Gradient Investments LLC reduced its position in Corteva, Inc. (NYSE:CTVA – Get Rating) by 13.4% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 7,369 shares of the company’s stock after selling 1,137 shares during the period. Gradient Investments LLC’s holdings in Corteva were worth $399,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CTVA. PFS Investments Inc. raised its stake in Corteva by 17.5% in the 4th quarter. PFS Investments Inc. now owns 21,149 shares of the company’s stock valued at $1,000,000 after acquiring an additional 3,155 shares during the period. Level Four Advisory Services LLC bought a new stake in shares of Corteva during the fourth quarter valued at about $228,000. Gabelli Funds LLC increased its position in shares of Corteva by 34.2% during the fourth quarter. Gabelli Funds LLC now owns 68,636 shares of the company’s stock valued at $3,245,000 after buying an additional 17,500 shares during the period. Schroder Investment Management Group increased its position in shares of Corteva by 38.4% during the fourth quarter. Schroder Investment Management Group now owns 372,276 shares of the company’s stock valued at $17,601,000 after buying an additional 103,349 shares during the period. Finally, Gotham Asset Management LLC increased its position in shares of Corteva by 96.8% during the fourth quarter. Gotham Asset Management LLC now owns 83,042 shares of the company’s stock valued at $3,926,000 after buying an additional 40,842 shares during the period. 79.02% of the stock is currently owned by institutional investors.
Corteva Trading Up 0.1 %
Shares of NYSE:CTVA opened at $61.42 on Tuesday. The stock has a market capitalization of $44.45 billion, a price-to-earnings ratio of 25.92, a PEG ratio of 1.55 and a beta of 0.68. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.35 and a current ratio of 1.88. The stock’s 50-day simple moving average is $58.80 and its two-hundred day simple moving average is $57.74. Corteva, Inc. has a 52-week low of $40.72 and a 52-week high of $64.30.
Corteva (NYSE:CTVA – Get Rating) last announced its earnings results on Thursday, August 4th. The company reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.47 by $0.17. The business had revenue of $6.25 billion for the quarter, compared to analysts’ expectations of $6.09 billion. Corteva had a return on equity of 7.26% and a net margin of 10.31%. The business’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same period last year, the firm posted $1.40 earnings per share. Analysts expect that Corteva, Inc. will post 2.6 EPS for the current year.
Corteva announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, September 13th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 4.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.
Corteva Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Friday, August 12th were paid a $0.15 dividend. The ex-dividend date of this dividend was Thursday, August 11th. This represents a $0.60 annualized dividend and a dividend yield of 0.98%. This is an increase from Corteva’s previous quarterly dividend of $0.14. Corteva’s dividend payout ratio (DPR) is 25.32%.
Insider Transactions at Corteva
In other news, insider Audrey Grimm sold 10,000 shares of the firm’s stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $62.79, for a total value of $627,900.00. Following the transaction, the insider now owns 7,511 shares of the company’s stock, valued at $471,615.69. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.08% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research analysts have recently commented on the company. Royal Bank of Canada boosted their price objective on Corteva from $67.00 to $72.00 and gave the stock an “outperform” rating in a report on Tuesday, August 9th. JPMorgan Chase & Co. raised Corteva from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $58.00 to $63.00 in a research note on Monday, August 8th. KeyCorp upped their target price on Corteva from $64.00 to $72.00 and gave the company an “overweight” rating in a report on Wednesday, September 14th. Credit Suisse Group upped their target price on Corteva to $72.00 in a report on Tuesday, August 9th. Finally, BMO Capital Markets upped their target price on Corteva from $66.00 to $72.00 and gave the company an “outperform” rating in a report on Wednesday, September 14th. One analyst has rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $68.60.
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.
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