Spartan Planning & Wealth Management Invests $303,000 in Corteva, Inc. $CTVA

Key Points

• Spartan Planning & Wealth Management invested approximately $303,000 in Corteva, Inc. by purchasing 4,070 shares during the 2nd quarter.
• Corteva reported earnings of $2.20 per share, exceeding analyst estimates of $1.89, with a quarterly revenue of $6.46 billion.
• The company announced an increase in its dividend to $0.18 per share, representing a yield of 1.1% and a payout ratio of 35.12%.

Spartan Planning & Wealth Management bought a new position in shares of Corteva, Inc. (NYSE:CTVA - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 4,070 shares of the company's stock, valued at approximately $303,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Moody National Bank Trust Division boosted its stake in shares of Corteva by 0.7% during the 2nd quarter. Moody National Bank Trust Division now owns 22,139 shares of the company's stock worth $1,650,000 after acquiring an additional 143 shares during the period. Ancora Advisors LLC boosted its stake in shares of Corteva by 0.8% during the 1st quarter. Ancora Advisors LLC now owns 18,567 shares of the company's stock worth $1,168,000 after acquiring an additional 150 shares during the period. NewEdge Advisors LLC boosted its stake in shares of Corteva by 0.5% during the 1st quarter. NewEdge Advisors LLC now owns 31,455 shares of the company's stock worth $1,979,000 after acquiring an additional 152 shares during the period. Plancorp LLC boosted its stake in shares of Corteva by 2.3% during the 1st quarter. Plancorp LLC now owns 7,156 shares of the company's stock worth $450,000 after acquiring an additional 158 shares during the period. Finally, Legacy Financial Advisors Inc. boosted its stake in shares of Corteva by 4.4% during the 1st quarter. Legacy Financial Advisors Inc. now owns 3,761 shares of the company's stock worth $237,000 after acquiring an additional 160 shares during the period. 81.54% of the stock is currently owned by institutional investors.

Corteva Stock Performance

CTVA opened at $67.68 on Tuesday. The firm has a market cap of $45.96 billion, a P/E ratio of 33.02, a price-to-earnings-growth ratio of 1.56 and a beta of 0.78. Corteva, Inc. has a 52-week low of $53.40 and a 52-week high of $77.41. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.23 and a current ratio of 1.68. The business's fifty day moving average is $72.01 and its 200-day moving average is $68.89.

Corteva (NYSE:CTVA - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $2.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.31. The company had revenue of $6.46 billion for the quarter, compared to analyst estimates of $6.26 billion. Corteva had a return on equity of 8.68% and a net margin of 8.16%.Corteva's quarterly revenue was up 5.6% on a year-over-year basis. During the same period in the prior year, the firm posted $1.83 EPS. Sell-side analysts expect that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were issued a dividend of $0.18 per share. This is an increase from Corteva's previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.1%. Corteva's payout ratio is presently 35.12%.

Insider Activity at Corteva

In other news, EVP Robert D. King sold 37,280 shares of the business's stock in a transaction on Friday, August 29th. The stock was sold at an average price of $74.20, for a total transaction of $2,766,176.00. Following the completion of the transaction, the executive vice president owned 49,262 shares of the company's stock, valued at approximately $3,655,240.40. The trade was a 43.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.15% of the company's stock.

Analysts Set New Price Targets

Several research firms recently issued reports on CTVA. Deutsche Bank Aktiengesellschaft boosted their price target on Corteva from $83.00 to $90.00 and gave the company a "buy" rating in a research note on Monday, September 15th. Wells Fargo & Company restated an "overweight" rating and issued a $83.00 price target (up from $82.00) on shares of Corteva in a research note on Friday, August 8th. Jefferies Financial Group restated a "buy" rating on shares of Corteva in a research note on Friday, June 6th. KeyCorp boosted their price target on Corteva from $84.00 to $85.00 and gave the company an "overweight" rating in a research note on Friday, August 8th. Finally, Zacks Research upgraded Corteva to a "hold" rating in a research note on Friday, August 8th. Thirteen investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, Corteva currently has an average rating of "Moderate Buy" and an average target price of $82.00.

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.

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