Inc. (NYSE:CTVA)

Industrial Alliance Investment Management Inc. grew its holdings in Corteva, Inc. (NYSE:CTVA) by 25.5% during the first quarter, HoldingsChannel.com reports. The firm owned 4,088 shares of the company’s stock after acquiring an additional 830 shares during the quarter. Industrial Alliance Investment Management Inc.’s holdings in Corteva were worth $236,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of CTVA. Redmont Wealth Advisors LLC bought a new stake in Corteva during the first quarter valued at about $25,000. Acadian Asset Management LLC purchased a new position in shares of Corteva in the first quarter worth about $25,000. Rise Advisors LLC raised its stake in shares of Corteva by 2,522.2% in the first quarter. Rise Advisors LLC now owns 472 shares of the company’s stock worth $27,000 after purchasing an additional 454 shares during the last quarter. Albion Financial Group UT raised its stake in shares of Corteva by 77.2% in the first quarter. Albion Financial Group UT now owns 505 shares of the company’s stock worth $29,000 after purchasing an additional 220 shares during the last quarter. Finally, Ironwood Wealth Management Inc. raised its stake in shares of Corteva by 106.1% in the first quarter. Ironwood Wealth Management Inc. now owns 544 shares of the company’s stock worth $31,000 after purchasing an additional 280 shares during the last quarter. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Analyst Ratings Changes

CTVA has been the subject of several recent research reports. Royal Bank of Canada lifted their price target on Corteva from $62.00 to $64.00 and gave the company an “outperform” rating in a research report on Monday, May 6th. Barclays boosted their price objective on Corteva from $55.00 to $58.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 10th. Mizuho cut their price objective on Corteva from $61.00 to $60.00 and set a “buy” rating for the company in a research report on Tuesday, June 18th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $57.00 price target (down from $58.00) on shares of Corteva in a research note on Friday, April 12th. Finally, Oppenheimer lifted their price target on Corteva from $67.00 to $69.00 and gave the stock an “outperform” rating in a research note on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, Corteva has an average rating of “Moderate Buy” and a consensus price target of $63.00.

Corteva Trading Up 0.6 %

Corteva stock traded up $0.31 during mid-day trading on Wednesday, hitting $55.84. The stock had a trading volume of 1,033,495 shares, compared to its average volume of 3,388,940. The stock has a 50-day simple moving average of $53.63 and a two-hundred day simple moving average of $53.81. The stock has a market capitalization of $38.92 billion, a PE ratio of 70.29, a P/E/G ratio of 1.50 and a beta of 0.77. Corteva, Inc. has a 12 month low of $43.22 and a 12 month high of $58.76. The company has a current ratio of 1.51, a quick ratio of 0.97 and a debt-to-equity ratio of 0.10.

Corteva (NYSE:CTVA) last released its earnings results on Wednesday, May 1st. The company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.10. Corteva had a return on equity of 6.68% and a net margin of 3.32%. The firm had revenue of $4.49 billion for the quarter, compared to analyst estimates of $4.65 billion. During the same quarter in the prior year, the firm posted $1.16 earnings per share. The company’s quarterly revenue was down 8.0% on a year-over-year basis. As a group, sell-side analysts forecast that Corteva, Inc. will post 2.78 EPS for the current year.

Corteva Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd will be paid a $0.17 dividend. This is a positive change from Corteva’s previous quarterly dividend of $0.16. The ex-dividend date is Tuesday, September 3rd. This represents a $0.68 annualized dividend and a yield of 1.22%. Corteva’s dividend payout ratio is presently 81.01%.

Insider Buying and Selling at Corteva

In other Corteva news, insider Samuel R. Eathington sold 31,686 shares of the stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $57.64, for a total value of $1,826,381.04. Following the transaction, the insider now owns 53,854 shares of the company’s stock, valued at $3,104,144.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Brian Titus sold 12,134 shares of Corteva stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $56.65, for a total transaction of $687,391.10. Following the completion of the transaction, the insider now directly owns 13,495 shares in the company, valued at approximately $764,491.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Samuel R. Eathington sold 31,686 shares of Corteva stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $57.64, for a total value of $1,826,381.04. Following the sale, the insider now directly owns 53,854 shares of the company’s stock, valued at $3,104,144.56. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 83,556 shares of company stock valued at $4,795,016. 0.14% of the stock is currently owned by company insiders.

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.