M.E. Allison & CO. Inc. Purchases New Stake in Corteva, Inc. $CTVA

M.E. Allison & CO. Inc. purchased a new stake in Corteva, Inc. (NYSE:CTVA) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 3,626 shares of the company’s stock, valued at approximately $270,000.

Other hedge funds have also added to or reduced their stakes in the company. Peak Financial Advisors LLC bought a new position in Corteva in the second quarter valued at about $505,000. Cary Street Partners Financial LLC boosted its holdings in Corteva by 20.7% during the first quarter. Cary Street Partners Financial LLC now owns 90,206 shares of the company’s stock worth $5,677,000 after buying an additional 15,448 shares during the last quarter. PGGM Investments boosted its holdings in Corteva by 68.5% during the second quarter. PGGM Investments now owns 1,223,444 shares of the company’s stock worth $91,183,000 after buying an additional 497,200 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Corteva by 28.6% during the first quarter. Goldman Sachs Group Inc. now owns 2,851,993 shares of the company’s stock worth $179,476,000 after buying an additional 634,938 shares during the last quarter. Finally, S.E.E.D. Planning Group LLC boosted its holdings in Corteva by 70.3% during the second quarter. S.E.E.D. Planning Group LLC now owns 164,393 shares of the company’s stock worth $12,252,000 after buying an additional 67,869 shares during the last quarter. Institutional investors own 81.54% of the company’s stock.

Insider Transactions at Corteva

In related news, EVP Robert D. King sold 37,280 shares of Corteva stock in a transaction that occurred 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 sale, the executive vice president owned 49,262 shares of the company’s stock, valued at approximately $3,655,240.40. This trade represents a 43.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.14% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CTVA. Royal Bank Of Canada restated an “outperform” rating on shares of Corteva in a report on Monday, August 11th. JPMorgan Chase & Co. upgraded Corteva from a “neutral” rating to an “overweight” rating and set a $67.00 target price on the stock in a report on Thursday, October 2nd. KeyCorp restated a “sector weight” rating on shares of Corteva in a report on Friday, October 3rd. Deutsche Bank Aktiengesellschaft raised their target price on Corteva from $83.00 to $90.00 and gave the stock a “buy” rating in a report on Monday, September 15th. Finally, Weiss Ratings cut Corteva from a “buy (b-)” rating to a “hold (c+)” rating in a 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 issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $80.13.

Corteva Trading Down 1.4%

NYSE:CTVA opened at $61.90 on Monday. Corteva, Inc. has a fifty-two week low of $53.40 and a fifty-two week 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 stock has a market capitalization of $42.04 billion, a PE ratio of 30.20, a price-to-earnings-growth ratio of 1.40 and a beta of 0.76. The business’s 50-day simple moving average is $70.38 and its 200-day simple moving average is $68.99.

Corteva (NYSE:CTVA) last released its quarterly earnings data 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 return on equity of 8.68% and a net margin of 8.16%.The business had revenue of $6.46 billion for the quarter, compared to analysts’ expectations of $6.26 billion. During the same quarter in the previous year, the business posted $1.83 EPS. Corteva’s revenue for the quarter was up 5.6% on a year-over-year basis. Sell-side analysts expect that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Increases Dividend

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

About Corteva

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.