Corteva, Inc. $CTVA Shares Bought by Bayforest Capital Ltd

Bayforest Capital Ltd grew its stake in shares of Corteva, Inc. (NYSE:CTVA) by 3.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,255 shares of the company’s stock after acquiring an additional 258 shares during the quarter. Bayforest Capital Ltd’s holdings in Corteva were worth $615,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Corteva by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 79,814,646 shares of the company’s stock worth $5,022,736,000 after purchasing an additional 639,799 shares during the period. Independent Franchise Partners LLP raised its holdings in shares of Corteva by 1.8% in the 1st 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 raised its holdings in shares of Corteva by 1.0% in the 1st 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 position in shares of Corteva in the 1st quarter worth about $640,333,000. Finally, WCM Investment Management LLC raised its holdings in shares of Corteva by 1.4% in the 1st 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.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CTVA. Weiss Ratings downgraded Corteva from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, October 8th. Jefferies Financial Group cut their price objective on Corteva from $92.00 to $85.00 in a report on Thursday, October 2nd. Wells Fargo & Company reiterated an “overweight” rating and issued a $83.00 target price (up previously from $82.00) on shares of Corteva in a research note on Friday, August 8th. Deutsche Bank Aktiengesellschaft increased their target price on Corteva from $83.00 to $90.00 and gave the company a “buy” rating in a research note on Monday, September 15th. Finally, JPMorgan Chase & Co. upgraded Corteva from a “neutral” rating to an “overweight” rating and set a $67.00 target price for the company in a research note on Thursday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $80.81.

Corteva Price Performance

CTVA stock opened at $62.68 on Wednesday. Corteva, Inc. has a 1 year low of $53.40 and a 1 year high of $77.41. The stock has a 50-day simple moving average of $70.00 and a 200-day simple moving average of $68.96. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.23 and a current ratio of 1.68. The firm has a market cap of $42.56 billion, a P/E ratio of 30.57, a price-to-earnings-growth ratio of 1.42 and a beta of 0.76.

Corteva (NYSE:CTVA) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $2.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.89 by $0.31. Corteva had a return on equity of 8.68% and a net margin of 8.16%.The firm had revenue of $6.46 billion during the quarter, compared to analyst estimates of $6.26 billion. During the same quarter last year, the firm earned $1.83 EPS. Corteva’s quarterly revenue was up 5.6% on a year-over-year basis. On average, equities analysts predict that Corteva, Inc. will post 2.96 earnings per share for the current fiscal 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 paid a dividend of $0.18 per share. This is a boost from Corteva’s previous quarterly dividend of $0.17. The ex-dividend date was Tuesday, September 2nd. This represents a $0.72 dividend on an annualized basis and a yield of 1.1%. Corteva’s payout ratio is 35.12%.

Insiders Place Their Bets

In other Corteva news, EVP Robert D. King sold 37,280 shares of the firm’s stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $74.20, for a total transaction of $2,766,176.00. Following the completion of the sale, the executive vice president owned 49,262 shares in the company, valued at $3,655,240.40. This trade represents a 43.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.15% of the stock is currently owned by company insiders.

Corteva Company Profile

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.