Parallel Advisors LLC boosted its stake in Corteva, Inc. (NYSE:CTVA – Free Report) by 3.3% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 35,300 shares of the company’s stock after acquiring an additional 1,140 shares during the period. Parallel Advisors LLC’s holdings in Corteva were worth $2,631,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in Corteva by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 79,814,646 shares of the company’s stock valued at $5,022,736,000 after buying an additional 639,799 shares during the period. Independent Franchise Partners LLP increased its stake in Corteva by 1.8% during the first quarter. Independent Franchise Partners LLP now owns 16,785,300 shares of the company’s stock worth $1,056,299,000 after purchasing an additional 288,792 shares during the period. Northern Trust Corp increased its stake in Corteva by 1.0% during the first quarter. Northern Trust Corp now owns 11,759,755 shares of the company’s stock worth $740,041,000 after purchasing an additional 110,865 shares during the period. Nuveen LLC purchased a new stake in Corteva during the first quarter worth about $640,333,000. Finally, WCM Investment Management LLC increased its stake in Corteva by 1.4% during the first quarter. WCM Investment Management LLC now owns 6,978,187 shares of the company’s stock worth $426,088,000 after purchasing an additional 98,770 shares during the period. 81.54% of the stock is currently owned by hedge funds and other institutional investors.
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Analyst Ratings Changes
A number of brokerages have issued reports on CTVA. BMO Capital Markets set a $86.00 price target on shares of Corteva in a research note on Monday. Royal Bank Of Canada reiterated an “outperform” rating on shares of Corteva in a research note on Monday, August 11th. Barclays upgraded shares of Corteva from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $75.00 to $84.00 in a research note on Wednesday, August 13th. Oppenheimer set a $87.00 price objective on Corteva and gave the stock an “outperform” rating in a research report on Tuesday, July 15th. Finally, UBS Group boosted their price objective on Corteva from $90.00 to $91.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th. Twelve analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $81.33.
View Our Latest Analysis on CTVA
Corteva Price Performance
Corteva stock opened at $69.90 on Wednesday. Corteva, Inc. has a 12 month low of $53.40 and a 12 month high of $77.41. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.68 and a quick ratio of 1.23. The business has a 50 day simple moving average of $72.77 and a 200-day simple moving average of $68.25. The stock has a market capitalization of $47.47 billion, a PE ratio of 34.10, a price-to-earnings-growth ratio of 1.60 and a beta of 0.78.
Corteva (NYSE:CTVA – Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $2.20 EPS for the quarter, topping the consensus estimate of $1.89 by $0.31. Corteva had a return on equity of 8.68% and a net margin of 8.16%.The business 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 business earned $1.83 earnings per share. The company’s quarterly revenue was up 5.6% compared to the same quarter last year. Equities analysts predict that Corteva, Inc. will post 2.96 earnings per share for the current year.
Corteva Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were given a $0.18 dividend. The ex-dividend date was Tuesday, September 2nd. This is a positive change from Corteva’s previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a yield of 1.0%. Corteva’s dividend payout ratio (DPR) is currently 35.12%.
Insider Transactions at Corteva
In other Corteva news, EVP Robert D. King sold 37,280 shares of the stock in a transaction on Friday, August 29th. The stock was sold at an average price of $74.20, for a total value of $2,766,176.00. Following the completion of the transaction, the executive vice president owned 49,262 shares in the company, valued at approximately $3,655,240.40. This represents a 43.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.15% of the company’s stock.
Corteva Profile
(Free Report)
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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