Argyle Capital Management Inc. Reduces Stock Holdings in Corteva, Inc. (NYSE:CTVA)

Argyle Capital Management Inc. reduced its position in Corteva, Inc. (NYSE:CTVA) by 6.2% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 25,832 shares of the company’s stock after selling 1,709 shares during the period. Argyle Capital Management Inc.’s holdings in Corteva were worth $1,519,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in CTVA. Brookstone Capital Management bought a new stake in Corteva in the 1st quarter valued at about $204,000. Wealthcare Advisory Partners LLC lifted its stake in shares of Corteva by 20.0% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 6,435 shares of the company’s stock valued at $371,000 after buying an additional 1,074 shares in the last quarter. Azzad Asset Management Inc. ADV grew its stake in Corteva by 11.6% in the 1st quarter. Azzad Asset Management Inc. ADV now owns 47,997 shares of the company’s stock valued at $2,768,000 after buying an additional 4,986 shares in the last quarter. Albion Financial Group UT grew its stake in Corteva by 77.2% in the 1st quarter. Albion Financial Group UT now owns 505 shares of the company’s stock valued at $29,000 after buying an additional 220 shares in the last quarter. Finally, Redmont Wealth Advisors LLC purchased a new stake in shares of Corteva during the first quarter worth $25,000. 81.54% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CTVA has been the topic of a number of analyst reports. JPMorgan Chase & Co. decreased their price objective on Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Morgan Stanley restated an “overweight” rating and issued a $65.00 price objective on shares of Corteva in a research report on Tuesday, September 24th. Bank of America raised shares of Corteva from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $59.00 to $67.00 in a research note on Wednesday, October 16th. Argus downgraded shares of Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. Finally, Citigroup initiated coverage on Corteva in a research note on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $62.84.

Corteva Stock Performance

NYSE:CTVA remained flat at $61.13 during midday trading on Tuesday. 349,811 shares of the company were exchanged, compared to its average volume of 3,238,434. The firm has a market capitalization of $42.61 billion, a PE ratio of 77.38, a P/E/G ratio of 1.66 and a beta of 0.77. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.10. The business has a 50 day moving average of $57.27 and a two-hundred day moving average of $55.19. Corteva, Inc. has a 52 week low of $43.22 and a 52 week high of $61.37.

Corteva (NYSE:CTVA) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $1.83 EPS for the quarter, beating the consensus estimate of $1.74 by $0.09. Corteva had a net margin of 5.31% and a return on equity of 7.30%. The firm had revenue of $6.11 billion during the quarter, compared to the consensus estimate of $6.15 billion. During the same period in the prior year, the firm posted $1.60 earnings per share. The company’s quarterly revenue was up 1.1% compared to the same quarter last year. On average, analysts predict that Corteva, Inc. will post 2.66 EPS for the current fiscal year.

Corteva Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.11%. Corteva’s dividend payout ratio is presently 86.08%.

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.