Fortis Capital Advisors LLC Acquires Shares of 16,435 Corteva, Inc. $CTVA

Key Points

• Fortis Capital Advisors LLC has acquired a new stake in Corteva, Inc., purchasing 16,435 shares valued at approximately $1.03 million.
• Corteva has increased its quarterly dividend from $0.17 to $0.18, set to be paid on September 15th, indicating a growing confidence in its financial performance.
• Analysts have recently set new price targets for Corteva, with BMO Capital Markets raising its target from $74.00 to $86.00, reflecting a bullish outlook on the company's future.

Fortis Capital Advisors LLC bought a new position in Corteva, Inc. (NYSE:CTVA - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 16,435 shares of the company's stock, valued at approximately $1,034,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of CTVA. Cary Street Partners Financial LLC grew its position in shares of Corteva by 20.7% during the 1st quarter. Cary Street Partners Financial LLC now owns 90,206 shares of the company's stock worth $5,677,000 after buying an additional 15,448 shares in the last quarter. Scissortail Wealth Management LLC grew its position in shares of Corteva by 72,080.0% during the 4th quarter. Scissortail Wealth Management LLC now owns 3,609 shares of the company's stock worth $206,000 after buying an additional 3,604 shares in the last quarter. Allworth Financial LP grew its position in shares of Corteva by 11.8% during the 1st quarter. Allworth Financial LP now owns 15,313 shares of the company's stock worth $945,000 after buying an additional 1,614 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Corteva by 2.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,174,351 shares of the company's stock worth $262,692,000 after buying an additional 84,506 shares in the last quarter. Finally, Brighton Jones LLC grew its position in shares of Corteva by 307.2% during the 4th quarter. Brighton Jones LLC now owns 15,588 shares of the company's stock worth $888,000 after buying an additional 11,760 shares in the last quarter. Hedge funds and other institutional investors own 81.54% of the company's stock.

Corteva Stock Performance

Shares of NYSE:CTVA traded up $2.08 during trading on Friday, hitting $75.07. The stock had a trading volume of 6,598,066 shares, compared to its average volume of 3,369,057. Corteva, Inc. has a 12-month low of $53.40 and a 12-month high of $77.41. The stock has a market capitalization of $50.98 billion, a price-to-earnings ratio of 36.62, a price-to-earnings-growth ratio of 1.67 and a beta of 0.78. The company has a quick ratio of 1.23, a current ratio of 1.68 and a debt-to-equity ratio of 0.06. The stock has a 50-day simple moving average of $73.03 and a two-hundred day simple moving average of $68.11.

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

Corteva Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be given a dividend of $0.18 per share. 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%. The ex-dividend date is Tuesday, September 2nd. Corteva's dividend payout ratio (DPR) is 35.12%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on CTVA shares. Barclays upgraded Corteva from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $75.00 to $84.00 in a research note on Wednesday, August 13th. Jefferies Financial Group restated a "buy" rating on shares of Corteva in a research note on Friday, June 6th. Citigroup cut Corteva from a "neutral" rating to a "mixed" rating in a research note on Friday, September 5th. Royal Bank Of Canada reiterated an "outperform" rating on shares of Corteva in a research note on Monday, August 11th. Finally, Wells Fargo & Company reiterated an "overweight" rating and issued a $83.00 price target (up from $82.00) on shares of Corteva in a research note on Friday, August 8th. Twelve investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Corteva presently has a consensus rating of "Moderate Buy" and an average price target of $80.25.

Insiders Place Their Bets

In related 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 completion of the transaction, the executive vice president directly owned 49,262 shares in the company, valued at approximately $3,655,240.40. This trade represents a 43.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.14% of the company's stock.

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.