SCS Capital Management LLC Invests $525,000 in Corteva, Inc. $CTVA

SCS Capital Management LLC bought a new position in Corteva, Inc. (NYSE:CTVA) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 8,343 shares of the company’s stock, valued at approximately $525,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Cary Street Partners Financial LLC boosted its position in shares of Corteva by 20.7% in the first quarter. Cary Street Partners Financial LLC now owns 90,206 shares of the company’s stock worth $5,677,000 after buying an additional 15,448 shares during the period. Scissortail Wealth Management LLC boosted its position in shares of Corteva by 72,080.0% in the fourth quarter. Scissortail Wealth Management LLC now owns 3,609 shares of the company’s stock worth $206,000 after buying an additional 3,604 shares during the period. Allworth Financial LP boosted its position in Corteva by 11.8% during the first quarter. Allworth Financial LP now owns 15,313 shares of the company’s stock valued at $945,000 after purchasing an additional 1,614 shares during the last quarter. Brighton Jones LLC boosted its position in Corteva by 307.2% during the fourth quarter. Brighton Jones LLC now owns 15,588 shares of the company’s stock valued at $888,000 after purchasing an additional 11,760 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its position in Corteva by 13.9% during the first quarter. Farther Finance Advisors LLC now owns 4,387 shares of the company’s stock valued at $279,000 after purchasing an additional 536 shares during the last quarter. Institutional investors and hedge funds own 81.54% of the company’s stock.

Corteva Price Performance

NYSE CTVA opened at $73.04 on Friday. Corteva, Inc. has a fifty-two week low of $53.40 and a fifty-two week high of $77.41. The stock’s 50-day moving average is $73.07 and its two-hundred day moving average is $68.03. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.68 and a quick ratio of 1.23. The firm has a market cap of $49.60 billion, a P/E ratio of 35.63, a price-to-earnings-growth ratio of 1.64 and a beta of 0.78.

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

Corteva Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be paid a $0.18 dividend. The ex-dividend date is Tuesday, September 2nd. This is a boost from Corteva’s previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.0%. Corteva’s dividend payout ratio is presently 35.12%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CTVA. KeyCorp lifted their price objective on Corteva from $84.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, August 8th. Citigroup cut Corteva from a “neutral” rating to a “mixed” rating in a research report on Friday, September 5th. BMO Capital Markets lifted their price objective on Corteva from $74.00 to $86.00 and gave the company an “outperform” rating in a research report on Tuesday, July 8th. Jefferies Financial Group reissued a “buy” rating on shares of Corteva in a research report on Friday, June 6th. Finally, Wall Street Zen raised Corteva from a “hold” rating to a “buy” rating in a research report on Saturday, August 9th. Twelve analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Corteva has an average rating of “Moderate Buy” and an average price target of $80.25.

Insider Activity at Corteva

In other news, EVP Robert D. King sold 37,280 shares of Corteva stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $74.20, for a total value of $2,766,176.00. Following the transaction, the executive vice president directly owned 49,262 shares in the company, valued at approximately $3,655,240.40. The trade was a 43.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.14% of the company’s stock.

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.