O Shaughnessy Asset Management LLC cut its holdings in Corteva, Inc. (NYSE:CTVA) by 37.3% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 3,337 shares of the company’s stock after selling 1,986 shares during the quarter. O Shaughnessy Asset Management LLC’s holdings in Corteva were worth $148,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Fifth Third Bancorp raised its stake in shares of Corteva by 37.1% during the 1st quarter. Fifth Third Bancorp now owns 74,368 shares of the company’s stock worth $3,467,000 after purchasing an additional 20,113 shares in the last quarter. Clarus Group Inc. bought a new stake in shares of Corteva during the 1st quarter worth $119,000. IndexIQ Advisors LLC bought a new position in Corteva in the first quarter valued at about $2,926,000. Swiss National Bank raised its position in shares of Corteva by 1.4% during the first quarter. Swiss National Bank now owns 2,865,103 shares of the company’s stock worth $133,571,000 after acquiring an additional 38,500 shares during the last quarter. Finally, Jackson Hole Capital Partners LLC grew its stake in Corteva by 23.0% during the first quarter. Jackson Hole Capital Partners LLC now owns 7,357 shares of the company’s stock worth $343,000 after purchasing an additional 1,374 shares during the period. Hedge funds and other institutional investors own 78.51% of the company’s stock.
CTVA has been the topic of a number of recent analyst reports. Monness Crespi & Hardt upgraded Corteva from a “sell” rating to a “neutral” rating in a report on Monday, August 9th. Royal Bank of Canada lifted their price target on Corteva from $52.00 to $54.00 and gave the company an “outperform” rating in a research report on Monday, August 9th. Berenberg Bank assumed coverage on Corteva in a research report on Wednesday, September 1st. They set a “buy” rating and a $58.00 target price for the company. Zacks Investment Research upgraded Corteva from a “sell” rating to a “hold” rating in a report on Tuesday, August 10th. Finally, Barclays lowered their target price on Corteva from $53.00 to $51.00 and set an “equal weight” rating for the company in a research note on Monday, August 9th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $49.33.
Corteva (NYSE:CTVA) last posted its quarterly earnings results on Thursday, August 5th. The company reported $1.40 EPS for the quarter, beating the consensus estimate of $1.25 by $0.15. The company had revenue of $5.63 billion for the quarter, compared to analyst estimates of $5.29 billion. Corteva had a net margin of 8.19% and a return on equity of 5.49%. During the same period in the prior year, the company earned $1.26 earnings per share. As a group, research analysts anticipate that Corteva, Inc. will post 2.03 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 15th. Shareholders of record on Friday, August 13th were given a $0.14 dividend. The ex-dividend date was Thursday, August 12th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.35%. This is an increase from Corteva’s previous quarterly dividend of $0.13. Corteva’s dividend payout ratio is 37.33%.
Corteva declared that its Board of Directors has authorized a share repurchase program on Thursday, August 5th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the company to buy up to 4.9% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
Corteva, Inc operates as a holding company. It engages in the provision of agricultural products. The firm operates through the following segments: Seed and Crop Protection. The Seed segment develops and supplies germplasm and traits that produce optimum yield for farms. The Crop Protection segment serves the global agricultural input industry with products that protect against weeds, insects and other pests, and disease and that improve overall crop health both above and below ground via nitrogen management and seed-applied technologies.
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