Mainstay Capital Management LLC ADV Makes New $256,000 Investment in Corteva, Inc. $CTVA

Mainstay Capital Management LLC ADV acquired a new position in shares of Corteva, Inc. (NYSE:CTVA) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 3,438 shares of the company’s stock, valued at approximately $256,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of CTVA. Brighton Jones LLC boosted its holdings in shares of Corteva by 307.2% in the fourth quarter. Brighton Jones LLC now owns 15,588 shares of the company’s stock valued at $888,000 after acquiring an additional 11,760 shares in the last quarter. Wedmont Private Capital boosted its holdings in shares of Corteva by 4.4% in the first quarter. Wedmont Private Capital now owns 4,913 shares of the company’s stock valued at $291,000 after acquiring an additional 205 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of Corteva by 13.9% in the first quarter. Farther Finance Advisors LLC now owns 4,387 shares of the company’s stock valued at $279,000 after acquiring an additional 536 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Corteva by 15.0% in the first quarter. GAMMA Investing LLC now owns 15,061 shares of the company’s stock valued at $948,000 after acquiring an additional 1,962 shares in the last quarter. Finally, SG Americas Securities LLC boosted its holdings in shares of Corteva by 268.7% in the first quarter. SG Americas Securities LLC now owns 37,800 shares of the company’s stock valued at $2,379,000 after acquiring an additional 27,549 shares in the last quarter. 81.54% of the stock is owned by hedge funds and other institutional investors.

Corteva Stock Down 0.6%

Shares of NYSE CTVA opened at $62.76 on Friday. Corteva, Inc. has a 12-month low of $53.40 and a 12-month high of $77.41. The company has a market capitalization of $42.62 billion, a PE ratio of 30.61, a price-to-earnings-growth ratio of 1.43 and a beta of 0.76. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.68 and a quick ratio of 1.23. The firm’s 50-day moving average is $70.57 and its two-hundred day moving average is $68.91.

Corteva (NYSE:CTVA) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $2.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.31. The business had revenue of $6.46 billion for the quarter, compared to the consensus estimate of $6.26 billion. Corteva had a net margin of 8.16% and a return on equity of 8.68%. The company’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.83 earnings per share. Equities analysts anticipate that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This is a positive change from Corteva’s previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a dividend yield of 1.1%. Corteva’s payout ratio is currently 35.12%.

Analysts Set New Price Targets

Several analysts have recently weighed in on CTVA shares. Mizuho lowered their target price on shares of Corteva from $85.00 to $78.00 and set an “outperform” rating on the stock in a report on Wednesday. Citigroup downgraded shares of Corteva from a “buy” rating to a “neutral” rating and lowered their target price for the company from $83.00 to $70.00 in a report on Thursday, October 2nd. Morgan Stanley set a $84.00 target price on shares of Corteva in a report on Monday, September 15th. Weiss Ratings downgraded shares of Corteva from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday. Finally, Wall Street Zen raised shares of Corteva from a “hold” rating to a “buy” rating in a report on Saturday, August 9th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $80.13.

Insider Activity

In related news, EVP Robert D. King sold 37,280 shares of the company’s stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $74.20, for a total transaction of $2,766,176.00. Following the transaction, the executive vice president owned 49,262 shares of the company’s stock, valued at approximately $3,655,240.40. This represents a 43.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.14% of the company’s stock.

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.