Fortis Capital Advisors LLC Lowers Stock Holdings in Corteva, Inc. $CTVA

Key Points

• Fortis Capital Advisors LLC sold 7,062 shares of Corteva, Inc., reducing its holdings by 43.0% to 9,373 shares, valued at approximately $699,000.
• Several institutional investors, including Franklin Street Advisors and Ameritas Advisory Services, made new investments in Corteva during the second quarter, indicating increased interest from the investment community.
• Corteva recently declared a quarterly dividend of $0.18 per share, marking an increase from the previous $0.17 and reflecting a 1.1% yield, with a dividend payout ratio of 35.12%.

Fortis Capital Advisors LLC reduced its position in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 43.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,373 shares of the company's stock after selling 7,062 shares during the period. Fortis Capital Advisors LLC's holdings in Corteva were worth $699,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Franklin Street Advisors Inc. NC purchased a new position in Corteva in the second quarter valued at $239,000. Ascent Group LLC purchased a new position in Corteva in the second quarter valued at $422,000. Ameritas Advisory Services LLC purchased a new position in Corteva in the second quarter valued at $222,000. Asset Advisors Investment Management LLC boosted its holdings in Corteva by 27.9% in the second quarter. Asset Advisors Investment Management LLC now owns 6,871 shares of the company's stock valued at $512,000 after purchasing an additional 1,500 shares during the period. Finally, DHJJ Financial Advisors Ltd. boosted its holdings in Corteva by 132.2% in the second quarter. DHJJ Financial Advisors Ltd. now owns 527 shares of the company's stock valued at $39,000 after purchasing an additional 300 shares during the period. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently issued reports on CTVA. Deutsche Bank Aktiengesellschaft lifted their target price on Corteva from $83.00 to $90.00 and gave the company a "buy" rating in a report on Monday, September 15th. Zacks Research upgraded Corteva from a "hold" rating to a "strong-buy" rating in a report on Wednesday. Weiss Ratings reiterated a "buy (b-)" rating on shares of Corteva in a report on Saturday, September 27th. Oppenheimer set a $87.00 price target on Corteva and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Finally, BMO Capital Markets set a $86.00 price target on Corteva in a research note on Monday, September 15th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Corteva currently has a consensus rating of "Moderate Buy" and an average target price of $80.67.

Insider Buying and Selling

In other Corteva news, EVP Robert D. King sold 37,280 shares of Corteva stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $74.20, for a total transaction of $2,766,176.00. Following the transaction, the executive vice president owned 49,262 shares of the company's stock, valued at $3,655,240.40. The trade was a 43.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.14% of the stock is currently owned by company insiders.

Corteva Stock Down 0.2%

Corteva stock opened at $63.36 on Friday. Corteva, Inc. has a 1-year low of $53.40 and a 1-year high of $77.41. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.68 and a quick ratio of 1.23. The stock has a market cap of $43.03 billion, a PE ratio of 30.91, a P/E/G ratio of 1.43 and a beta of 0.76. The stock's fifty day moving average is $71.24 and its two-hundred day moving average is $68.85.

Corteva (NYSE:CTVA - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $2.20 EPS for the quarter, topping analysts' consensus estimates of $1.89 by $0.31. The business had revenue of $6.46 billion for 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%.The business's revenue was up 5.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.83 earnings per share. On average, sell-side analysts expect that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.1%. This is a positive change from Corteva's previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Tuesday, September 2nd. Corteva's dividend payout ratio is presently 35.12%.

About Corteva

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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