Zhang Financial LLC purchased a new position in shares of Corteva, Inc. (NYSE:CTVA – Get Rating) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 14,734 shares of the company’s stock, valued at approximately $697,000.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. First Trust Advisors LP raised its position in Corteva by 11.8% in the fourth quarter. First Trust Advisors LP now owns 1,315,698 shares of the company’s stock valued at $62,206,000 after purchasing an additional 138,740 shares during the period. Brinker Capital Investments LLC raised its position in Corteva by 40.4% in the fourth quarter. Brinker Capital Investments LLC now owns 26,962 shares of the company’s stock valued at $1,275,000 after purchasing an additional 7,752 shares during the period. Natixis raised its position in Corteva by 3,774.9% in the third quarter. Natixis now owns 310,261 shares of the company’s stock valued at $13,056,000 after purchasing an additional 302,254 shares during the period. State of New Jersey Common Pension Fund D grew its stake in shares of Corteva by 1.3% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 432,883 shares of the company’s stock valued at $20,467,000 after acquiring an additional 5,721 shares in the last quarter. Finally, First Republic Investment Management Inc. grew its stake in shares of Corteva by 3.6% during the fourth quarter. First Republic Investment Management Inc. now owns 379,664 shares of the company’s stock valued at $17,950,000 after acquiring an additional 13,336 shares in the last quarter. 79.46% of the stock is currently owned by institutional investors and hedge funds.
In other Corteva news, Director Klaus A. Engel sold 3,000 shares of Corteva stock in a transaction that occurred on Tuesday, March 15th. The shares were sold at an average price of $52.76, for a total value of $158,280.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.08% of the company’s stock.
Corteva (NYSE:CTVA – Get Rating) last announced its earnings results on Wednesday, May 4th. The company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.82 by $0.15. The firm had revenue of $4.60 billion for the quarter, compared to analysts’ expectations of $4.47 billion. Corteva had a return on equity of 6.70% and a net margin of 10.72%. The firm’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.79 earnings per share. Sell-side analysts forecast that Corteva, Inc. will post 2.53 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 15th. Shareholders of record on Friday, May 13th will be given a $0.14 dividend. The ex-dividend date is Thursday, May 12th. This represents a $0.56 annualized dividend and a yield of 0.98%. Corteva’s dividend payout ratio (DPR) is 23.83%.
Several brokerages have recently weighed in on CTVA. Zacks Investment Research upgraded Corteva from a “sell” rating to a “hold” rating in a research note on Monday, February 7th. KeyCorp raised their target price on Corteva from $58.00 to $63.00 and gave the company an “overweight” rating in a research note on Tuesday, April 5th. JPMorgan Chase & Co. downgraded Corteva from an “overweight” rating to a “neutral” rating and set a $58.00 target price for the company. in a research note on Friday, May 6th. They noted that the move was a valuation call. Redburn Partners upgraded Corteva from a “neutral” rating to a “buy” rating in a research note on Monday, January 31st. Finally, Vertical Research cut shares of Corteva from a “buy” rating to a “hold” rating and set a $58.00 target price on the stock. in a report on Thursday, April 14th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $59.14.
Corteva Company Profile (Get Rating)
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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