Edgestream Partners L.P. Makes New Investment in Corteva, Inc. (NYSE:CTVA)

Edgestream Partners L.P. purchased a new position in shares of Corteva, Inc. (NYSE:CTVA) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 88,555 shares of the company’s stock, valued at approximately $4,777,000.

Other institutional investors also recently bought and sold shares of 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 Corteva during the 1st quarter worth about $25,000. Rise Advisors LLC lifted its holdings in Corteva by 2,522.2% during the 1st quarter. Rise Advisors LLC now owns 472 shares of the company’s stock worth $27,000 after buying an additional 454 shares during the last quarter. ICA Group Wealth Management LLC purchased a new stake in Corteva during the 4th quarter worth about $28,000. Finally, Scarborough Advisors LLC purchased a new stake in shares of Corteva in the 4th quarter valued at about $29,000. 81.54% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on CTVA. JPMorgan Chase & Co. reduced their target price on Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $65.00 target price on shares of Corteva in a report on Wednesday, June 12th. KeyCorp reduced their target price on Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Wells Fargo & Company reduced their target price on Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Finally, Mizuho reduced their target price on Corteva from $61.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday, June 18th. One 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 currently has a consensus rating of “Moderate Buy” and a consensus price target of $61.67.

Corteva Stock Performance

NYSE CTVA opened at $57.04 on Wednesday. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.10. The business’s 50 day moving average is $54.34 and its two-hundred day moving average is $54.69. Corteva, Inc. has a 12-month low of $43.22 and a 12-month high of $58.76. The stock has a market capitalization of $39.76 billion, a price-to-earnings ratio of 72.20, a PEG ratio of 1.60 and a beta of 0.77.

Corteva (NYSE:CTVA) last released its quarterly earnings results on Wednesday, July 31st. The company reported $1.83 earnings per share for the quarter, topping analysts’ consensus estimates of $1.74 by $0.09. The business had revenue of $6.11 billion for the quarter, compared to analysts’ expectations of $6.15 billion. Corteva had a return on equity of 7.30% and a net margin of 5.31%. The company’s revenue was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.60 EPS. Research analysts expect that Corteva, Inc. will post 2.69 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 $0.17 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.19%. This is a boost from Corteva’s previous quarterly dividend of $0.16. Corteva’s dividend payout ratio is currently 86.08%.

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.