Eastern Bank Purchases New Holdings in Corteva, Inc. (NYSE:CTVA)

Eastern Bank purchased a new position in shares of Corteva, Inc. (NYSE:CTVA) during the 3rd quarter, Holdings Channel.com reports. The fund purchased 5,647 shares of the company’s stock, valued at approximately $332,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Redmont Wealth Advisors LLC acquired a new stake in Corteva in the 1st quarter valued at about $25,000. Acadian Asset Management LLC acquired a new stake in shares of Corteva in the first quarter valued at approximately $25,000. Albion Financial Group UT boosted its stake in shares of Corteva by 77.2% during the 1st quarter. Albion Financial Group UT now owns 505 shares of the company’s stock worth $29,000 after acquiring an additional 220 shares during the period. Cultivar Capital Inc. acquired a new position in shares of Corteva during the 2nd quarter worth approximately $34,000. Finally, Redwood Wealth Management Group LLC bought a new stake in Corteva in the 2nd quarter valued at $43,000. Institutional investors own 81.54% of the company’s stock.

Corteva Stock Performance

Shares of Corteva stock opened at $60.79 on Thursday. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.10. The company has a market cap of $42.37 billion, a PE ratio of 76.95, a price-to-earnings-growth ratio of 1.66 and a beta of 0.77. The company has a 50 day moving average of $56.84 and a 200-day moving average of $55.13. Corteva, Inc. has a 1-year low of $43.22 and a 1-year high of $60.88.

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

Corteva Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd were paid a dividend of $0.17 per share. This is an increase from Corteva’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.68 annualized dividend and a yield of 1.12%. Corteva’s payout ratio is presently 86.08%.

Analyst Ratings Changes

Several research firms have commented on CTVA. Morgan Stanley reiterated an “overweight” rating and issued a $65.00 price objective on shares of Corteva in a report on Tuesday, September 24th. KeyCorp decreased their price target on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Bank of America upgraded shares of Corteva from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $59.00 to $67.00 in a research report on Wednesday, October 16th. Wells Fargo & Company decreased their target price on Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Finally, Citigroup began coverage on Corteva in a report on Wednesday. They set a “buy” rating and a $68.00 price target for the company. One analyst has rated the stock with a sell rating, six have given a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $62.50.

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.