Loring Wolcott & Coolidge Fiduciary Advisors LLP MA Trims Stake in Corteva, Inc. (NYSE:CTVA)

Loring Wolcott & Coolidge Fiduciary Advisors LLP MA trimmed its stake in Corteva, Inc. (NYSE:CTVA) by 26.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,844 shares of the company’s stock after selling 5,747 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA’s holdings in Corteva were worth $963,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of CTVA. Anomaly Capital Management LP purchased a new stake in shares of Corteva in the 2nd quarter worth $188,578,000. Vaughan Nelson Investment Management L.P. increased its stake in shares of Corteva by 392.3% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 4,083,685 shares of the company’s stock worth $220,274,000 after purchasing an additional 3,254,126 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Corteva by 28.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 6,842,907 shares of the company’s stock worth $369,106,000 after purchasing an additional 1,514,954 shares in the last quarter. Panagora Asset Management Inc. increased its stake in shares of Corteva by 700.2% in the 2nd quarter. Panagora Asset Management Inc. now owns 1,301,996 shares of the company’s stock worth $70,230,000 after purchasing an additional 1,139,297 shares in the last quarter. Finally, Natixis Advisors LLC increased its stake in Corteva by 155.7% in the 2nd quarter. Natixis Advisors LLC now owns 1,694,214 shares of the company’s stock worth $91,389,000 after buying an additional 1,031,678 shares in the last quarter. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Corteva Price Performance

CTVA opened at $61.57 on Thursday. The business has a fifty day moving average of $57.56 and a 200 day moving average of $55.29. The stock has a market cap of $42.91 billion, a P/E ratio of 77.94, a PEG ratio of 1.66 and a beta of 0.77. 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, Inc. has a 52-week low of $43.22 and a 52-week high of $62.38.

Corteva (NYSE:CTVA) last released its 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. Corteva had a return on equity of 7.30% and a net margin of 5.31%. The business had revenue of $6.11 billion for the quarter, compared to analyst estimates of $6.15 billion. During the same quarter last year, the firm posted $1.60 earnings per share. The business’s revenue was up 1.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Corteva, Inc. will post 2.66 EPS for the current year.

Corteva Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a $0.17 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 1.10%. Corteva’s payout ratio is 86.08%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on CTVA shares. Morgan Stanley reiterated an “overweight” rating and issued a $65.00 price target on shares of Corteva in a research note on Tuesday, September 24th. JPMorgan Chase & Co. cut their price target on Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. Wells Fargo & Company dropped their price objective on shares of Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Bank of America raised shares of Corteva from a “neutral” rating to a “buy” rating and increased their price objective for the company from $59.00 to $67.00 in a report on Wednesday, October 16th. Finally, Argus downgraded shares of Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $62.84.

Corteva Company 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.