Pettee Investors Inc. Reduces Position in Corteva, Inc. (NYSE:CTVA)

Pettee Investors Inc. lessened its stake in Corteva, Inc. (NYSE:CTVA - Free Report) by 36.6% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,769 shares of the company's stock after selling 4,485 shares during the quarter. Pettee Investors Inc.'s holdings in Corteva were worth $489,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Scissortail Wealth Management LLC grew its holdings in shares of Corteva by 72,080.0% in the fourth quarter. Scissortail Wealth Management LLC now owns 3,609 shares of the company's stock valued at $206,000 after acquiring an additional 3,604 shares in the last quarter. Allworth Financial LP grew its position in Corteva by 11.8% during the first quarter. Allworth Financial LP now owns 15,313 shares of the company's stock valued at $945,000 after buying an additional 1,614 shares during the period. DnB Asset Management AS increased its holdings in Corteva by 39.0% during the fourth quarter. DnB Asset Management AS now owns 232,902 shares of the company's stock worth $13,266,000 after buying an additional 65,334 shares during the last quarter. Brighton Jones LLC raised its position in Corteva by 307.2% in the fourth quarter. Brighton Jones LLC now owns 15,588 shares of the company's stock worth $888,000 after acquiring an additional 11,760 shares during the period. Finally, Farther Finance Advisors LLC boosted its stake in Corteva by 13.9% in the first quarter. Farther Finance Advisors LLC now owns 4,387 shares of the company's stock valued at $279,000 after acquiring an additional 536 shares during the last quarter. Hedge funds and other institutional investors own 81.54% of the company's stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. BMO Capital Markets increased their price objective on Corteva from $74.00 to $86.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Citigroup boosted their price objective on Corteva from $75.00 to $78.00 and gave the company a "buy" rating in a research note on Friday, May 9th. UBS Group lifted their target price on shares of Corteva from $76.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Morgan Stanley upped their price target on shares of Corteva from $65.00 to $71.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Finally, Royal Bank Of Canada lifted their price objective on shares of Corteva from $74.00 to $85.00 and gave the company an "outperform" rating in a research note on Thursday, July 10th. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $77.38.

Corteva Price Performance

NYSE CTVA traded down $0.12 during trading on Friday, reaching $73.05. The company's stock had a trading volume of 3,693,188 shares, compared to its average volume of 3,452,799. The firm has a fifty day moving average of $72.30 and a 200 day moving average of $65.14. Corteva, Inc. has a one year low of $50.30 and a one year high of $77.41. The stock has a market capitalization of $49.83 billion, a PE ratio of 44.54, a P/E/G ratio of 1.86 and a beta of 0.76. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.44 and a quick ratio of 1.00.

Corteva (NYSE:CTVA - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $1.13 earnings per share 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 analysts' expectations of $4.56 billion. Corteva had a net margin of 6.77% and a return on equity of 7.84%. Corteva's revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.89 earnings per share. Analysts expect that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Friday, May 2nd were paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 0.93%. The ex-dividend date of this dividend was Monday, June 2nd. Corteva's dividend payout ratio (DPR) is presently 41.46%.

Corteva Company 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.