Patrick M Sweeney & Associates Inc. Acquires Shares of 2,600 Corteva, Inc. $CTVA

Patrick M Sweeney & Associates Inc. bought a new position in shares of Corteva, Inc. (NYSE:CTVA) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,600 shares of the company’s stock, valued at approximately $201,000.

A number of other hedge funds also recently added to or reduced their stakes in CTVA. Moody National Bank Trust Division raised its stake in shares of Corteva by 0.7% during the second 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 during the last quarter. Ancora Advisors LLC increased its stake in Corteva by 0.8% in the 1st quarter. Ancora Advisors LLC now owns 18,567 shares of the company’s stock valued at $1,168,000 after buying an additional 150 shares during the period. NORTHSTAR ASSET MANAGEMENT Co increased its stake in Corteva by 2.2% in the 2nd quarter. NORTHSTAR ASSET MANAGEMENT Co now owns 6,940 shares of the company’s stock valued at $517,000 after buying an additional 150 shares during the period. NewEdge Advisors LLC raised its position in Corteva by 0.5% during the 1st quarter. NewEdge Advisors LLC now owns 31,455 shares of the company’s stock worth $1,979,000 after buying an additional 152 shares during the last quarter. Finally, Empirical Finance LLC lifted its stake in shares of Corteva by 0.6% in the 2nd quarter. Empirical Finance LLC now owns 24,935 shares of the company’s stock worth $1,858,000 after acquiring an additional 153 shares during the period. 81.54% of the stock is owned by institutional investors and hedge funds.

Corteva Trading Up 1.0%

Shares of CTVA opened at $66.71 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.58 and a quick ratio of 1.07. Corteva, Inc. has a 12 month low of $53.40 and a 12 month high of $77.41. The stock has a market cap of $45.07 billion, a PE ratio of 28.51, a P/E/G ratio of 1.51 and a beta of 0.81. The stock’s 50-day moving average is $64.53 and its two-hundred day moving average is $69.67.

Corteva (NYSE:CTVA) last released its quarterly earnings results on Tuesday, November 4th. The company reported ($0.23) EPS for the quarter, topping the consensus estimate of ($0.49) by $0.26. The firm had revenue of $2.62 billion for the quarter, compared to analyst estimates of $2.47 billion. Corteva had a return on equity of 9.37% and a net margin of 9.19%.Corteva’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period in the previous year, the company posted ($0.49) EPS. Equities analysts forecast that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Monday, December 1st. Corteva’s dividend payout ratio (DPR) is presently 30.77%.

Wall Street Analysts Forecast Growth

CTVA has been the topic of a number of recent analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Corteva in a research note on Tuesday. UBS Group lowered their target price on shares of Corteva from $85.00 to $81.00 and set a “buy” rating on the stock in a research report on Thursday, October 30th. Deutsche Bank Aktiengesellschaft dropped their price target on Corteva from $90.00 to $85.00 and set a “buy” rating for the company in a research report on Thursday, November 6th. Zacks Research downgraded shares of Corteva from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 30th. Finally, Barclays upgraded Corteva from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $75.00 to $84.00 in a research report on Wednesday, August 13th. Fifteen investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $78.05.

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.