Grove Bank & Trust Decreases Stake in Corteva, Inc. (NYSE:CTVA)

Grove Bank & Trust cut its position in shares of Corteva, Inc. (NYSE:CTVA) by 7.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,396 shares of the company’s stock after selling 739 shares during the period. Grove Bank & Trust’s holdings in Corteva were worth $591,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Flagship Wealth Advisors LLC purchased a new stake in shares of Corteva during the 4th quarter worth approximately $25,000. Noble Wealth Management PBC bought a new stake in Corteva in the fourth quarter worth $26,000. Pinney & Scofield Inc. bought a new position in Corteva during the fourth quarter valued at $27,000. LGT Financial Advisors LLC bought a new position in Corteva during the fourth quarter valued at $31,000. Finally, Centricity Wealth Management LLC purchased a new position in shares of Corteva in the 4th quarter worth $34,000. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Stock Performance

Shares of Corteva stock opened at $74.22 on Wednesday. Corteva, Inc. has a 52 week low of $50.30 and a 52 week high of $74.63. The company has a 50 day moving average price of $66.22 and a 200 day moving average price of $62.65. The company has a quick ratio of 1.00, a current ratio of 1.44 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $50.63 billion, a P/E ratio of 45.26, a PEG ratio of 1.90 and a beta of 0.75.

Corteva (NYSE:CTVA) last issued its earnings results on Wednesday, May 7th. The company reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $4.56 billion. During the same quarter last year, the business posted $0.89 EPS. The firm’s quarterly revenue was down 1.7% on a year-over-year basis. Sell-side analysts expect that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Friday, May 2nd were issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.92%. The ex-dividend date of this dividend was Monday, June 2nd. Corteva’s dividend payout ratio (DPR) is 41.46%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. The Goldman Sachs Group assumed coverage on shares of Corteva in a report on Thursday, March 13th. They issued a “buy” rating and a $71.00 price target for the company. Wells Fargo & Company raised their price objective on Corteva from $73.00 to $79.00 and gave the company an “overweight” rating in a research note on Monday, May 12th. KeyCorp lifted their target price on Corteva from $71.00 to $72.00 and gave the stock an “overweight” rating in a report on Friday, May 9th. Citigroup increased their price target on Corteva from $75.00 to $78.00 and gave the company a “buy” rating in a report on Friday, May 9th. Finally, Barclays raised their price target on Corteva from $64.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 14th. Three investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $70.92.

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.