Geode Capital Management LLC Buys 251,693 Shares of Corteva, Inc. $CTVA

Geode Capital Management LLC raised its stake in Corteva, Inc. (NYSE:CTVA) by 1.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,047,263 shares of the company’s stock after purchasing an additional 251,693 shares during the period. Geode Capital Management LLC’s holdings in Corteva were worth $1,339,651,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of CTVA. Gladwyn Financial Advisors Inc. bought a new position in shares of Corteva during the 2nd quarter worth approximately $25,000. Curat Global LLC grew its holdings in Corteva by 93.7% in the second quarter. Curat Global LLC now owns 370 shares of the company’s stock worth $28,000 after purchasing an additional 179 shares during the last quarter. Maryland Capital Advisors Inc. acquired a new position in shares of Corteva during the second quarter worth $29,000. DHJJ Financial Advisors Ltd. lifted its holdings in shares of Corteva by 132.2% during the 2nd quarter. DHJJ Financial Advisors Ltd. now owns 527 shares of the company’s stock valued at $39,000 after purchasing an additional 300 shares during the last quarter. Finally, Princeton Global Asset Management LLC boosted its position in shares of Corteva by 61.5% in the 2nd quarter. Princeton Global Asset Management LLC now owns 525 shares of the company’s stock worth $39,000 after purchasing an additional 200 shares in the last quarter. 81.54% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Robert D. King sold 37,280 shares of the company’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 value of $2,766,176.00. Following the transaction, the executive vice president directly 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 is accessible through this link. 0.14% of the stock is owned by corporate insiders.

Corteva Stock Performance

CTVA opened at $66.45 on Thursday. The stock has a market cap of $44.90 billion, a P/E ratio of 28.40, a P/E/G ratio of 1.49 and a beta of 0.81. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.58 and a quick ratio of 1.07. The firm has a fifty day moving average price of $65.95 and a 200 day moving average price of $69.54. Corteva, Inc. has a 1 year low of $53.40 and a 1 year high of $77.41.

Corteva (NYSE:CTVA) last announced its quarterly earnings results on Tuesday, November 4th. The company reported ($0.23) earnings per share for the quarter, beating the consensus estimate of ($0.49) by $0.26. The firm had revenue of $2.62 billion during the quarter, compared to analyst estimates of $2.47 billion. Corteva had a return on equity of 9.37% and a net margin of 9.19%.Corteva’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.49) EPS. Equities research analysts anticipate that Corteva, Inc. will post 2.96 earnings per share for the current year.

Corteva Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be paid a $0.18 dividend. The ex-dividend date of this dividend is Monday, December 1st. This represents a $0.72 annualized dividend and a dividend yield of 1.1%. Corteva’s dividend payout ratio is 30.77%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on CTVA shares. JPMorgan Chase & Co. raised shares of Corteva from a “neutral” rating to an “overweight” rating and set a $67.00 price objective for the company in a research report on Thursday, October 2nd. UBS Group lowered their price objective on shares of Corteva from $85.00 to $81.00 and set a “buy” rating for the company in a research note on Thursday, October 30th. Royal Bank Of Canada cut their target price on Corteva from $86.00 to $80.00 and set an “outperform” rating on the stock in a research report on Friday, October 17th. Argus lowered their price target on Corteva from $83.00 to $80.00 and set a “buy” rating for the company in a research report on Monday, October 13th. Finally, Zacks Research lowered Corteva from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 30th. Fifteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Corteva has a consensus rating of “Moderate Buy” and an average target price of $79.18.

Corteva 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.