Park Avenue Securities LLC Sells 18,589 Shares of Corteva, Inc. (NYSE:CTVA)

Park Avenue Securities LLC decreased its stake in Corteva, Inc. (NYSE:CTVA - Free Report) by 49.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,163 shares of the company's stock after selling 18,589 shares during the quarter. Park Avenue Securities LLC's holdings in Corteva were worth $1,206,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Flagship Wealth Advisors LLC purchased a new position in Corteva during the 4th quarter valued at about $25,000. Noble Wealth Management PBC acquired a new position in Corteva during the fourth quarter worth $26,000. Pinney & Scofield Inc. acquired a new stake in Corteva during the 4th quarter worth $27,000. LGT Financial Advisors LLC purchased a new stake in shares of Corteva in the 4th quarter valued at approximately $31,000. Finally, Golden State Wealth Management LLC acquired a new position in shares of Corteva in the 4th quarter worth approximately $32,000. Hedge funds and other institutional investors own 81.54% of the company's stock.

Corteva Stock Performance

Corteva stock traded up $0.42 during midday trading on Thursday, reaching $72.49. 5,547,200 shares of the company's stock were exchanged, compared to its average volume of 3,323,584. The firm has a market cap of $49.45 billion, a price-to-earnings ratio of 56.19, a P/E/G ratio of 1.68 and a beta of 0.75. The stock's 50-day simple moving average is $64.86 and its 200 day simple moving average is $62.37. Corteva, Inc. has a 52 week low of $50.30 and a 52 week high of $72.52. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.93 and a current ratio of 1.45.

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

Corteva Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 2nd will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.94%. The ex-dividend date of this dividend is Monday, June 2nd. Corteva's dividend payout ratio is 41.46%.

Wall Street Analyst Weigh In

CTVA has been the subject of a number of analyst reports. Citigroup boosted their target price on shares of Corteva from $75.00 to $78.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. KeyCorp boosted their price objective on shares of Corteva from $71.00 to $72.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. Argus raised Corteva from a "hold" rating to a "buy" rating and set a $69.00 target price on the stock in a research note on Monday, March 31st. The Goldman Sachs Group began coverage on Corteva in a report on Thursday, March 13th. They issued a "buy" rating and a $71.00 target price on the stock. Finally, Jefferies Financial Group restated a "buy" rating on shares of Corteva in a research note on Friday, June 6th. Three analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price 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.