Miracle Mile Advisors LLC Raises Stock Position in Corteva, Inc. (NYSE:CTVA)

Miracle Mile Advisors LLC raised its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 2.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,997 shares of the company’s stock after acquiring an additional 274 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Corteva were worth $755,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in CTVA. JPMorgan Chase & Co. grew its holdings in Corteva by 6.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,605,608 shares of the company’s stock valued at $270,764,000 after buying an additional 288,885 shares in the last quarter. Brighton Jones LLC boosted its position in shares of Corteva by 307.2% during the 4th quarter. Brighton Jones LLC now owns 15,588 shares of the company’s stock valued at $888,000 after acquiring an additional 11,760 shares during the last quarter. Strategic Financial Concepts LLC purchased a new position in shares of Corteva in the fourth quarter valued at $655,000. Golden State Wealth Management LLC bought a new stake in Corteva in the fourth quarter worth $32,000. Finally, Apollon Wealth Management LLC raised its stake in Corteva by 10.9% during the fourth quarter. Apollon Wealth Management LLC now owns 6,891 shares of the company’s stock valued at $392,000 after purchasing an additional 678 shares in the last quarter. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Corteva Stock Down 0.7%

Shares of NYSE CTVA opened at $71.51 on Wednesday. The business has a 50-day moving average of $64.53 and a two-hundred day moving average of $62.30. The company has a market capitalization of $48.78 billion, a price-to-earnings ratio of 55.43, a price-to-earnings-growth ratio of 1.68 and a beta of 0.75. Corteva, Inc. has a 1 year low of $50.01 and a 1 year high of $72.40. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.45 and a quick ratio of 0.93.

Corteva (NYSE:CTVA) last posted its earnings results on Wednesday, May 7th. The company reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.25. Corteva had a return on equity of 7.19% and a net margin of 5.36%. The business had revenue of $4.42 billion for the quarter, compared to analysts’ expectations of $4.56 billion. During the same quarter in the previous year, the firm earned $0.89 earnings per share. The business’s revenue was down 1.7% compared to the same quarter last year. On average, analysts forecast that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 2nd will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 0.95%. The ex-dividend date of this dividend is Monday, June 2nd. Corteva’s dividend payout ratio (DPR) is presently 41.46%.

Analyst Upgrades and Downgrades

CTVA has been the subject of several recent analyst reports. Oppenheimer reaffirmed an “outperform” rating and set a $75.00 price objective (up from $72.00) on shares of Corteva in a research note on Friday, May 9th. Wells Fargo & Company lifted their price target on shares of Corteva from $73.00 to $79.00 and gave the stock an “overweight” rating in a research note on Monday, May 12th. KeyCorp upped their price target on shares of Corteva from $71.00 to $72.00 and gave the company an “overweight” rating in a report on Friday, May 9th. Argus raised shares of Corteva from a “hold” rating to a “buy” rating and set a $69.00 price objective for the company in a research note on Monday, March 31st. Finally, Morgan Stanley upped their target price on Corteva from $65.00 to $71.00 and gave the company an “overweight” rating in a research note on Friday, May 9th. Three investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Corteva has a consensus rating of “Moderate Buy” and a consensus target price of $70.50.

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.