Park Avenue Securities LLC Reduces Stake in Corteva, Inc. (NYSE:CTVA)

Park Avenue Securities LLC cut its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 49.2% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 19,163 shares of the company’s stock after selling 18,589 shares during the period. Park Avenue Securities LLC’s holdings in Corteva were worth $1,206,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CTVA. Brighton Jones LLC increased its position in 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 purchasing an additional 11,760 shares during the period. Strategic Financial Concepts LLC bought a new stake in shares of Corteva during the 4th quarter valued at about $655,000. Golden State Wealth Management LLC purchased a new position in shares of Corteva during the fourth quarter valued at about $32,000. Apollon Wealth Management LLC raised its stake in Corteva by 10.9% in the fourth quarter. Apollon Wealth Management LLC now owns 6,891 shares of the company’s stock worth $392,000 after buying an additional 678 shares in the last quarter. Finally, Savant Capital LLC lifted its holdings in Corteva by 6.7% in the fourth quarter. Savant Capital LLC now owns 17,995 shares of the company’s stock worth $1,025,000 after buying an additional 1,137 shares during the period. Institutional investors own 81.54% of the company’s stock.

Corteva Stock Performance

Shares of Corteva stock opened at $72.04 on Thursday. Corteva, Inc. has a 1 year low of $50.30 and a 1 year high of $72.40. The firm’s 50-day moving average is $64.86 and its 200 day moving average is $62.37. The stock has a market cap of $49.15 billion, a price-to-earnings ratio of 55.85, a PEG ratio of 1.68 and a beta of 0.75. 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 issued its earnings results on Wednesday, May 7th. The company reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.25. The firm had revenue of $4.42 billion for the quarter, compared to the consensus estimate of $4.56 billion. Corteva had a net margin of 5.36% and a return on equity of 7.19%. The business’s revenue was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.89 earnings per share. Sell-side analysts anticipate that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 2nd will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.94%. The ex-dividend date of this dividend is Monday, June 2nd. Corteva’s payout ratio is currently 41.46%.

Analysts Set New Price Targets

A number of research firms have weighed in on CTVA. Oppenheimer reiterated an “outperform” rating and set a $75.00 target price (up previously from $72.00) on shares of Corteva in a report on Friday, May 9th. UBS Group lifted their price target on Corteva from $74.00 to $76.00 and gave the company a “buy” rating in a research report on Thursday, May 8th. Jefferies Financial Group reiterated a “buy” rating on shares of Corteva in a report on Friday, June 6th. Argus raised Corteva from a “hold” rating to a “buy” rating and set a $69.00 price objective for the company in a research report on Monday, March 31st. Finally, The Goldman Sachs Group began coverage on shares of Corteva in a report on Thursday, March 13th. They set a “buy” rating and a $71.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $70.50.

Corteva 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.