Sovereign Financial Group Inc. Takes Position in Corteva, Inc. $CTVA

Sovereign Financial Group Inc. purchased a new stake in Corteva, Inc. (NYSE:CTVA) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 2,796 shares of the company’s stock, valued at approximately $208,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Moody National Bank Trust Division raised its holdings in shares of Corteva by 0.7% in the 2nd quarter. Moody National Bank Trust Division now owns 22,139 shares of the company’s stock worth $1,650,000 after purchasing an additional 143 shares in the last quarter. Ancora Advisors LLC raised its holdings in shares of Corteva by 0.8% in the 1st quarter. Ancora Advisors LLC now owns 18,567 shares of the company’s stock worth $1,168,000 after purchasing an additional 150 shares in the last quarter. NewEdge Advisors LLC raised its holdings in shares of Corteva by 0.5% in the 1st quarter. NewEdge Advisors LLC now owns 31,455 shares of the company’s stock worth $1,979,000 after purchasing an additional 152 shares in the last quarter. Plancorp LLC raised its holdings in shares of Corteva by 2.3% in the 1st quarter. Plancorp LLC now owns 7,156 shares of the company’s stock worth $450,000 after purchasing an additional 158 shares in the last quarter. Finally, Legacy Financial Advisors Inc. raised its holdings in shares of Corteva by 4.4% in the 1st quarter. Legacy Financial Advisors Inc. now owns 3,761 shares of the company’s stock worth $237,000 after purchasing an additional 160 shares in the last quarter. 81.54% of the stock is owned by institutional investors and hedge funds.

Corteva Stock Performance

Shares of CTVA opened at $61.90 on Monday. The company’s 50 day moving average price is $70.38 and its 200 day moving average price is $68.99. Corteva, Inc. has a 52 week low of $53.40 and a 52 week high of $77.41. The company has a market capitalization of $42.04 billion, a PE ratio of 30.20, a PEG ratio of 1.40 and a beta of 0.76. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.23 and a current ratio of 1.68.

Corteva (NYSE:CTVA) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $2.20 EPS for the quarter, beating analysts’ consensus estimates of $1.89 by $0.31. Corteva had a net margin of 8.16% and a return on equity of 8.68%. The firm had revenue of $6.46 billion for the quarter, compared to the consensus estimate of $6.26 billion. During the same period in the previous year, the firm posted $1.83 earnings per share. The firm’s revenue was up 5.6% on a year-over-year basis. Research analysts expect that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were given a $0.18 dividend. This is a positive change from Corteva’s previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Tuesday, September 2nd. Corteva’s payout ratio is presently 35.12%.

Analyst Ratings Changes

Several research analysts have recently weighed in on CTVA shares. UBS Group dropped their target price on shares of Corteva from $91.00 to $85.00 and set a “buy” rating on the stock in a research report on Monday, October 6th. KeyCorp reissued a “sector weight” rating on shares of Corteva in a research report on Friday, October 3rd. Jefferies Financial Group dropped their target price on shares of Corteva from $92.00 to $85.00 in a research report on Thursday, October 2nd. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Corteva from $83.00 to $90.00 and gave the stock a “buy” rating in a research report on Monday, September 15th. Finally, Royal Bank Of Canada reissued an “outperform” rating on shares of Corteva in a research report on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $80.13.

Insider Buying and Selling

In other Corteva news, EVP Robert D. King sold 37,280 shares of the business’s stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $74.20, for a total value of $2,766,176.00. Following the completion of the sale, the executive vice president directly owned 49,262 shares of the company’s stock, valued at $3,655,240.40. The trade was a 43.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.14% of the stock is owned by corporate insiders.

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.