Summit Global Investments Boosts Position in Corteva, Inc. (NYSE:CTVA)

Summit Global Investments grew its stake in Corteva, Inc. (NYSE:CTVA - Free Report) by 722.3% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 30,064 shares of the company's stock after buying an additional 26,408 shares during the quarter. Summit Global Investments' holdings in Corteva were worth $1,892,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Flagship Wealth Advisors LLC purchased a new stake in Corteva during the fourth quarter worth approximately $25,000. Noble Wealth Management PBC purchased a new stake in Corteva during the fourth quarter worth approximately $26,000. Hager Investment Management Services LLC purchased a new stake in Corteva during the fourth quarter worth approximately $27,000. Pinney & Scofield Inc. purchased a new stake in Corteva during the fourth quarter worth approximately $27,000. Finally, LGT Financial Advisors LLC purchased a new stake in Corteva in the fourth quarter valued at approximately $31,000. Hedge funds and other institutional investors own 81.54% of the company's stock.

Corteva Price Performance

CTVA stock traded up $1.10 on Friday, reaching $70.81. 5,450,676 shares of the company's stock were exchanged, compared to its average volume of 3,308,634. The stock has a fifty day moving average of $63.29 and a 200-day moving average of $61.66. Corteva, Inc. has a twelve month low of $50.01 and a twelve month high of $71.01. The firm has a market cap of $48.30 billion, a PE ratio of 54.89, a P/E/G ratio of 1.68 and a beta of 0.72. The company has a quick ratio of 0.93, a current ratio of 1.45 and a debt-to-equity ratio of 0.08.

Corteva (NYSE:CTVA - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $1.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.88 by $0.25. The firm 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 quarter in the prior year, the company posted $0.89 earnings per share. As a group, equities analysts predict that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 2nd will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 0.96%. Corteva's payout ratio is 41.46%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CTVA. Barclays boosted their price objective on Corteva from $64.00 to $70.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 14th. Royal Bank of Canada boosted their price objective on Corteva from $72.00 to $73.00 and gave the company an "outperform" rating in a research note on Friday, February 7th. Bank of America boosted their price objective on Corteva from $69.00 to $73.00 and gave the company a "buy" rating in a research note on Tuesday, February 11th. Argus upgraded 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, The Goldman Sachs Group assumed coverage on Corteva in a research note on Thursday, March 13th. They issued a "buy" rating and a $71.00 price objective for the company. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $70.50.

About Corteva

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.