Parcion Private Wealth LLC Raises Stock Position in Corteva, Inc. (NYSE:CTVA)

Parcion Private Wealth LLC raised its holdings in Corteva, Inc. (NYSE:CTVA) by 1.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 28,196 shares of the company’s stock after purchasing an additional 521 shares during the quarter. Parcion Private Wealth LLC’s holdings in Corteva were worth $1,658,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Redmont Wealth Advisors LLC purchased a new position in shares of Corteva during the 1st quarter valued at approximately $25,000. Acadian Asset Management LLC purchased a new position in Corteva in the first quarter valued at $25,000. Albion Financial Group UT raised its position in shares of Corteva by 77.2% in the first quarter. Albion Financial Group UT now owns 505 shares of the company’s stock worth $29,000 after acquiring an additional 220 shares during the period. Cultivar Capital Inc. purchased a new stake in shares of Corteva during the 2nd quarter worth about $34,000. Finally, Redwood Wealth Management Group LLC acquired a new stake in shares of Corteva during the 2nd quarter valued at about $43,000. 81.54% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CTVA has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lowered their price target on Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Wells Fargo & Company reduced their price target on shares of Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Argus cut Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. KeyCorp reduced their price objective on Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Finally, Citigroup started coverage on shares of Corteva in a research note on Wednesday. They set a “buy” rating and a $68.00 target price on the stock. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $62.84.

Corteva Price Performance

NYSE:CTVA opened at $60.35 on Friday. Corteva, Inc. has a 52 week low of $43.22 and a 52 week high of $61.21. The stock’s fifty day moving average is $57.13 and its two-hundred day moving average is $55.19. The company has a market capitalization of $42.06 billion, a P/E ratio of 76.39, a P/E/G 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 (NYSE:CTVA) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $1.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.09. The firm had revenue of $6.11 billion for the quarter, compared to analyst estimates of $6.15 billion. Corteva had a net margin of 5.31% and a return on equity of 7.30%. Corteva’s revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.60 EPS. Equities analysts expect that Corteva, Inc. will post 2.66 EPS for the current year.

Corteva Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd were given a $0.17 dividend. This is a positive change from Corteva’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 1.13%. Corteva’s payout ratio is presently 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.