Corteva, Inc. (NYSE:CTVA) Shares Purchased by Greenleaf Trust

Greenleaf Trust boosted its holdings in Corteva, Inc. (NYSE:CTVAGet Rating) by 11.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 15,476 shares of the company’s stock after buying an additional 1,583 shares during the period. Greenleaf Trust’s holdings in Corteva were worth $838,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Syverson Strege & Co boosted its stake in Corteva by 237.3% in the 2nd quarter. Syverson Strege & Co now owns 4,527 shares of the company’s stock worth $245,000 after buying an additional 3,185 shares during the last quarter. Axxcess Wealth Management LLC lifted its stake in shares of Corteva by 9.4% in the 2nd quarter. Axxcess Wealth Management LLC now owns 4,643 shares of the company’s stock valued at $251,000 after purchasing an additional 400 shares in the last quarter. Glenview Capital Management LLC lifted its stake in shares of Corteva by 2.1% in the 2nd quarter. Glenview Capital Management LLC now owns 1,561,646 shares of the company’s stock valued at $84,548,000 after purchasing an additional 32,466 shares in the last quarter. Franklin Resources Inc. lifted its stake in shares of Corteva by 68.1% in the 2nd quarter. Franklin Resources Inc. now owns 2,649,742 shares of the company’s stock valued at $143,457,000 after purchasing an additional 1,073,553 shares in the last quarter. Finally, Rhumbline Advisers lifted its stake in shares of Corteva by 11.6% in the 2nd quarter. Rhumbline Advisers now owns 1,322,620 shares of the company’s stock valued at $71,607,000 after purchasing an additional 137,998 shares in the last quarter. 79.02% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Audrey Grimm sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $62.79, for a total value of $627,900.00. Following the completion of the sale, the insider now directly owns 7,511 shares in the company, valued at approximately $471,615.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.08% of the company’s stock.

Analysts Set New Price Targets

CTVA has been the topic of several research analyst reports. JPMorgan Chase & Co. raised Corteva from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $58.00 to $63.00 in a research note on Monday, August 8th. KeyCorp lifted their price objective on Corteva from $64.00 to $72.00 and gave the company an “overweight” rating in a research note on Wednesday, September 14th. Citigroup raised their target price on Corteva from $69.00 to $73.00 in a report on Tuesday, October 4th. Deutsche Bank Aktiengesellschaft raised their target price on Corteva from $68.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, September 15th. Finally, Roth Capital upgraded Corteva from a “neutral” rating to a “buy” rating and raised their target price for the company from $67.00 to $74.00 in a report on Monday, August 8th. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $71.93.

Corteva Price Performance

CTVA stock opened at $65.80 on Thursday. The company has a quick ratio of 1.08, a current ratio of 1.69 and a debt-to-equity ratio of 0.05. Corteva, Inc. has a 52-week low of $43.74 and a 52-week high of $68.43. The stock’s 50 day moving average is $62.85 and its two-hundred day moving average is $59.57. The company has a market capitalization of $47.01 billion, a PE ratio of 35.19, a P/E/G ratio of 1.61 and a beta of 0.74.

Corteva (NYSE:CTVAGet Rating) last issued its quarterly earnings results on Friday, November 4th. The company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.11. Corteva had a return on equity of 7.31% and a net margin of 7.95%. The business had revenue of $2.78 billion during the quarter, compared to the consensus estimate of $2.58 billion. During the same period in the previous year, the business earned ($0.14) EPS. The business’s quarterly revenue was up 17.1% on a year-over-year basis. Analysts predict that Corteva, Inc. will post 2.57 earnings per share for the current fiscal year.

Corteva declared that its board has initiated a share buyback plan on Tuesday, September 13th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 4.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Corteva Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Monday, November 14th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Thursday, November 10th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.91%. Corteva’s dividend payout ratio (DPR) is 32.09%.

Corteva Company Profile

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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.

See Also

Institutional Ownership by Quarter for Corteva (NYSE:CTVA)

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