Federated Hermes Inc. Trims Stake in Corteva, Inc. (NYSE:CTVA)

Key Points

• Federated Hermes Inc. significantly reduced its holdings in Corteva, Inc. by 73.0%, leaving it with 3,013 shares valued at $190,000 after selling 8,147 shares.
• Multiple research firms have raised their target prices for Corteva, with a consensus target price of $79.50 and a current consensus rating of "Moderate Buy."
• Corteva recently announced a quarterly dividend increase from $0.17 to $0.18 per share, reflecting a positive trend for investors.

Federated Hermes Inc. decreased its holdings in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 73.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,013 shares of the company's stock after selling 8,147 shares during the period. Federated Hermes Inc.'s holdings in Corteva were worth $190,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Pinney & Scofield Inc. bought a new position in Corteva in the fourth quarter worth approximately $27,000. LGT Financial Advisors LLC purchased a new stake in shares of Corteva in the fourth quarter worth approximately $31,000. Valley National Advisers Inc. raised its stake in shares of 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 purchasing an additional 243 shares during the last quarter. Richardson Capital Management LLC purchased a new stake in shares of Corteva in the first quarter worth approximately $37,000. Finally, von Borstel & Associates Inc. purchased a new stake in shares of Corteva in the first quarter worth approximately $44,000. Institutional investors own 81.54% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Citigroup increased their price objective on Corteva from $75.00 to $78.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Morgan Stanley increased their price objective on Corteva from $65.00 to $71.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. UBS Group increased their price objective on Corteva from $90.00 to $91.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Wall Street Zen raised Corteva from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Finally, BMO Capital Markets increased their price target on Corteva from $74.00 to $86.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. One equities research analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $80.25.

Corteva Stock Performance

NYSE:CTVA traded down $0.54 during trading hours on Thursday, reaching $71.79. The stock had a trading volume of 1,861,861 shares, compared to its average volume of 3,810,004. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.23 and a current ratio of 1.68. The stock has a 50 day simple moving average of $73.34 and a 200 day simple moving average of $66.69. Corteva, Inc. has a 12-month low of $52.39 and a 12-month high of $77.41. The stock has a market cap of $48.76 billion, a P/E ratio of 35.01, a price-to-earnings-growth ratio of 1.62 and a beta of 0.75.

Corteva (NYSE:CTVA - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $2.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.89 by $0.31. Corteva had a return on equity of 8.68% and a net margin of 8.16%. The business had revenue of $6.46 billion during the quarter, compared to the consensus estimate of $6.26 billion. During the same period last year, the business posted $1.83 earnings per share. The business's revenue for the quarter was up 5.6% on a year-over-year basis. On average, research analysts forecast that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.0%. This is a boost from Corteva's previous quarterly dividend of $0.17. The ex-dividend date is Tuesday, September 2nd. Corteva's dividend payout ratio (DPR) is presently 33.17%.

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.