Morningstar Investment Services LLC Buys 22,604 Shares of Corteva (NYSE:CTVA)

Morningstar Investment Services LLC increased its stake in shares of Corteva (NYSE:CTVA) by 10.0% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 248,873 shares of the company’s stock after acquiring an additional 22,604 shares during the quarter. Morningstar Investment Services LLC’s holdings in Corteva were worth $6,506,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Center for Financial Planning Inc. raised its stake in Corteva by 63.5% during the first quarter. Center for Financial Planning Inc. now owns 1,102 shares of the company’s stock valued at $26,000 after purchasing an additional 428 shares in the last quarter. Campbell Wealth Management purchased a new stake in Corteva during the second quarter valued at $30,000. Westside Investment Management Inc. purchased a new stake in Corteva during the first quarter valued at $35,000. Beese Fulmer Investment Management Inc. purchased a new stake in Corteva during the second quarter valued at $35,000. Finally, Verus Capital Partners LLC purchased a new stake in Corteva during the fourth quarter valued at $39,000. Hedge funds and other institutional investors own 78.10% of the company’s stock.

Corteva stock traded up $0.08 during midday trading on Friday, hitting $28.56. 7,305,092 shares of the company’s stock were exchanged, compared to its average volume of 3,212,946. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.12 and a current ratio of 1.60. Corteva has a 12 month low of $20.38 and a 12 month high of $32.78. The firm has a 50-day moving average of $27.38 and a two-hundred day moving average of $26.87. The company has a market cap of $21.37 billion and a PE ratio of -25.05.

Corteva (NYSE:CTVA) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.20. The business had revenue of $3.96 billion for the quarter, compared to analysts’ expectations of $3.56 billion. Corteva had a negative net margin of 5.91% and a positive return on equity of 5.09%. The firm’s quarterly revenue was up 16.5% compared to the same quarter last year. As a group, equities analysts expect that Corteva will post 1.35 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Friday, August 14th will be given a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 1.82%. The ex-dividend date is Thursday, August 13th. Corteva’s payout ratio is currently 36.36%.

A number of equities research analysts recently issued reports on CTVA shares. Cleveland Research started coverage on shares of Corteva in a research note on Friday, June 26th. They set a “neutral” rating on the stock. Royal Bank of Canada increased their target price on shares of Corteva from $27.00 to $31.00 and gave the company an “outperform” rating in a research note on Monday, May 11th. Barclays reduced their target price on shares of Corteva from $32.00 to $30.00 and set an “equal weight” rating on the stock in a research note on Monday, May 11th. Deutsche Bank reduced their target price on shares of Corteva from $34.00 to $32.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. Finally, Bank of America raised shares of Corteva from an “underperform” rating to a “buy” rating in a research note on Monday, July 13th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $30.69.

Corteva Profile

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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Institutional Ownership by Quarter for Corteva (NYSE:CTVA)

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