Atria Wealth Solutions Inc. Sells 6,599 Shares of Corteva, Inc. (NYSE:CTVA)

Key Points

• Atria Wealth Solutions Inc. reduced its stake in Corteva, Inc. by 17.8%, now holding 30,575 shares worth approximately $1.92 million.
• Corteva has announced a quarterly dividend increase to $0.18 per share, set to be paid on September 15th, with a current dividend yield of 1.0%.
• Several analysts have raised their price targets for Corteva, with a consensus average target now at $79.50 and a rating of "Moderate Buy."

Atria Wealth Solutions Inc. reduced its stake in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 17.8% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 30,575 shares of the company's stock after selling 6,599 shares during the period. Atria Wealth Solutions Inc.'s holdings in Corteva were worth $1,924,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of CTVA. Pinney & Scofield Inc. acquired a new stake in shares of Corteva in the fourth quarter valued at approximately $27,000. LGT Financial Advisors LLC acquired a new stake in shares of Corteva in the fourth quarter valued at approximately $31,000. Valley National Advisers Inc. raised its holdings in shares of Corteva by 85.9% in the first quarter. Valley National Advisers Inc. now owns 526 shares of the company's stock valued at $33,000 after purchasing an additional 243 shares during the last quarter. Richardson Capital Management LLC acquired a new stake in shares of Corteva in the first quarter valued at approximately $37,000. Finally, von Borstel & Associates Inc. acquired a new stake in shares of Corteva in the first quarter valued at approximately $44,000. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CTVA shares. Barclays upgraded shares of Corteva from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $75.00 to $84.00 in a report on Wednesday. Morgan Stanley lifted their price objective on shares of Corteva from $65.00 to $71.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. Jefferies Financial Group reiterated a "buy" rating on shares of Corteva in a report on Friday, June 6th. Wells Fargo & Company reiterated an "overweight" rating and issued a $83.00 price objective (up from $82.00) on shares of Corteva in a report on Friday, August 8th. Finally, Oppenheimer set a $87.00 price objective on shares of Corteva and gave the company an "outperform" rating in a report on Tuesday, July 15th. One investment analyst has rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $80.25.

Corteva Stock Performance

Shares of CTVA stock traded down $0.46 on Thursday, hitting $71.87. The company's stock had a trading volume of 3,242,750 shares, compared to its average volume of 3,819,733. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.23 and a current ratio of 1.68. The stock's 50 day moving average is $73.34 and its 200-day moving average is $66.69. Corteva, Inc. has a fifty-two week low of $52.39 and a fifty-two week high of $77.41. The company has a market capitalization of $48.81 billion, a PE ratio of 35.06, a PEG ratio of 1.62 and a beta of 0.75.

Corteva (NYSE:CTVA - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $2.20 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.31. Corteva had a net margin of 8.16% and a return on equity of 8.68%. The business had revenue of $6.46 billion during the quarter, compared to analysts' expectations of $6.26 billion. During the same quarter in the prior year, the business posted $1.83 earnings per share. Corteva's revenue was up 5.6% compared to the same quarter last year. Equities research analysts expect that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.0%. This is an increase from Corteva's previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Tuesday, September 2nd. Corteva's dividend payout ratio (DPR) is currently 33.17%.

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.