ZWJ Investment Counsel Inc. Purchases 7,490 Shares of Corteva, Inc. $CTVA

Key Points

• ZWJ Investment Counsel Inc. increased its stake in Corteva, Inc. by 1.0%, purchasing an additional 7,490 shares, bringing its total to 756,017 shares valued at approximately $56.3 million.
• Corteva reported strong quarterly earnings, with earnings per share of $2.20, exceeding analysts' estimates, and revenue of $6.46 billion for the quarter.
• The company has recently increased its quarterly dividend from $0.17 to $0.18 per share, reflecting a 1.1% dividend yield and a payout ratio of 35.12%.

ZWJ Investment Counsel Inc. boosted its stake in Corteva, Inc. (NYSE:CTVA - Free Report) by 1.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 756,017 shares of the company's stock after purchasing an additional 7,490 shares during the quarter. Corteva makes up 2.1% of ZWJ Investment Counsel Inc.'s investment portfolio, making the stock its 14th largest position. ZWJ Investment Counsel Inc. owned about 0.11% of Corteva worth $56,346,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in CTVA. Maryland Capital Advisors Inc. bought a new position in Corteva in the 2nd quarter worth about $29,000. Valley National Advisers Inc. boosted its stake in Corteva by 85.9% in the 1st quarter. Valley National Advisers Inc. now owns 526 shares of the company's stock worth $33,000 after purchasing an additional 243 shares during the period. Richardson Capital Management LLC bought a new position in Corteva in the 1st quarter worth about $37,000. DHJJ Financial Advisors Ltd. boosted its stake in Corteva by 132.2% in the 2nd quarter. DHJJ Financial Advisors Ltd. now owns 527 shares of the company's stock worth $39,000 after purchasing an additional 300 shares during the period. Finally, von Borstel & Associates Inc. bought a new position in Corteva in the 1st quarter worth about $44,000. Institutional investors own 81.54% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CTVA shares. Royal Bank Of Canada restated an "outperform" rating on shares of Corteva in a research note on Monday, August 11th. Barclays upgraded Corteva from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $75.00 to $84.00 in a research report on Wednesday, August 13th. UBS Group lifted their price target on Corteva from $90.00 to $91.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Zacks Research upgraded Corteva from a "hold" rating to a "strong-buy" rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. upgraded Corteva from a "neutral" rating to an "overweight" rating and set a $67.00 price target for the company in a research report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $80.67.

Corteva Stock Performance

Shares of NYSE CTVA opened at $63.36 on Friday. The stock has a market cap of $43.03 billion, a price-to-earnings ratio of 30.91, a P/E/G ratio of 1.43 and a beta of 0.76. The company has a current ratio of 1.68, a quick ratio of 1.23 and a debt-to-equity ratio of 0.06. Corteva, Inc. has a 1-year low of $53.40 and a 1-year high of $77.41. The stock's 50-day moving average is $71.24 and its 200 day moving average is $68.85.

Corteva (NYSE:CTVA - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $2.20 earnings per share for the quarter, beating analysts' consensus estimates of $1.89 by $0.31. The company had revenue of $6.46 billion for the quarter, compared to analysts' expectations of $6.26 billion. Corteva had a return on equity of 8.68% and a net margin of 8.16%.Corteva's revenue for the quarter was up 5.6% compared to the same quarter last year. During the same period last year, the firm posted $1.83 EPS. On average, sell-side analysts anticipate that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.1%. This is a positive change from Corteva's previous quarterly dividend of $0.17. Corteva's payout ratio is 35.12%.

Insider Buying and Selling at Corteva

In related news, EVP Robert D. King sold 37,280 shares of the firm's stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $74.20, for a total transaction of $2,766,176.00. Following the transaction, the executive vice president directly owned 49,262 shares of the company's stock, valued at approximately $3,655,240.40. This trade represents a 43.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.14% of the company's stock.

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.

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