Carnegie Investment Counsel Buys New Holdings in Corteva, Inc. (NYSE:CTVA)

Key Points

• Carnegie Investment Counsel has acquired a new stake in Corteva, Inc., purchasing 5,443 shares valued at approximately $333,000 in the first quarter.
• Corteva reported earnings of $1.13 per share for the last quarter, beating analyst expectations of $0.88, while their revenue was down 1.7% year-over-year.
• The company declared a quarterly dividend of $0.17 per share, yielding 0.93%, with a dividend payout ratio of 41.46%.

Carnegie Investment Counsel bought a new stake in Corteva, Inc. (NYSE:CTVA - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 5,443 shares of the company's stock, valued at approximately $333,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Sepio Capital LP boosted its stake in Corteva by 3.2% in the fourth quarter. Sepio Capital LP now owns 5,361 shares of the company's stock worth $305,000 after buying an additional 166 shares in the last quarter. Allred Capital Management LLC raised its position in Corteva by 3.2% in the 4th quarter. Allred Capital Management LLC now owns 5,447 shares of the company's stock worth $310,000 after purchasing an additional 171 shares during the period. Signaturefd LLC raised its position in Corteva by 1.9% in the 1st quarter. Signaturefd LLC now owns 9,353 shares of the company's stock worth $589,000 after purchasing an additional 172 shares during the period. NTV Asset Management LLC raised its position in Corteva by 3.3% in the 1st quarter. NTV Asset Management LLC now owns 5,457 shares of the company's stock worth $343,000 after purchasing an additional 173 shares during the period. Finally, Avantax Planning Partners Inc. raised its position in Corteva by 4.1% in the 1st quarter. Avantax Planning Partners Inc. now owns 4,539 shares of the company's stock worth $286,000 after purchasing an additional 178 shares during the period. 81.54% of the stock is owned by institutional investors.

Corteva Trading Up 0.4%

Shares of CTVA opened at $73.41 on Friday. The firm's 50-day moving average price is $72.84 and its 200-day moving average price is $65.78. The firm has a market capitalization of $50.08 billion, a price-to-earnings ratio of 44.76, a PEG ratio of 1.77 and a beta of 0.76. The company has a current ratio of 1.44, a quick ratio of 1.00 and a debt-to-equity ratio of 0.07. Corteva, Inc. has a 1-year low of $50.30 and a 1-year high of $77.41.

Corteva (NYSE:CTVA - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $1.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.88 by $0.25. Corteva had a return on equity of 7.84% and a net margin of 6.77%. The firm had revenue of $4.42 billion for the quarter, compared to the consensus estimate of $4.56 billion. During the same quarter in the prior year, the business earned $0.89 EPS. The business's revenue for the quarter was down 1.7% on a year-over-year basis. Sell-side analysts anticipate that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Friday, May 2nd were issued a dividend of $0.17 per share. The ex-dividend date was Monday, June 2nd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.93%. Corteva's dividend payout ratio (DPR) is 41.46%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CTVA. Oppenheimer set a $87.00 target price on shares of Corteva and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Citigroup lifted their price target on Corteva from $75.00 to $78.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Wells Fargo & Company lifted their price target on Corteva from $79.00 to $82.00 and gave the stock an "overweight" rating in a research note on Monday, June 23rd. KeyCorp lifted their price target on Corteva from $72.00 to $84.00 and gave the stock an "overweight" rating in a research note on Monday, July 14th. Finally, UBS Group lifted their price target on Corteva from $76.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $77.38.

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.

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