Parsons Capital Management Inc. RI Invests $230,000 in Corteva, Inc. (NYSE:CTVA)

Parsons Capital Management Inc. RI purchased a new position in Corteva, Inc. (NYSE:CTVA) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 3,987 shares of the company’s stock, valued at approximately $230,000.

Several other large investors have also recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Corteva by 2.4% in the 3rd quarter. Vanguard Group Inc. now owns 81,346,924 shares of the company’s stock worth $4,161,709,000 after purchasing an additional 1,941,323 shares during the last quarter. Capital International Investors raised its position in Corteva by 47.2% in the 4th quarter. Capital International Investors now owns 25,758,735 shares of the company’s stock worth $1,234,359,000 after buying an additional 8,260,808 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in Corteva by 19.3% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 13,236,504 shares of the company’s stock worth $634,293,000 after buying an additional 2,141,428 shares during the last quarter. Northern Trust Corp raised its position in Corteva by 2.5% in the 4th quarter. Northern Trust Corp now owns 12,815,795 shares of the company’s stock worth $614,133,000 after buying an additional 310,012 shares during the last quarter. Finally, Harris Associates L P raised its position in Corteva by 87.1% in the 4th quarter. Harris Associates L P now owns 9,011,702 shares of the company’s stock worth $431,841,000 after buying an additional 4,194,981 shares during the last quarter. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Price Performance

NYSE CTVA traded up $0.22 during trading hours on Friday, reaching $54.92. The company’s stock had a trading volume of 2,350,151 shares, compared to its average volume of 2,425,831. The firm’s 50-day moving average price is $55.28 and its 200-day moving average price is $50.46. The company has a quick ratio of 0.90, a current ratio of 1.56 and a debt-to-equity ratio of 0.09. Corteva, Inc. has a 1 year low of $43.22 and a 1 year high of $61.87. The company has a market capitalization of $38.38 billion, a price-to-earnings ratio of 53.84, a PEG ratio of 1.44 and a beta of 0.77.

Corteva (NYSE:CTVA) last posted its quarterly earnings results on Thursday, February 1st. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.09. Corteva had a return on equity of 7.43% and a net margin of 4.27%. The company had revenue of $3.71 billion for the quarter, compared to analysts’ expectations of $3.54 billion. During the same period in the previous year, the firm earned $0.16 EPS. On average, equities research analysts predict that Corteva, Inc. will post 2.84 EPS for the current fiscal year.

Corteva Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Tuesday, June 4th will be issued a $0.16 dividend. The ex-dividend date is Tuesday, June 4th. This represents a $0.64 dividend on an annualized basis and a yield of 1.17%. Corteva’s dividend payout ratio is presently 62.75%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Loop Capital raised Corteva from a “hold” rating to a “buy” rating and boosted their target price for the stock from $57.00 to $65.00 in a research report on Monday, February 12th. Wolfe Research assumed coverage on Corteva in a research note on Friday, March 1st. They set an “outperform” rating and a $67.00 price target for the company. JPMorgan Chase & Co. restated a “neutral” rating and set a $57.00 price target (down from $58.00) on shares of Corteva in a research note on Friday, April 12th. Mizuho cut their price target on Corteva from $59.00 to $56.00 and set a “buy” rating for the company in a research note on Thursday, February 1st. Finally, KeyCorp boosted their price target on Corteva from $63.00 to $66.00 and gave the company an “overweight” rating in a research note on Tuesday, April 9th. Six equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price 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.