Sowell Financial Services LLC Takes $395,000 Position in Corteva, Inc. (NYSE:CTVA)

Sowell Financial Services LLC bought a new position in shares of Corteva, Inc. (NYSE:CTVA - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 6,270 shares of the company's stock, valued at approximately $395,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Corteva by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 79,174,847 shares of the company's stock worth $4,509,799,000 after buying an additional 646,459 shares during the last quarter. Independent Franchise Partners LLP grew its holdings in shares of Corteva by 51.5% during the fourth quarter. Independent Franchise Partners LLP now owns 16,496,508 shares of the company's stock worth $939,641,000 after buying an additional 5,604,838 shares during the last quarter. Franklin Resources Inc. grew its holdings in shares of Corteva by 9.2% during the fourth quarter. Franklin Resources Inc. now owns 16,143,025 shares of the company's stock worth $919,507,000 after buying an additional 1,354,418 shares during the last quarter. Capital World Investors grew its holdings in shares of Corteva by 2,874.6% during the fourth quarter. Capital World Investors now owns 12,812,151 shares of the company's stock worth $729,780,000 after buying an additional 12,381,436 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Corteva by 5.5% during the fourth quarter. Northern Trust Corp now owns 11,648,890 shares of the company's stock worth $663,521,000 after buying an additional 608,898 shares during the last quarter. Hedge funds and other institutional investors own 81.54% of the company's stock.

Corteva Price Performance

Shares of Corteva stock traded down $0.53 during trading on Friday, hitting $73.59. 14,522,898 shares of the company were exchanged, compared to its average volume of 3,365,352. The firm has a 50 day moving average price of $67.14 and a 200 day moving average price of $62.90. The company has a quick ratio of 1.00, a current ratio of 1.44 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $50.20 billion, a price-to-earnings ratio of 44.87, a P/E/G ratio of 1.88 and a beta of 0.75. Corteva, Inc. has a fifty-two week low of $50.30 and a fifty-two week high of $74.84.

Corteva (NYSE:CTVA - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $1.13 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.25. The company had revenue of $4.42 billion during the quarter, compared to the consensus estimate of $4.56 billion. Corteva had a return on equity of 7.84% and a net margin of 6.77%. Corteva's revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.89 EPS. On average, equities analysts expect that Corteva, Inc. will post 2.96 earnings per share 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 issued a $0.17 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $0.68 annualized dividend and a yield of 0.92%. Corteva's dividend payout ratio (DPR) is presently 41.46%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on CTVA shares. Jefferies Financial Group reissued a "buy" rating on shares of Corteva in a report on Friday, June 6th. Citigroup raised their price target on Corteva from $75.00 to $78.00 and gave the stock a "buy" rating in a report on Friday, May 9th. The Goldman Sachs Group initiated coverage on Corteva in a report on Thursday, March 13th. They issued a "buy" rating and a $71.00 price objective on the stock. Morgan Stanley lifted their price objective on Corteva from $65.00 to $71.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Finally, KeyCorp lifted their price objective on Corteva from $71.00 to $72.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $71.83.

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.