New Covenant Trust Company N.A. Buys New Shares in Corteva, Inc. (NYSE:CTVA)

New Covenant Trust Company N.A. bought a new stake in Corteva, Inc. (NYSE:CTVA) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 1,465 shares of the company’s stock, valued at approximately $84,000.

Several other hedge funds have also made changes to their positions in CTVA. Pinnacle Associates Ltd. lifted its stake in Corteva by 2.5% during the fourth quarter. Pinnacle Associates Ltd. now owns 28,117 shares of the company’s stock worth $1,347,000 after purchasing an additional 681 shares during the period. AdvisorNet Financial Inc lifted its stake in Corteva by 13.2% during the fourth quarter. AdvisorNet Financial Inc now owns 3,757 shares of the company’s stock worth $180,000 after purchasing an additional 438 shares during the period. Chicago Capital LLC lifted its stake in Corteva by 54.1% during the fourth quarter. Chicago Capital LLC now owns 6,506 shares of the company’s stock worth $312,000 after purchasing an additional 2,285 shares during the period. Pallas Capital Advisors LLC lifted its stake in Corteva by 6.1% during the fourth quarter. Pallas Capital Advisors LLC now owns 57,953 shares of the company’s stock worth $2,777,000 after purchasing an additional 3,329 shares during the period. Finally, Essex Savings Bank bought a new position in Corteva during the fourth quarter worth about $209,000. Institutional investors own 81.54% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on CTVA shares. Barclays raised their price target on shares of Corteva from $55.00 to $58.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 10th. Canaccord Genuity Group lifted their target price on shares of Corteva from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Friday, May 3rd. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $57.00 target price (down previously from $58.00) on shares of Corteva in a research note on Friday, April 12th. Royal Bank of Canada lifted their target price on shares of Corteva from $62.00 to $64.00 and gave the company an “outperform” rating in a research note on Monday, May 6th. Finally, Oppenheimer lifted their target price on shares of Corteva from $67.00 to $69.00 and gave the company an “outperform” rating in a research note on Friday, May 3rd. One analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $63.00.

Corteva Stock Down 5.5 %

NYSE CTVA traded down $3.10 on Thursday, reaching $53.00. The company had a trading volume of 5,904,443 shares, compared to its average volume of 3,424,537. The firm has a market capitalization of $36.94 billion, a price-to-earnings ratio of 67.09, a price-to-earnings-growth ratio of 1.50 and a beta of 0.77. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.97 and a current ratio of 1.51. Corteva, Inc. has a 1-year low of $43.22 and a 1-year high of $58.76. The company’s fifty day moving average is $53.56 and its 200-day moving average is $53.82.

Corteva (NYSE:CTVA) last announced 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. The firm had revenue of $6.11 billion during the quarter, compared to analyst estimates of $6.15 billion. Corteva had a net margin of 3.32% and a return on equity of 6.68%. The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period in the prior year, the business earned $1.60 EPS. On average, research analysts forecast that Corteva, Inc. will post 2.78 earnings per share for the current fiscal year.

Corteva Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.28%. This is an increase from Corteva’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Tuesday, September 3rd. Corteva’s dividend payout ratio is currently 81.01%.

Insider Transactions at Corteva

In other news, SVP Cornel B. Fuerer sold 39,736 shares of the stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $57.41, for a total transaction of $2,281,243.76. Following the completion of the transaction, the senior vice president now directly owns 126,628 shares in the company, valued at approximately $7,269,713.48. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, SVP Cornel B. Fuerer sold 39,736 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $57.41, for a total value of $2,281,243.76. Following the sale, the senior vice president now directly owns 126,628 shares of the company’s stock, valued at approximately $7,269,713.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Samuel R. Eathington sold 31,686 shares of the company’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $57.64, for a total transaction of $1,826,381.04. Following the completion of the sale, the insider now directly owns 53,854 shares in the company, valued at $3,104,144.56. The disclosure for this sale can be found here. Insiders sold a total of 83,556 shares of company stock worth $4,795,016 in the last three months. Insiders own 0.14% of the company’s stock.

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.