Lorne Steinberg Wealth Management Inc. Has $8.23 Million Holdings in Corteva, Inc. $CTVA

Lorne Steinberg Wealth Management Inc. cut its position in Corteva, Inc. (NYSE:CTVA) by 0.9% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 110,370 shares of the company’s stock after selling 955 shares during the quarter. Corteva makes up approximately 2.1% of Lorne Steinberg Wealth Management Inc.’s investment portfolio, making the stock its 17th largest holding. Lorne Steinberg Wealth Management Inc.’s holdings in Corteva were worth $8,226,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of CTVA. Nuveen LLC acquired a new position in Corteva in the 1st quarter valued at $640,333,000. WCM Investment Management LLC grew its position in Corteva by 29.6% in the 2nd quarter. WCM Investment Management LLC now owns 9,044,706 shares of the company’s stock worth $672,836,000 after purchasing an additional 2,066,519 shares during the last quarter. Assenagon Asset Management S.A. grew its position in Corteva by 4,769.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,924,419 shares of the company’s stock worth $143,427,000 after purchasing an additional 1,884,897 shares during the last quarter. JPMorgan Chase & Co. grew its position in Corteva by 54.6% in the 1st quarter. JPMorgan Chase & Co. now owns 5,009,038 shares of the company’s stock worth $315,219,000 after purchasing an additional 1,769,355 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in Corteva by 65.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,251,449 shares of the company’s stock worth $204,615,000 after purchasing an additional 1,290,009 shares during the last quarter. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Corteva

In related news, EVP Robert D. King sold 37,280 shares of Corteva stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $74.20, for a total transaction of $2,766,176.00. Following the completion of the transaction, the executive vice president directly owned 49,262 shares of the company’s stock, valued at $3,655,240.40. This trade represents a 43.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.15% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have issued reports on CTVA shares. Oppenheimer set a $87.00 price target on shares of Corteva and gave the stock an “outperform” rating in a research report on Tuesday, July 15th. JPMorgan Chase & Co. upgraded shares of Corteva from a “neutral” rating to an “overweight” rating and set a $67.00 price target on the stock in a research report on Thursday, October 2nd. Deutsche Bank Aktiengesellschaft raised their price target on shares of Corteva from $83.00 to $90.00 and gave the stock a “buy” rating in a research report on Monday, September 15th. Zacks Research upgraded shares of Corteva from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 1st. Finally, Weiss Ratings lowered shares of Corteva from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $80.31.

Corteva Price Performance

Shares of Corteva stock opened at $61.45 on Monday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.23 and a current ratio of 1.68. The firm’s 50-day simple moving average is $69.44 and its 200-day simple moving average is $68.97. Corteva, Inc. has a twelve month low of $53.40 and a twelve month high of $77.41. The firm has a market cap of $41.73 billion, a P/E ratio of 29.98, a price-to-earnings-growth ratio of 1.40 and a beta of 0.76.

Corteva (NYSE:CTVA) last issued its earnings results on Wednesday, August 6th. The company reported $2.20 earnings per share 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 business had revenue of $6.46 billion for the quarter, compared to analyst estimates of $6.26 billion. During the same period in the previous year, the business earned $1.83 EPS. The firm’s revenue was up 5.6% on a year-over-year basis. As a group, research analysts expect that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $0.72 annualized dividend and a yield of 1.2%. This is an increase from Corteva’s previous quarterly dividend of $0.17. Corteva’s payout ratio is 35.12%.

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.