Parsons Capital Management Inc. RI Acquires New Holdings in Corteva, Inc. (NYSE:CTVA)

Parsons Capital Management Inc. RI purchased a new stake in Corteva, Inc. (NYSE:CTVA) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 3,987 shares of the company’s stock, valued at approximately $230,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CTVA. CVA Family Office LLC purchased a new stake in Corteva in the fourth quarter valued at about $25,000. Redmont Wealth Advisors LLC purchased a new stake in Corteva in the first quarter valued at about $25,000. BKM Wealth Management LLC purchased a new stake in Corteva in the fourth quarter valued at about $27,000. Rise Advisors LLC raised its stake in shares of Corteva by 2,522.2% in the first quarter. Rise Advisors LLC now owns 472 shares of the company’s stock worth $27,000 after purchasing an additional 454 shares during the last quarter. Finally, NewSquare Capital LLC raised its stake in shares of Corteva by 70.6% in the third quarter. NewSquare Capital LLC now owns 546 shares of the company’s stock worth $28,000 after purchasing an additional 226 shares during the last quarter. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Corteva Price Performance

CTVA traded up $0.22 during trading on Friday, hitting $54.92. The company’s stock had a trading volume of 2,350,151 shares, compared to its average volume of 2,425,831. The company has a current ratio of 1.56, a quick ratio of 0.90 and a debt-to-equity ratio of 0.09. Corteva, Inc. has a twelve month low of $43.22 and a twelve month high of $61.87. The business’s fifty day simple moving average is $55.28 and its 200 day simple moving average is $50.46. The firm has a market capitalization of $38.38 billion, a price-to-earnings ratio of 53.84, a P/E/G ratio of 1.44 and a beta of 0.77.

Corteva (NYSE:CTVA) last issued its quarterly earnings data on Thursday, February 1st. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.06 by $0.09. Corteva had a return on equity of 7.43% and a net margin of 4.27%. The company had revenue of $3.71 billion for the quarter, compared to analyst estimates of $3.54 billion. During the same period last year, the company earned $0.16 earnings per share. On average, equities research analysts forecast that Corteva, Inc. will post 2.84 EPS for the current fiscal year.

Corteva Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Tuesday, June 4th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date is Tuesday, June 4th. Corteva’s dividend payout ratio is presently 62.75%.

Analyst Upgrades and Downgrades

CTVA has been the subject of several research analyst reports. Wolfe Research initiated coverage on Corteva in a research note on Friday, March 1st. They issued an “outperform” rating and a $67.00 price objective for the company. JPMorgan Chase & Co. restated a “neutral” rating and issued a $57.00 price objective (down from $58.00) on shares of Corteva in a research note on Friday, April 12th. KeyCorp raised their price objective on Corteva from $63.00 to $66.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 9th. Barclays raised their price objective on Corteva from $55.00 to $58.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 10th. Finally, Loop Capital upgraded Corteva from a “hold” rating to a “buy” rating and raised their price objective for the stock from $57.00 to $65.00 in a research note on Monday, February 12th. Six investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $63.29.

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.