Primecap Management Co. CA Sells 13,062 Shares of Corteva, Inc. $CTVA

Primecap Management Co. CA lessened its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 1.0% in the second quarter, HoldingsChannel.com reports. The firm owned 1,293,646 shares of the company’s stock after selling 13,062 shares during the period. Primecap Management Co. CA’s holdings in Corteva were worth $96,415,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the business. Portside Wealth Group LLC boosted its stake in Corteva by 4.4% during the 2nd quarter. Portside Wealth Group LLC now owns 6,411 shares of the company’s stock valued at $478,000 after purchasing an additional 268 shares during the last quarter. Empowered Funds LLC raised its stake in shares of Corteva by 122.8% in the second quarter. Empowered Funds LLC now owns 68,012 shares of the company’s stock worth $5,069,000 after purchasing an additional 37,487 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Corteva by 0.5% during the second quarter. Vanguard Group Inc. now owns 80,188,326 shares of the company’s stock valued at $5,976,436,000 after buying an additional 373,680 shares during the last quarter. Nordwand Advisors LLC purchased a new position in shares of Corteva during the second quarter valued at approximately $5,260,000. Finally, Rothschild Investment LLC grew its holdings in Corteva by 8.7% during the second quarter. Rothschild Investment LLC now owns 5,768 shares of the company’s stock worth $430,000 after buying an additional 462 shares in the last quarter. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Corteva

In other Corteva news, EVP Robert D. King sold 37,280 shares of the firm’s stock in a transaction dated 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 completion of the transaction, 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 this hyperlink. Company insiders own 0.14% of the company’s stock.

Corteva Trading Up 0.2%

Shares of Corteva stock opened at $64.63 on Thursday. Corteva, Inc. has a 52-week low of $53.40 and a 52-week high of $77.41. The stock’s 50-day simple moving average is $65.22 and its 200 day simple moving average is $69.64. The stock has a market capitalization of $43.67 billion, a P/E ratio of 27.62, a P/E/G ratio of 1.46 and a beta of 0.81. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.07 and a current ratio of 1.58.

Corteva (NYSE:CTVA) last issued its earnings results on Tuesday, November 4th. The company reported ($0.23) earnings per share for the quarter, topping analysts’ consensus estimates 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 net margin of 9.19% and a return on equity of 9.37%. The company’s quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter last year, the business earned ($0.49) earnings per share. As a group, research analysts anticipate that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Monday, December 1st. This represents a $0.72 dividend on an annualized basis and a yield of 1.1%. Corteva’s dividend payout ratio is 30.77%.

Wall Street Analysts Forecast Growth

CTVA has been the topic of several recent analyst reports. UBS Group dropped their price objective on Corteva from $85.00 to $81.00 and set a “buy” rating on the stock in a research note on Thursday, October 30th. Zacks Research cut shares of Corteva from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 30th. Wall Street Zen upgraded shares of Corteva from a “hold” rating to a “buy” rating in a research note on Sunday. BMO Capital Markets set a $86.00 price target on shares of Corteva in a report on Monday, September 15th. Finally, Wolfe Research increased their price target on shares of Corteva from $79.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. Fifteen research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $78.05.

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.