KLP Kapitalforvaltning AS increased its holdings in Corteva, Inc. (NYSE:CTVA – Free Report) by 6.2% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 251,676 shares of the company’s stock after buying an additional 14,600 shares during the period. KLP Kapitalforvaltning AS’s holdings in Corteva were worth $18,757,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors also recently bought and sold shares of CTVA. Moody National Bank Trust Division grew its holdings in Corteva by 0.7% in the second quarter. Moody National Bank Trust Division now owns 22,139 shares of the company’s stock worth $1,650,000 after purchasing an additional 143 shares during the last quarter. Ancora Advisors LLC grew its holdings in Corteva by 0.8% in the first quarter. Ancora Advisors LLC now owns 18,567 shares of the company’s stock worth $1,168,000 after purchasing an additional 150 shares during the last quarter. NewEdge Advisors LLC grew its holdings in Corteva by 0.5% in the first quarter. NewEdge Advisors LLC now owns 31,455 shares of the company’s stock worth $1,979,000 after purchasing an additional 152 shares during the last quarter. Plancorp LLC grew its holdings in Corteva by 2.3% in the first quarter. Plancorp LLC now owns 7,156 shares of the company’s stock worth $450,000 after purchasing an additional 158 shares during the last quarter. Finally, Legacy Financial Advisors Inc. grew its holdings in shares of Corteva by 4.4% during the first quarter. Legacy Financial Advisors Inc. now owns 3,761 shares of the company’s stock valued at $237,000 after buying an additional 160 shares during the last quarter. Institutional investors own 81.54% of the company’s stock.
Analyst Upgrades and Downgrades
A number of brokerages have recently weighed in on CTVA. Wells Fargo & Company reissued an “overweight” rating and set a $83.00 price objective (up from $82.00) on shares of Corteva in a report on Friday, August 8th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Corteva from $83.00 to $90.00 and gave the company a “buy” rating in a report on Monday, September 15th. Jefferies Financial Group dropped their price objective on shares of Corteva from $92.00 to $85.00 in a report on Thursday, October 2nd. Barclays raised shares of Corteva from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $75.00 to $84.00 in a report on Wednesday, August 13th. Finally, Zacks Research raised shares of Corteva from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $80.13.
Insider Buying and Selling at Corteva
In other news, EVP Robert D. King sold 37,280 shares of the stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $74.20, for a total value of $2,766,176.00. Following the completion of the sale, the executive vice president owned 49,262 shares of the company’s stock, valued at $3,655,240.40. This represents a 43.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.14% of the stock is currently owned by company insiders.
Corteva Stock Down 3.8%
CTVA opened at $63.10 on Thursday. Corteva, Inc. has a twelve month low of $53.40 and a twelve month high of $77.41. The company has a quick ratio of 1.23, a current ratio of 1.68 and a debt-to-equity ratio of 0.06. The company has a 50-day moving average price of $70.75 and a 200 day moving average price of $68.90. The company has a market cap of $42.85 billion, a PE ratio of 30.78, a price-to-earnings-growth ratio of 1.48 and a beta of 0.76.
Corteva (NYSE:CTVA – Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $2.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.31. Corteva had a net margin of 8.16% and a return on equity of 8.68%. The company had revenue of $6.46 billion during the quarter, compared to analysts’ expectations of $6.26 billion. During the same quarter in the prior year, the company earned $1.83 EPS. Corteva’s revenue was up 5.6% compared to the same quarter last year. Sell-side analysts expect that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.
Corteva Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were paid a $0.18 dividend. This is a positive change from Corteva’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $0.72 annualized dividend and a dividend yield of 1.1%. Corteva’s dividend payout ratio is currently 35.12%.
Corteva Company 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.
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