Advisor Partners LLC lifted its position in shares of Corteva (NYSE:CTVA) by 35.1% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 18,356 shares of the company’s stock after buying an additional 4,765 shares during the quarter. Advisor Partners LLC’s holdings in Corteva were worth $514,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in the company. Oakview Capital Management L.P. purchased a new stake in Corteva during the 2nd quarter worth about $23,058,000. Legacy Advisors LLC purchased a new stake in Corteva during the 2nd quarter worth about $210,000. Gateway Investment Advisers LLC purchased a new stake in Corteva during the 2nd quarter worth about $15,124,000. Cullen Frost Bankers Inc. purchased a new stake in Corteva during the 2nd quarter worth about $629,000. Finally, Bridge Creek Capital Management LLC purchased a new stake in Corteva during the 2nd quarter worth about $5,559,000. 72.18% of the stock is owned by institutional investors and hedge funds.
A number of research firms recently commented on CTVA. Monness Crespi & Hardt began coverage on Corteva in a research report on Wednesday, July 17th. They set a “sell” rating and a $24.00 price objective for the company. Loop Capital began coverage on Corteva in a research report on Monday, July 1st. They set a “hold” rating and a $31.00 price objective for the company. Zacks Investment Research cut Corteva from a “hold” rating to a “strong sell” rating in a research report on Wednesday. Barclays reiterated a “hold” rating and set a $35.00 price objective on shares of Corteva in a research report on Sunday, August 4th. Finally, Royal Bank of Canada upgraded Corteva from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $29.00 to $38.00 in a research report on Friday, August 9th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the stock. Corteva currently has an average rating of “Hold” and a consensus price target of $31.93.
In other news, Director Klaus A. Engel acquired 18,393 shares of Corteva stock in a transaction dated Friday, August 30th. The shares were acquired at an average cost of $30.00 per share, with a total value of $551,790.00. Following the purchase, the director now directly owns 25,253 shares of the company’s stock, valued at approximately $757,590. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Timothy P. Glenn acquired 6,500 shares of Corteva stock in a transaction dated Monday, August 5th. The stock was purchased at an average cost of $30.52 per share, for a total transaction of $198,380.00.
CTVA opened at $26.04 on Friday. The company has a 50-day simple moving average of $28.00. Corteva has a 12 month low of $24.35 and a 12 month high of $32.78.
Corteva (NYSE:CTVA) last posted its quarterly earnings results on Thursday, August 1st. The company reported $1.42 EPS for the quarter, beating the consensus estimate of $0.99 by $0.43. The business had revenue of $5.56 billion during the quarter, compared to analysts’ expectations of $5.47 billion. The business’s revenue for the quarter was down 3.1% on a year-over-year basis. As a group, equities research analysts forecast that Corteva will post 1.17 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Friday, November 29th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.00%. The ex-dividend date of this dividend is Wednesday, November 27th.
Corteva, Inc provides agriculture products worldwide. The company develops and supplies germplasm and traits in corn, soybean, and sunflower seed markets. It also supplies products to the agricultural input industry that protect against weeds, insects and other pests, and diseases, as well as to enhance crop health.
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