Cardinal Capital Management Buys 235 Shares of Corteva, Inc. (NYSE:CTVA)

Cardinal Capital Management grew its stake in shares of Corteva, Inc. (NYSE:CTVA) by 0.9% during the 3rd quarter, Holdings Channel reports. The firm owned 25,904 shares of the company’s stock after buying an additional 235 shares during the period. Cardinal Capital Management’s holdings in Corteva were worth $1,523,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Mediolanum International Funds Ltd acquired a new stake in Corteva in the first quarter valued at $2,270,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Corteva by 14.7% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 948,127 shares of the company’s stock worth $54,678,000 after purchasing an additional 121,817 shares during the period. Los Angeles Capital Management LLC acquired a new position in Corteva during the first quarter worth approximately $1,965,000. Intech Investment Management LLC raised its stake in Corteva by 69.5% in the first quarter. Intech Investment Management LLC now owns 52,557 shares of the company’s stock valued at $3,031,000 after buying an additional 21,545 shares during the period. Finally, Illinois Municipal Retirement Fund lifted its position in shares of Corteva by 295.9% in the first quarter. Illinois Municipal Retirement Fund now owns 94,896 shares of the company’s stock valued at $5,473,000 after buying an additional 70,924 shares during the last quarter. Institutional investors own 81.54% of the company’s stock.

Corteva Stock Performance

NYSE CTVA opened at $59.42 on Friday. Corteva, Inc. has a 1 year low of $43.22 and a 1 year high of $59.68. The firm has a market capitalization of $41.41 billion, a price-to-earnings ratio of 75.22, a P/E/G ratio of 1.66 and a beta of 0.77. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.10. The firm’s 50 day simple moving average is $56.36 and its 200 day simple moving average is $55.09.

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

Corteva Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd were given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.14%. This is a boost 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 is currently 86.08%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CTVA. Bank of America upgraded Corteva from a “neutral” rating to a “buy” rating and increased their price target for the company from $59.00 to $67.00 in a research note on Wednesday. Argus cut shares of Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. reduced their target price on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. KeyCorp lowered their price target on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Finally, Wells Fargo & Company reduced their price objective on Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, Corteva presently has an average rating of “Moderate Buy” and an average price target of $62.21.

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.