Gradient Investments LLC trimmed its position in shares of Corteva, Inc. (NYSE:CTVA – Get Rating) by 13.4% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,369 shares of the company’s stock after selling 1,137 shares during the period. Gradient Investments LLC’s holdings in Corteva were worth $399,000 at the end of the most recent quarter.
A number of other large investors have also recently bought and sold shares of CTVA. Landmark Wealth Management LLC acquired a new stake in shares of Corteva in the 1st quarter valued at approximately $47,000. Carl Stuart Investment Advisor Inc. acquired a new stake in shares of Corteva in the 1st quarter valued at approximately $28,000. CKW Financial Group boosted its stake in shares of Corteva by 1,083.7% in the 1st quarter. CKW Financial Group now owns 509 shares of the company’s stock valued at $30,000 after purchasing an additional 466 shares in the last quarter. Hazlett Burt & Watson Inc. acquired a new stake in shares of Corteva in the 1st quarter valued at approximately $31,000. Finally, Fieldpoint Private Securities LLC boosted its stake in shares of Corteva by 106.0% in the 1st quarter. Fieldpoint Private Securities LLC now owns 546 shares of the company’s stock valued at $31,000 after purchasing an additional 281 shares in the last quarter. 79.02% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently weighed in on the stock. UBS Group reduced their price target on shares of Corteva from $68.00 to $64.00 in a research note on Wednesday, July 13th. Roth Capital upgraded shares of Corteva from a “neutral” rating to a “buy” rating and raised their price objective for the company from $67.00 to $74.00 in a report on Monday, August 8th. Citigroup raised their price objective on shares of Corteva from $63.00 to $69.00 and gave the company a “buy” rating in a report on Monday, August 8th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Corteva from $68.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, September 15th. Finally, KeyCorp raised their price objective on shares of Corteva from $64.00 to $72.00 and gave the company an “overweight” rating in a report on Wednesday, September 14th. One research analyst has rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $68.60.
Corteva Stock Up 0.1 %
Corteva (NYSE:CTVA – Get Rating) last released its quarterly earnings results on Thursday, August 4th. The company reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.47 by $0.17. Corteva had a net margin of 10.31% and a return on equity of 7.26%. The firm had revenue of $6.25 billion during the quarter, compared to analyst estimates of $6.09 billion. During the same quarter last year, the business earned $1.40 EPS. The company’s revenue was up 11.6% compared to the same quarter last year. Equities analysts predict that Corteva, Inc. will post 2.6 EPS for the current year.
Corteva Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Friday, August 12th were paid a $0.15 dividend. The ex-dividend date of this dividend was Thursday, August 11th. This represents a $0.60 annualized dividend and a dividend yield of 0.98%. This is a positive change from Corteva’s previous quarterly dividend of $0.14. Corteva’s payout ratio is currently 25.32%.
Corteva announced that its board has authorized a stock repurchase plan on Tuesday, September 13th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to buy up to 4.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
In other news, insider Audrey Grimm sold 10,000 shares of Corteva stock in a transaction on Thursday, September 15th. The shares were sold at an average price of $62.79, for a total value of $627,900.00. Following the completion of the sale, the insider now owns 7,511 shares in the company, valued at approximately $471,615.69. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.08% of the stock is currently owned by company insiders.
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.
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