Summit Securities Group LLC Buys 19,107 Shares of Corteva, Inc. $CTVA

Key Points

• Summit Securities Group LLC sharply increased its Corteva stake by 1,905% in Q1, buying 19,107 shares and bringing its total holding to 20,110 shares worth about $1.68 million.
• Corteva reported better-than-expected Q1 earnings and revenue, with EPS of $1.50 versus $1.18 expected and revenue of $4.91 billion versus $4.64 billion projected. Revenue rose 11% year over year.
• Wall Street sentiment remains constructive: several firms raised price targets, and the stock has a Moderate Buy consensus rating with an average target price of $88.90.

Summit Securities Group LLC boosted its stake in Corteva, Inc. (NYSE:CTVA - Free Report) by 1,905.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 20,110 shares of the company's stock after purchasing an additional 19,107 shares during the period. Corteva makes up approximately 0.2% of Summit Securities Group LLC's holdings, making the stock its 22nd largest position. Summit Securities Group LLC's holdings in Corteva were worth $1,683,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Brighton Jones LLC increased its position in Corteva by 307.2% during the fourth quarter. Brighton Jones LLC now owns 15,588 shares of the company's stock valued at $888,000 after acquiring an additional 11,760 shares during the last quarter. Woodline Partners LP boosted its position in Corteva by 40.3% in the first quarter. Woodline Partners LP now owns 57,919 shares of the company's stock worth $3,645,000 after purchasing an additional 16,644 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Corteva by 62.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,559 shares of the company's stock valued at $191,000 after purchasing an additional 980 shares during the period. Cresset Asset Management LLC grew its stake in shares of Corteva by 2.6% during the 2nd quarter. Cresset Asset Management LLC now owns 7,063 shares of the company's stock valued at $526,000 after purchasing an additional 181 shares during the period. Finally, Jump Financial LLC purchased a new stake in shares of Corteva during the 2nd quarter valued at about $1,464,000. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Corteva Stock Performance

NYSE CTVA opened at $83.82 on Friday. The firm has a market cap of $56.06 billion, a price-to-earnings ratio of 49.31, a price-to-earnings-growth ratio of 2.61 and a beta of 0.56. The company has a quick ratio of 1.03, a current ratio of 1.47 and a debt-to-equity ratio of 0.07. The business has a 50-day moving average price of $80.29 and a 200-day moving average price of $77.48. Corteva, Inc. has a twelve month low of $60.53 and a twelve month high of $87.69.

Corteva (NYSE:CTVA - Get Free Report) last released its earnings results on Tuesday, May 5th. The company reported $1.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.32. Corteva had a return on equity of 9.95% and a net margin of 6.50%.The firm had revenue of $4.91 billion during the quarter, compared to analysts' expectations of $4.64 billion. During the same quarter last year, the business posted $1.13 earnings per share. The firm's revenue was up 11.0% on a year-over-year basis. Corteva has set its FY 2026 guidance at 3.450-3.700 EPS. As a group, equities research analysts predict that Corteva, Inc. will post 3.72 EPS for the current fiscal year.

Corteva Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were given a dividend of $0.18 per share. The ex-dividend date was Monday, June 1st. This represents a $0.72 annualized dividend and a dividend yield of 0.9%. Corteva's dividend payout ratio (DPR) is presently 42.35%.

Analyst Ratings Changes

A number of brokerages have commented on CTVA. Barclays upped their target price on shares of Corteva from $84.00 to $91.00 and gave the company an "overweight" rating in a report on Thursday, June 11th. Morgan Stanley boosted their price objective on shares of Corteva from $84.00 to $95.00 and gave the company an "overweight" rating in a research report on Thursday, May 28th. Wells Fargo & Company upped their price objective on Corteva from $85.00 to $90.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 21st. Argus raised their target price on Corteva from $80.00 to $91.00 and gave the stock a "buy" rating in a report on Tuesday, March 31st. Finally, Royal Bank Of Canada lifted their target price on Corteva from $95.00 to $97.00 and gave the company an "outperform" rating in a research report on Thursday, May 7th. Thirteen equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, Corteva has an average rating of "Moderate Buy" and a consensus target price of $88.90.

Corteva Profile

Corteva, Inc NYSE: CTVA is an independent global agriculture company that was established as a publicly traded firm in mid‑2019 following the separation of the agriculture businesses from DowDuPont. The company focuses on delivering technologies and products that help farmers increase productivity and manage crop health. Corteva's operations combine seed genetics, crop protection chemistries, digital tools and biological solutions to address the full cycle of crop production.

Core business activities include research and development of seed genetics and trait technologies, formulation and sale of crop protection products (such as herbicides, insecticides and fungicides), and the development of seed treatments and biologicals.

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