Burke & Herbert Bank & Trust Co. Invests $213,000 in Corteva, Inc. (NYSE:CTVA)

Burke & Herbert Bank & Trust Co. acquired a new position in Corteva, Inc. (NYSE:CTVA) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 3,618 shares of the company’s stock, valued at approximately $213,000.

Several other hedge funds have also bought and sold shares of the stock. Redmont Wealth Advisors LLC bought a new stake in shares of Corteva during the 1st quarter worth $25,000. Acadian Asset Management LLC bought a new stake in Corteva during the first quarter worth about $25,000. Albion Financial Group UT boosted its holdings in shares of Corteva by 77.2% in the 1st quarter. Albion Financial Group UT now owns 505 shares of the company’s stock worth $29,000 after purchasing an additional 220 shares in the last quarter. Cultivar Capital Inc. bought a new position in shares of Corteva during the 2nd quarter valued at about $34,000. Finally, Redwood Wealth Management Group LLC purchased a new position in shares of Corteva during the 2nd quarter valued at about $43,000. 81.54% of the stock is currently owned by institutional investors.

Corteva Stock Down 0.4 %

Shares of NYSE CTVA traded down $0.22 during mid-day trading on Friday, hitting $60.56. 76,271 shares of the stock traded hands, compared to its average volume of 3,241,054. The stock has a fifty day moving average price of $56.84 and a 200-day moving average price of $55.13. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.17 and a current ratio of 1.72. The company has a market cap of $42.21 billion, a price-to-earnings ratio of 76.95, a PEG ratio of 1.66 and a beta of 0.77. Corteva, Inc. has a 52 week low of $43.22 and a 52 week high of $61.20.

Corteva (NYSE:CTVA) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $1.83 earnings per share (EPS) for the quarter, topping 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 company had revenue of $6.11 billion during the quarter, compared to analyst estimates of $6.15 billion. During the same period last year, the business earned $1.60 EPS. Corteva’s quarterly revenue was up 1.1% compared to the same quarter last year. Research analysts anticipate that Corteva, Inc. will post 2.66 EPS for the current year.

Corteva Increases Dividend

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

Wall Street Analyst Weigh In

A number of brokerages have commented on CTVA. Argus cut shares of Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. Morgan Stanley reaffirmed an “overweight” rating and set a $65.00 target price on shares of Corteva in a report on Tuesday, September 24th. KeyCorp lowered their price target on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Wells Fargo & Company reduced their price objective on Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Finally, Citigroup started coverage on Corteva in a research note on Wednesday. They issued a “buy” rating and a $68.00 target price for the company. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Corteva presently has a consensus rating of “Moderate Buy” and a consensus price target of $62.84.

Corteva 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.