Millennium Management LLC boosted its holdings in shares of Corteva (NYSE:CTVA) by 75.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 949,183 shares of the company’s stock after acquiring an additional 407,781 shares during the period. Millennium Management LLC’s holdings in Corteva were worth $26,577,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also bought and sold shares of CTVA. Vanguard Group Inc. bought a new position in Corteva during the second quarter worth about $1,803,496,000. BlackRock Inc. bought a new stake in shares of Corteva in the second quarter valued at about $1,728,215,000. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of Corteva in the second quarter valued at about $579,764,000. Nuveen Asset Management LLC bought a new stake in shares of Corteva in the second quarter valued at about $429,256,000. Finally, Price T Rowe Associates Inc. MD bought a new stake in shares of Corteva in the second quarter valued at about $404,071,000. Hedge funds and other institutional investors own 74.70% of the company’s stock.
A number of analysts have recently commented on the company. JPMorgan Chase & Co. lowered Corteva from an “overweight” rating to a “neutral” rating and cut their price target for the company from $30.00 to $27.00 in a report on Friday, November 1st. Barclays set a $32.00 price target on Corteva and gave the company a “hold” rating in a report on Friday, November 1st. Redburn Partners assumed coverage on Corteva in a report on Tuesday, November 12th. They issued a “buy” rating on the stock. Citigroup cut their price target on Corteva from $34.50 to $31.00 and set a “buy” rating on the stock in a report on Wednesday, October 9th. Finally, Zacks Investment Research upgraded Corteva from a “sell” rating to a “hold” rating in a report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $31.50.
Corteva (NYSE:CTVA) last released its earnings results on Thursday, October 31st. The company reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.46) by $0.07. The company had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.97 billion. The company’s revenue was down 1.8% compared to the same quarter last year. On average, analysts expect that Corteva will post 1.24 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Friday, November 29th will be issued a dividend of $0.13 per share. The ex-dividend date is Wednesday, November 27th. This represents a $0.52 annualized dividend and a yield of 2.00%.
In other Corteva news, CEO James C. Jr. Collins purchased 5,000 shares of the stock in a transaction on Tuesday, November 19th. The shares were purchased at an average price of $25.50 per share, with a total value of $127,500.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Cornel B. Fuerer purchased 2,000 shares of the stock in a transaction on Monday, November 4th. The shares were acquired at an average cost of $26.13 per share, for a total transaction of $52,260.00. Insiders have purchased 15,975 shares of company stock worth $414,277 in the last quarter.
Corteva, Inc provides agriculture products worldwide. The company develops and supplies germplasm and traits in corn, soybean, and sunflower seed markets. It also supplies products to the agricultural input industry that protect against weeds, insects and other pests, and diseases, as well as to enhance crop health.
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