Texas Capital Bank Wealth Management Services Inc Makes New $266,000 Investment in Corteva, Inc. $CTVA

Key Points

• Texas Capital Bank Wealth Management Services Inc has acquired a new stake in Corteva, Inc. (NYSE: CTVA), purchasing 4,225 shares valued at approximately $266,000 during the first quarter.
• Other institutional investors, including Cary Street Partners and Brighton Jones, have significantly boosted their holdings, contributing to 81.54% of Corteva's stock being owned by institutional investors.
• Corteva recently announced an increase in its quarterly dividend from $0.17 to $0.18 per share, reflecting a positive change in shareholder returns.

Texas Capital Bank Wealth Management Services Inc acquired a new position in Corteva, Inc. (NYSE:CTVA - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 4,225 shares of the company's stock, valued at approximately $266,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Cary Street Partners Financial LLC increased its holdings in shares of Corteva by 20.7% in the 1st quarter. Cary Street Partners Financial LLC now owns 90,206 shares of the company's stock worth $5,677,000 after purchasing an additional 15,448 shares in the last quarter. Scissortail Wealth Management LLC lifted its stake in Corteva by 72,080.0% during the 4th 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 during the period. Allworth Financial LP lifted its stake in Corteva by 11.8% during the 1st quarter. Allworth Financial LP now owns 15,313 shares of the company's stock valued at $945,000 after acquiring an additional 1,614 shares during the period. Brighton Jones LLC boosted its holdings in shares of Corteva by 307.2% during the 4th 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. Finally, Farther Finance Advisors LLC grew its stake in shares of Corteva by 13.9% in the first quarter. Farther Finance Advisors LLC now owns 4,387 shares of the company's stock worth $279,000 after acquiring an additional 536 shares during the period. 81.54% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Wells Fargo & Company restated an "overweight" rating and set a $83.00 price objective (up previously from $82.00) on shares of Corteva in a research report on Friday, August 8th. Wall Street Zen raised Corteva from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Jefferies Financial Group restated a "buy" rating on shares of Corteva in a research note on Friday, June 6th. UBS Group raised their target price on Corteva from $90.00 to $91.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Finally, Citigroup boosted their price target on Corteva from $75.00 to $78.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Thirteen investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $80.25.

Corteva Price Performance

Shares of CTVA stock traded up $0.3350 on Friday, hitting $73.3150. 2,664,002 shares of the stock traded hands, compared to its average volume of 4,042,217. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.68 and a quick ratio of 1.23. Corteva, Inc. has a 52 week low of $53.40 and a 52 week high of $77.41. The firm has a 50 day simple moving average of $73.42 and a two-hundred day simple moving average of $67.04. The firm has a market cap of $49.79 billion, a price-to-earnings ratio of 35.76, a PEG ratio of 1.67 and a beta of 0.75.

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

Corteva Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.0%. The ex-dividend date is Tuesday, September 2nd. This is a positive change from Corteva's previous quarterly dividend of $0.17. Corteva's dividend payout ratio is currently 33.17%.

Corteva 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.