Obermeyer Wealth Partners Reduces Position in Corteva, Inc. (NYSE:CTVA)

Obermeyer Wealth Partners reduced its position in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 28.2% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 22,591 shares of the company's stock after selling 8,891 shares during the quarter. Obermeyer Wealth Partners' holdings in Corteva were worth $1,422,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of CTVA. Pinney & Scofield Inc. bought a new stake in Corteva during the 4th quarter valued at about $27,000. LGT Financial Advisors LLC bought a new stake in Corteva during the 4th quarter valued at about $31,000. Valley National Advisers Inc. increased its stake in Corteva by 85.9% during the 1st quarter. Valley National Advisers Inc. now owns 526 shares of the company's stock valued at $33,000 after purchasing an additional 243 shares in the last quarter. Richardson Capital Management LLC bought a new stake in shares of Corteva in the first quarter worth approximately $37,000. Finally, von Borstel & Associates Inc. bought a new stake in shares of Corteva in the first quarter worth approximately $44,000. 81.54% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on CTVA shares. KeyCorp lifted their price target on shares of Corteva from $72.00 to $84.00 and gave the stock an "overweight" rating in a research note on Monday, July 14th. Royal Bank Of Canada upped their price target on shares of Corteva from $74.00 to $85.00 and gave the stock an "outperform" rating in a research report on Thursday, July 10th. Oppenheimer set a $87.00 target price on shares of Corteva and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Argus raised shares of Corteva from a "hold" rating to a "buy" rating and set a $69.00 price objective for the company in a research note on Monday, March 31st. Finally, Morgan Stanley lifted their price objective on shares of Corteva from $65.00 to $71.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $77.38.

Corteva Stock Down 1.1%

Shares of Corteva stock traded down $0.84 during trading on Thursday, hitting $73.06. 1,534,238 shares of the stock traded hands, compared to its average volume of 3,737,449. The firm has a market cap of $49.84 billion, a P/E ratio of 44.57, a price-to-earnings-growth ratio of 1.78 and a beta of 0.76. The company has a current ratio of 1.44, a quick ratio of 1.00 and a debt-to-equity ratio of 0.07. Corteva, Inc. has a 52-week low of $50.30 and a 52-week high of $77.41. The stock's fifty day simple moving average is $72.64 and its 200 day simple moving average is $65.49.

Corteva (NYSE:CTVA - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $1.13 EPS for the quarter, beating analysts' consensus estimates of $0.88 by $0.25. Corteva had a net margin of 6.77% and a return on equity of 7.84%. The business had revenue of $4.42 billion for the quarter, compared to the consensus estimate of $4.56 billion. During the same quarter last year, the firm posted $0.89 EPS. The company's revenue for the quarter was down 1.7% on a year-over-year basis. On average, equities analysts predict that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Friday, May 2nd were given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.93%. The ex-dividend date of this dividend was Monday, June 2nd. Corteva's payout ratio is currently 41.46%.

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.