Raymond James Financial Inc. Trims Stock Position in Corteva, Inc. $CTVA

Key Points

• Raymond James Financial Inc. has reduced its stake in Corteva, Inc. by 0.3%, now holding approximately 0.41% of the company, valued at about $177.43 million.
• Corteva recently reported a quarterly earnings per share of $2.20, exceeding analyst expectations, and its revenue increased by 5.6% year-over-year.
• The company announced a dividend increase, with the upcoming payment of $0.18 per share, reflecting a positive change from the previous rate.

Raymond James Financial Inc. trimmed its holdings in Corteva, Inc. (NYSE:CTVA - Free Report) by 0.3% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,819,487 shares of the company's stock after selling 7,975 shares during the period. Raymond James Financial Inc. owned 0.41% of Corteva worth $177,430,000 as of its most recent filing with the Securities & Exchange Commission.

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

Analysts Set New Price Targets

A number of brokerages recently issued reports on CTVA. Wall Street Zen raised shares of Corteva from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. BMO Capital Markets upped their price objective on shares of Corteva from $74.00 to $86.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. KeyCorp upped their price objective on shares of Corteva from $84.00 to $85.00 and gave the company an "overweight" rating in a report on Friday, August 8th. Barclays raised shares of Corteva from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $75.00 to $84.00 in a report on Wednesday, August 13th. Finally, Jefferies Financial Group reissued a "buy" rating on shares of Corteva in a report on Friday, June 6th. Thirteen research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Corteva currently has an average rating of "Moderate Buy" and a consensus target price of $80.25.

Corteva Stock Up 0.5%

Shares of NYSE CTVA traded up $0.3350 during midday trading on Friday, hitting $73.3150. The company's stock had a trading volume of 1,828,429 shares, compared to its average volume of 3,775,216. The business's fifty day simple moving average is $73.40 and its two-hundred day simple moving average is $66.99. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.68 and a quick ratio of 1.23. Corteva, Inc. has a 1 year low of $53.40 and a 1 year high of $77.41. The firm has a market capitalization of $49.79 billion, a price-to-earnings ratio of 35.76, a price-to-earnings-growth ratio of 1.67 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 EPS for the quarter, beating the consensus estimate of $1.89 by $0.31. The business had revenue of $6.46 billion during the quarter, compared to analyst estimates of $6.26 billion. Corteva had a net margin of 8.16% and a return on equity of 8.68%. The business's revenue for the quarter was up 5.6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.83 earnings per share. On average, equities analysts predict that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Increases Dividend

The company also recently announced 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 annualized dividend and a yield of 1.0%. This is a positive change 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 is 35.12%.

Corteva Company 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.