Elkhorn Partners Limited Partnership Purchases Shares of 7,400 Corteva, Inc. (NYSE:CTVA)

Elkhorn Partners Limited Partnership bought a new position in Corteva, Inc. (NYSE:CTVA) during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 7,400 shares of the company’s stock, valued at approximately $427,000. Corteva comprises 0.3% of Elkhorn Partners Limited Partnership’s holdings, making the stock its 22nd largest holding.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. &PARTNERS lifted its stake in Corteva by 4.3% in the first quarter. &PARTNERS now owns 4,829 shares of the company’s stock valued at $278,000 after purchasing an additional 200 shares during the last quarter. Herr Investment Group LLC lifted its stake in Corteva by 2.8% in the first quarter. Herr Investment Group LLC now owns 7,400 shares of the company’s stock valued at $427,000 after purchasing an additional 200 shares during the last quarter. Baxter Bros Inc. lifted its stake in Corteva by 1.2% in the fourth quarter. Baxter Bros Inc. now owns 17,576 shares of the company’s stock valued at $842,000 after purchasing an additional 215 shares during the last quarter. Albion Financial Group UT lifted its stake in Corteva by 77.2% in the first quarter. Albion Financial Group UT now owns 505 shares of the company’s stock valued at $29,000 after purchasing an additional 220 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. lifted its stake in Corteva by 1.3% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 17,986 shares of the company’s stock valued at $1,037,000 after purchasing an additional 227 shares during the last quarter. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CTVA. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $65.00 price objective on shares of Corteva in a research note on Wednesday, June 12th. Wells Fargo & Company boosted their target price on shares of Corteva from $66.00 to $67.00 and gave the company an “overweight” rating in a report on Friday, May 3rd. Canaccord Genuity Group boosted their target price on shares of Corteva from $60.00 to $65.00 and gave the company a “buy” rating in a report on Friday, May 3rd. KeyCorp boosted their target price on shares of Corteva from $63.00 to $66.00 and gave the company an “overweight” rating in a report on Tuesday, April 9th. Finally, Mizuho lowered their target price on shares of Corteva from $61.00 to $60.00 and set a “buy” rating on the stock in a report on Tuesday, June 18th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Corteva presently has an average rating of “Moderate Buy” and a consensus price target of $63.00.

Corteva Trading Up 0.1 %

NYSE CTVA traded up $0.07 during trading on Tuesday, hitting $55.53. 1,975,492 shares of the company’s stock traded hands, compared to its average volume of 3,405,183. The stock has a fifty day moving average of $53.63 and a two-hundred day moving average of $53.81. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.51 and a quick ratio of 0.97. Corteva, Inc. has a 12-month low of $43.22 and a 12-month high of $58.76. The firm has a market cap of $38.70 billion, a P/E ratio of 70.29, a PEG ratio of 1.50 and a beta of 0.77.

Corteva (NYSE:CTVA) last posted its quarterly earnings results on Wednesday, May 1st. The company reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.10. Corteva had a net margin of 3.32% and a return on equity of 6.68%. The business had revenue of $4.49 billion during the quarter, compared to analyst estimates of $4.65 billion. During the same period in the prior year, the business posted $1.16 earnings per share. The company’s revenue was down 8.0% on a year-over-year basis. As a group, sell-side analysts expect that Corteva, Inc. will post 2.78 EPS for the current year.

Corteva Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd will be issued a dividend of $0.17 per share. This is a positive change from Corteva’s previous quarterly dividend of $0.16. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date is Tuesday, September 3rd. Corteva’s dividend payout ratio is currently 81.01%.

Insider Transactions at Corteva

In related news, SVP Cornel B. Fuerer sold 39,736 shares of the stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $57.41, for a total value of $2,281,243.76. Following the completion of the transaction, the senior vice president now directly owns 126,628 shares of the company’s stock, valued at $7,269,713.48. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Corteva news, insider Samuel R. Eathington sold 31,686 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $57.64, for a total transaction of $1,826,381.04. Following the completion of the transaction, the insider now owns 53,854 shares of the company’s stock, valued at $3,104,144.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Cornel B. Fuerer sold 39,736 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $57.41, for a total transaction of $2,281,243.76. Following the sale, the senior vice president now directly owns 126,628 shares of the company’s stock, valued at approximately $7,269,713.48. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 83,556 shares of company stock worth $4,795,016. Company insiders own 0.14% of the company’s stock.

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.