Lorne Steinberg Wealth Management Inc. Sells 1,250 Shares of Corteva, Inc. (NYSE:CTVA)

Lorne Steinberg Wealth Management Inc. trimmed its position in shares of Corteva, Inc. (NYSE:CTVA) by 1.1% during the fourth quarter, Holdings Channel.com reports. The fund owned 111,500 shares of the company’s stock after selling 1,250 shares during the quarter. Corteva comprises 1.8% of Lorne Steinberg Wealth Management Inc.’s portfolio, making the stock its 29th biggest holding. Lorne Steinberg Wealth Management Inc.’s holdings in Corteva were worth $5,343,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. CVA Family Office LLC purchased a new position in Corteva during the 4th quarter valued at about $25,000. NewSquare Capital LLC increased its holdings in shares of Corteva by 70.6% in the 3rd quarter. NewSquare Capital LLC now owns 546 shares of the company’s stock worth $28,000 after buying an additional 226 shares during the last quarter. Glass Jacobson Investment Advisors llc grew its position in Corteva by 234.3% in the third quarter. Glass Jacobson Investment Advisors llc now owns 555 shares of the company’s stock worth $28,000 after acquiring an additional 389 shares in the last quarter. BKM Wealth Management LLC purchased a new stake in Corteva during the fourth quarter valued at about $27,000. Finally, Union Savings Bank increased its position in shares of Corteva by 58.5% during the 3rd quarter. Union Savings Bank now owns 577 shares of the company’s stock valued at $30,000 after purchasing an additional 213 shares during the last quarter. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Corteva Stock Performance

NYSE CTVA traded down $0.65 during trading hours on Wednesday, hitting $54.53. The company’s stock had a trading volume of 562,269 shares, compared to its average volume of 3,542,778. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.56 and a quick ratio of 0.90. The company has a market cap of $38.11 billion, a P/E ratio of 54.11, a price-to-earnings-growth ratio of 1.45 and a beta of 0.77. The company’s 50 day simple moving average is $55.26 and its two-hundred day simple moving average is $50.37. Corteva, Inc. has a 12 month low of $43.22 and a 12 month high of $61.87.

Corteva (NYSE:CTVA) last released its quarterly earnings data on Thursday, February 1st. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.09. Corteva had a net margin of 4.27% and a return on equity of 7.43%. The firm had revenue of $3.71 billion during the quarter, compared to analysts’ expectations of $3.54 billion. During the same period in the previous year, the company earned $0.16 earnings per share. As a group, sell-side analysts expect that Corteva, Inc. will post 2.84 EPS for the current fiscal year.

Corteva Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.17%. The ex-dividend date was Thursday, February 29th. Corteva’s dividend payout ratio (DPR) is presently 62.75%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $57.00 price objective (down previously from $58.00) on shares of Corteva in a research note on Friday, April 12th. Mizuho decreased their target price on shares of Corteva from $59.00 to $56.00 and set a “buy” rating on the stock in a research note on Thursday, February 1st. Loop Capital upgraded shares of Corteva from a “hold” rating to a “buy” rating and increased their target price for the stock from $57.00 to $65.00 in a report on Monday, February 12th. Oppenheimer raised their price target on Corteva from $62.00 to $67.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 16th. Finally, BNP Paribas upgraded shares of Corteva from an “underperform” rating to a “neutral” rating and set a $53.00 price target on the stock in a research report on Friday, February 2nd. Six equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target 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.