Comerica Bank Sells 6,906 Shares of Corteva, Inc. $CTVA

Key Points

• Comerica Bank reduced its stake in Corteva, Inc. by 2.3%, holding 290,435 shares worth approximately $18.27 million after selling 6,906 shares in the first quarter.
• Corteva's recent quarterly earnings report exceeded expectations, with $2.20 earnings per share and a revenue of $6.46 billion, reflecting a 5.6% increase year-over-year.
• The company announced an increase in its quarterly dividend from $0.17 to $0.18 per share, representing a dividend yield of 1.0%.

Comerica Bank lowered its holdings in Corteva, Inc. (NYSE:CTVA - Free Report) by 2.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 290,435 shares of the company's stock after selling 6,906 shares during the quarter. Comerica Bank's holdings in Corteva were worth $18,277,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

CTVA has been the subject of a number of research reports. Zacks Research raised shares of Corteva to a "hold" rating in a research note on Friday, August 8th. BMO Capital Markets upped their target price on shares of Corteva from $74.00 to $86.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. KeyCorp upped their target price on shares of Corteva from $84.00 to $85.00 and gave the stock an "overweight" rating in a research report on Friday, August 8th. UBS Group upped their target price on shares of Corteva from $90.00 to $91.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Finally, Morgan Stanley upped their target price on shares of Corteva from $65.00 to $71.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. Thirteen analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Corteva currently has a consensus rating of "Moderate Buy" and an average target price of $80.25.

Corteva Stock Down 0.1%

Corteva stock traded down $0.11 during mid-day trading on Friday, hitting $74.22. The company had a trading volume of 4,034,989 shares, compared to its average volume of 4,303,558. The company has a current ratio of 1.68, a quick ratio of 1.23 and a debt-to-equity ratio of 0.06. The stock's 50 day moving average price is $73.43 and its two-hundred day moving average price is $67.48. Corteva, Inc. has a 12 month low of $53.40 and a 12 month high of $77.41. The company has a market capitalization of $50.40 billion, a PE ratio of 36.20, a price-to-earnings-growth ratio of 1.70 and a beta of 0.75.

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

Corteva Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors 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 yield of 1.0%. The ex-dividend date is Tuesday, September 2nd. This is an increase from Corteva's previous quarterly dividend of $0.17. Corteva's dividend payout ratio (DPR) is presently 33.17%.

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.