Y Intercept Hong Kong Ltd Sells 20,216 Shares of Corteva, Inc. (NYSE:CTVA)

Key Points

• Y Intercept Hong Kong Ltd reduced its stake in Corteva, Inc. by 60.6% during Q1, leaving them with 13,137 shares worth approximately $827,000.
• Corteva recently reported earnings per share of $1.13, surpassing analysts' expectations, but its quarterly revenue of $4.42 billion fell short of estimates.
• The company announced a quarterly dividend of $0.17 per share, translating to an annualized yield of 0.93% and a payout ratio of 41.46%.

Y Intercept Hong Kong Ltd reduced its stake in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 60.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,137 shares of the company's stock after selling 20,216 shares during the quarter. Y Intercept Hong Kong Ltd's holdings in Corteva were worth $827,000 at the end of the most recent reporting period.

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

Analyst Ratings Changes

A number of equities research analysts recently weighed in on CTVA shares. Barclays lifted their price objective on shares of Corteva from $70.00 to $75.00 and gave the company an "equal weight" rating in a research note on Monday, July 7th. Citigroup boosted their price target on shares of Corteva from $75.00 to $78.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. KeyCorp boosted their price target on shares of Corteva from $72.00 to $84.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. BMO Capital Markets boosted their price target on shares of Corteva from $74.00 to $86.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Finally, Oppenheimer set a $87.00 price target on shares of Corteva and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $77.38.

Corteva Trading Up 0.7%

CTVA traded up $0.48 during trading on Tuesday, reaching $72.88. The company had a trading volume of 495,010 shares, compared to its average volume of 3,710,162. The firm's 50-day simple moving average is $72.91 and its 200 day simple moving average is $65.94. The company has a market cap of $49.71 billion, a price-to-earnings ratio of 44.45, a PEG ratio of 1.77 and a beta of 0.76. Corteva, Inc. has a 12-month low of $50.30 and a 12-month high of $77.41. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.00 and a current ratio of 1.44.

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

Corteva Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be paid a $0.18 dividend. 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 presently 41.46%.

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.