Corteva, Inc. (NYSE:CTVA) Shares Acquired by Mackenzie Financial Corp

Mackenzie Financial Corp grew its holdings in Corteva, Inc. (NYSE:CTVA - Free Report) by 13.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 556,650 shares of the company's stock after buying an additional 64,205 shares during the quarter. Mackenzie Financial Corp owned about 0.08% of Corteva worth $31,707,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the business. Flagship Wealth Advisors LLC purchased a new position in Corteva in the 4th quarter valued at approximately $25,000. Noble Wealth Management PBC purchased a new position in Corteva in the 4th quarter valued at approximately $26,000. Hager Investment Management Services LLC purchased a new position in Corteva in the 4th quarter valued at approximately $27,000. Pinney & Scofield Inc. purchased a new position in Corteva in the 4th quarter valued at approximately $27,000. Finally, LGT Financial Advisors LLC purchased a new position in Corteva in the 4th quarter valued at approximately $31,000. 81.54% of the stock is owned by institutional investors and hedge funds.

Corteva Stock Down 1.0%

Shares of CTVA traded down $0.68 during midday trading on Thursday, reaching $69.64. 3,162,077 shares of the company were exchanged, compared to its average volume of 3,300,442. The stock has a 50-day moving average price of $62.97 and a 200-day moving average price of $61.47. The company has a market cap of $47.51 billion, a price-to-earnings ratio of 53.98, a P/E/G ratio of 1.68 and a beta of 0.72. Corteva, Inc. has a 1-year low of $50.01 and a 1-year high of $71.16. The company has a current ratio of 1.45, a quick ratio of 0.93 and a debt-to-equity ratio of 0.08.

Corteva (NYSE:CTVA - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $1.13 EPS for the quarter, topping the consensus estimate of $0.88 by $0.25. Corteva had a return on equity of 7.19% and a net margin of 5.36%. The business had revenue of $4.42 billion for the quarter, compared to analysts' expectations of $4.56 billion. During the same quarter in the previous year, the firm posted $0.89 earnings per share. The company's revenue was down 1.7% compared to the same quarter last year. Research analysts expect that Corteva, Inc. will post 2.96 earnings per share for the current year.

Corteva Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 2nd will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 0.98%. The ex-dividend date is Monday, June 2nd. Corteva's dividend payout ratio is currently 41.46%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on CTVA shares. UBS Group raised their price target on Corteva from $74.00 to $76.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. BNP Paribas raised Corteva to a "hold" rating in a research report on Monday, February 10th. Bank of America lifted their price objective on Corteva from $69.00 to $73.00 and gave the company a "buy" rating in a research report on Tuesday, February 11th. KeyCorp lifted their price objective on Corteva from $71.00 to $72.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. Finally, Citigroup lifted their price objective on Corteva from $75.00 to $78.00 and gave the company a "buy" rating in a research report on Friday, May 9th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $70.50.

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.