Corteva, Inc. (NYSE:CTVA) Shares Sold by Westover Capital Advisors LLC

Key Points

• Westover Capital Advisors LLC reduced its stake in Corteva, Inc. by 56.0% in Q1, now holding 7,184 shares worth approximately $452,000.
• Analysts have a consensus rating of "Moderate Buy" for Corteva, with a target price of $77.38, and several firms have increased their price objectives for the stock.
• Corteva reported quarterly earnings of $1.13 per share, exceeding analyst expectations, despite a slight decline in revenue compared to the previous year.

Westover Capital Advisors LLC reduced its position in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 56.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,184 shares of the company's stock after selling 9,152 shares during the period. Westover Capital Advisors LLC's holdings in Corteva were worth $452,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Pinney & Scofield Inc. acquired a new stake in shares of Corteva in the fourth quarter valued at $27,000. LGT Financial Advisors LLC acquired a new stake in shares of Corteva in the fourth quarter valued at $31,000. Valley National Advisers Inc. raised its stake in shares of Corteva by 85.9% in the first quarter. Valley National Advisers Inc. now owns 526 shares of the company's stock valued at $33,000 after acquiring an additional 243 shares in the last quarter. Richardson Capital Management LLC acquired a new stake in shares of Corteva in the first quarter valued at $37,000. Finally, von Borstel & Associates Inc. acquired a new stake in shares of Corteva in the first quarter valued at $44,000. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Corteva Price Performance

Shares of Corteva stock traded up $0.39 during trading on Tuesday, hitting $72.79. 682,512 shares of the company were exchanged, compared to its average volume of 3,711,911. The company has a quick ratio of 1.00, a current ratio of 1.44 and a debt-to-equity ratio of 0.07. Corteva, Inc. has a fifty-two week low of $50.30 and a fifty-two week high of $77.41. The stock has a market capitalization of $49.65 billion, a price-to-earnings ratio of 44.39, a P/E/G ratio of 1.77 and a beta of 0.76. The firm has a 50 day moving average price of $72.91 and a 200 day moving average price of $65.94.

Corteva (NYSE:CTVA - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $1.13 EPS for the quarter, topping the consensus estimate of $0.88 by $0.25. The firm had revenue of $4.42 billion during the quarter, compared to analysts' expectations of $4.56 billion. Corteva had a net margin of 6.77% and a return on equity of 7.84%. Corteva's revenue for the quarter was down 1.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.89 EPS. On average, equities analysts expect that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be paid a dividend of $0.18 per share. This is a boost from Corteva's previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a dividend yield of 0.99%. Corteva's payout ratio is currently 41.46%.

Analyst Ratings Changes

CTVA has been the topic of a number of analyst reports. KeyCorp raised their price target on Corteva from $72.00 to $84.00 and gave the company an "overweight" rating in a research note on Monday, July 14th. Barclays raised their price target on Corteva from $70.00 to $75.00 and gave the stock an "equal weight" rating in a report on Monday, July 7th. Royal Bank Of Canada raised their price target on Corteva from $74.00 to $85.00 and gave the stock an "outperform" rating in a report on Thursday, July 10th. Wells Fargo & Company raised their price target on Corteva from $79.00 to $82.00 and gave the stock an "overweight" rating in a report on Monday, June 23rd. Finally, BMO Capital Markets raised their price target on Corteva from $74.00 to $86.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $77.38.

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.