Bank of Nova Scotia Trims Holdings in Corteva, Inc. (NYSE:CTVA)

Key Points

• Bank of Nova Scotia reduced its holdings in Corteva, Inc. by 9.1%, now owning 70,810 shares valued at approximately $4.46 million.
• Corteva declared a quarterly dividend increase to $0.18 per share, set to be paid on September 15th, reflecting a 1.0% dividend yield.
• Analysts are optimistic about Corteva’s future, with twelve rating the stock as a buy and a consensus price target set at $79.25.

Bank of Nova Scotia lessened its stake in Corteva, Inc. (NYSE:CTVA - Free Report) by 9.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 70,810 shares of the company's stock after selling 7,074 shares during the period. Bank of Nova Scotia's holdings in Corteva were worth $4,457,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Scissortail Wealth Management LLC lifted its stake in 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 in the last quarter. 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 grew its stake 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 in the last quarter. Farther Finance Advisors LLC increased its stake in shares of Corteva by 13.9% during the 1st quarter. Farther Finance Advisors LLC now owns 4,387 shares of the company's stock worth $279,000 after purchasing an additional 536 shares during the last quarter. Finally, Valeo Financial Advisors LLC raised its stake in Corteva by 35.9% in the first quarter. Valeo Financial Advisors LLC now owns 13,384 shares of the company's stock valued at $841,000 after buying an additional 3,535 shares during the period. Institutional investors and hedge funds own 81.54% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. KeyCorp upped their target price on Corteva from $72.00 to $84.00 and gave the company an "overweight" rating in a research report on Monday, July 14th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Corteva in a report on Friday, June 6th. Morgan Stanley lifted their target price on Corteva from $65.00 to $71.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. BMO Capital Markets increased their price objective on shares of Corteva from $74.00 to $86.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Finally, UBS Group upped their price target on shares of Corteva from $90.00 to $91.00 and gave the stock a "buy" rating in a report on Thursday. Two equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $79.33.

Corteva Price Performance

NYSE CTVA traded down $0.18 on Thursday, reaching $70.99. 7,322,789 shares of the company's stock traded hands, compared to its average volume of 3,795,724. The stock has a market cap of $48.43 billion, a PE ratio of 34.63, a P/E/G ratio of 1.72 and a beta of 0.75. Corteva, Inc. has a 12 month low of $50.78 and a 12 month high of $77.41. The stock has a 50-day simple moving average of $73.29 and a 200 day simple moving average of $66.46. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.44 and a quick ratio of 1.00.

Corteva (NYSE:CTVA - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $2.20 earnings per share (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 8.83%. The company's revenue was up 5.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.83 earnings per share. As a group, research analysts predict that Corteva, Inc. will post 2.96 earnings per share for the current year.

Corteva Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be given a $0.18 dividend. The ex-dividend date is Tuesday, September 2nd. This is an increase from Corteva's previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a yield of 1.0%. Corteva's dividend payout ratio is presently 41.46%.

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.