Dorsey & Whitney Trust CO LLC Cuts Position in Corteva, Inc. $CTVA

Key Points

• Dorsey & Whitney Trust CO LLC reduced its holdings in Corteva, Inc. by 41.4% during the first quarter, selling 19,153 shares, leaving it with a total of 27,139 shares valued at $1,708,000.
• Other hedge funds are actively adjusting their positions in Corteva; for example, Brighton Jones LLC increased its stake by 307.2%, while Marshall Wace LLP boosted its stake by 659.4% in the same period.
• Corteva recently raised its quarterly dividend to $0.18 per share from $0.17, with a payout ratio of 33.17% and an annualized yield of 1.0%.

Dorsey & Whitney Trust CO LLC trimmed its holdings in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 41.4% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 27,139 shares of the company's stock after selling 19,153 shares during the period. Dorsey & Whitney Trust CO LLC's holdings in Corteva were worth $1,708,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Brighton Jones LLC raised its stake in Corteva by 307.2% during 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. XTX Topco Ltd bought a new position in shares of Corteva during the fourth quarter valued at $404,000. NewEdge Advisors LLC raised its position in shares of Corteva by 10.2% in the 4th quarter. NewEdge Advisors LLC now owns 31,303 shares of the company's stock worth $1,783,000 after purchasing an additional 2,896 shares during the last quarter. Marshall Wace LLP increased its stake in Corteva by 659.4% during the 4th quarter. Marshall Wace LLP now owns 31,600 shares of the company's stock valued at $1,800,000 after purchasing an additional 27,439 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in Corteva by 62.7% in the fourth quarter. First Trust Advisors LP now owns 253,814 shares of the company's stock worth $14,457,000 after buying an additional 97,809 shares during the last quarter. 81.54% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CTVA has been the topic of a number of recent analyst reports. BMO Capital Markets increased their price target on shares of Corteva from $74.00 to $86.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Corteva in a research report on Friday, June 6th. UBS Group lifted their target price on Corteva from $90.00 to $91.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $83.00 price target (up from $82.00) on shares of Corteva in a report on Friday, August 8th. Finally, Morgan Stanley lifted their price objective on Corteva from $65.00 to $71.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. Thirteen equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Corteva has an average rating of "Moderate Buy" and a consensus target price of $80.25.

Corteva Stock Performance

CTVA stock opened at $72.8220 on Thursday. 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 company has a market cap of $49.45 billion, a P/E ratio of 35.52, a price-to-earnings-growth ratio of 1.66 and a beta of 0.75. The stock's fifty day moving average price is $73.39 and its 200-day moving average price is $66.93.

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 analysts' consensus estimates of $1.89 by $0.31. The company had revenue of $6.46 billion during the quarter, compared to analysts' expectations of $6.26 billion. Corteva had a return on equity of 8.68% and a net margin of 8.16%.Corteva's revenue for the quarter was up 5.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.83 earnings per share. On average, equities analysts forecast that Corteva, Inc. will post 2.96 earnings per share for the current year.

Corteva Increases Dividend

The firm 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. The ex-dividend date of this dividend is Tuesday, September 2nd. This is a positive change from Corteva's previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.0%. Corteva's payout ratio is 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.

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