Bragg Financial Advisors Inc Makes New Investment in Corteva, Inc. $CTVA

Bragg Financial Advisors Inc acquired a new position in Corteva, Inc. (NYSE:CTVA) in the 1st quarter, Holdings Channel reports. The institutional investor acquired 3,227 shares of the company’s stock, valued at approximately $203,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. raised its stake in Corteva by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 79,814,646 shares of the company’s stock worth $5,022,736,000 after purchasing an additional 639,799 shares in the last quarter. Northern Trust Corp raised its stake in Corteva by 1.0% in the 1st quarter. Northern Trust Corp now owns 11,759,755 shares of the company’s stock worth $740,041,000 after purchasing an additional 110,865 shares in the last quarter. Nuveen LLC acquired a new stake in Corteva in the 1st quarter worth about $640,333,000. WCM Investment Management LLC raised its stake in Corteva by 1.4% in the 1st quarter. WCM Investment Management LLC now owns 6,978,187 shares of the company’s stock worth $426,088,000 after purchasing an additional 98,770 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in Corteva by 54.6% in the 1st quarter. JPMorgan Chase & Co. now owns 5,009,038 shares of the company’s stock worth $315,219,000 after purchasing an additional 1,769,355 shares in the last quarter. Institutional investors and hedge funds own 81.54% of the company’s stock.

Corteva Price Performance

CTVA stock opened at $73.3150 on Friday. The company has a 50 day simple moving average of $73.42 and a 200 day simple moving average of $67.04. The stock has a market cap of $49.79 billion, a price-to-earnings ratio of 35.76, a P/E/G ratio of 1.67 and a beta of 0.75. Corteva, Inc. has a 1 year low of $53.40 and a 1 year high of $77.41. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.68 and a quick ratio of 1.23.

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

Corteva Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be given a dividend of $0.18 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $0.72 dividend on an annualized basis and a yield of 1.0%. This is a positive change from Corteva’s previous quarterly dividend of $0.17. Corteva’s dividend payout ratio is currently 33.17%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CTVA. Royal Bank Of Canada restated an “outperform” rating on shares of Corteva in a research report on Monday, August 11th. BMO Capital Markets boosted their target price on shares of Corteva from $74.00 to $86.00 and gave the company an “outperform” rating in a research report on Tuesday, July 8th. Wells Fargo & Company restated an “overweight” rating and issued a $83.00 target price (up from $82.00) on shares of Corteva in a research report on Friday, August 8th. UBS Group boosted their target price on shares of Corteva from $90.00 to $91.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Finally, KeyCorp boosted their target price on shares of Corteva from $84.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, August 8th. Thirteen investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Corteva currently has a consensus rating of “Moderate Buy” and a consensus target price of $80.25.

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.