Van ECK Associates Corp Increases Position in Corteva, Inc. (NYSE:CTVA)

Van ECK Associates Corp increased its stake in shares of Corteva, Inc. (NYSE:CTVA) by 2.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,902,675 shares of the company’s stock after buying an additional 213,872 shares during the quarter. Van ECK Associates Corp owned about 1.28% of Corteva worth $541,194,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Confluence Wealth Services Inc. increased its stake in Corteva by 3.4% in the 3rd quarter. Confluence Wealth Services Inc. now owns 9,937 shares of the company’s stock valued at $584,000 after buying an additional 330 shares during the period. Pure Financial Advisors LLC acquired a new position in shares of Corteva during the third quarter worth about $217,000. Farther Finance Advisors LLC raised its holdings in Corteva by 26.5% during the third quarter. Farther Finance Advisors LLC now owns 4,210 shares of the company’s stock worth $248,000 after purchasing an additional 881 shares in the last quarter. Gladstone Institutional Advisory LLC lifted its position in Corteva by 49.6% in the third quarter. Gladstone Institutional Advisory LLC now owns 10,421 shares of the company’s stock valued at $613,000 after purchasing an additional 3,457 shares during the period. Finally, Cornerstone Wealth Group LLC purchased a new stake in Corteva in the 3rd quarter valued at approximately $213,000. Institutional investors and hedge funds own 81.54% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Wells Fargo & Company cut their target price on Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Morgan Stanley restated an “overweight” rating and set a $65.00 target price on shares of Corteva in a research report on Tuesday, September 24th. KeyCorp cut their price target on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Citigroup started coverage on shares of Corteva in a report on Wednesday, October 23rd. They set a “buy” rating and a $68.00 price objective on the stock. Finally, Bank of America raised shares of Corteva from a “neutral” rating to a “buy” rating and increased their target price for the company from $59.00 to $67.00 in a report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $62.84.

Corteva Stock Down 0.1 %

Shares of NYSE:CTVA opened at $60.86 on Friday. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $42.13 billion, a P/E ratio of 46.82, a P/E/G ratio of 1.75 and a beta of 0.77. Corteva, Inc. has a 52-week low of $43.22 and a 52-week high of $62.38. The stock’s fifty day simple moving average is $57.79 and its 200-day simple moving average is $55.39.

Corteva (NYSE:CTVA) last released its earnings results on Wednesday, July 31st. The company reported $1.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.09. The company had revenue of $6.11 billion for the quarter, compared to analyst estimates of $6.15 billion. Corteva had a net margin of 5.31% and a return on equity of 7.30%. The firm’s quarterly revenue was up 1.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.60 EPS. As a group, equities research analysts forecast that Corteva, Inc. will post 2.66 earnings per share for the current fiscal year.

Corteva Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.12%. The ex-dividend date is Monday, December 2nd. Corteva’s payout ratio is 52.31%.

Corteva Company 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.