Corteva, Inc. (NYSE:CTVA) Shares Sold by Westpac Banking Corp

Westpac Banking Corp lessened its position in Corteva, Inc. (NYSE:CTVA) by 91.7% in the 2nd quarter, Holdings Channel reports. The fund owned 5,083 shares of the company’s stock after selling 55,949 shares during the period. Westpac Banking Corp’s holdings in Corteva were worth $291,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Barrett & Company Inc. acquired a new stake in shares of Corteva in the first quarter worth approximately $29,000. Carolinas Wealth Consulting LLC boosted its position in shares of Corteva by 454.5% in the first quarter. Carolinas Wealth Consulting LLC now owns 610 shares of the company’s stock worth $35,000 after acquiring an additional 500 shares during the last quarter. Ellevest Inc. lifted its position in Corteva by 239.4% during the first quarter. Ellevest Inc. now owns 611 shares of the company’s stock valued at $37,000 after buying an additional 431 shares in the last quarter. Dakota Community Bank & Trust NA acquired a new position in Corteva during the second quarter valued at approximately $39,000. Finally, Activest Wealth Management acquired a new position in Corteva during the second quarter valued at approximately $40,000. Institutional investors and hedge funds own 80.56% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on CTVA. Morgan Stanley reduced their price target on shares of Corteva from $80.00 to $60.00 and set an “overweight” rating on the stock in a research report on Friday, November 10th. KeyCorp reduced their price target on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a research report on Friday, November 10th. Wells Fargo & Company reduced their price target on shares of Corteva from $73.00 to $66.00 and set an “overweight” rating on the stock in a research report on Monday, October 23rd. JPMorgan Chase & Co. reduced their target price on shares of Corteva from $70.00 to $65.00 and set an “overweight” rating on the stock in a research report on Monday, August 7th. Finally, Redburn Partners cut shares of Corteva from a “buy” rating to a “neutral” rating in a research report on Tuesday, July 25th. Four research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $65.44.

Insider Buying and Selling at Corteva

In other news, EVP Robert D. King purchased 640 shares of the stock in a transaction dated Tuesday, November 14th. The stock was acquired at an average price of $46.77 per share, for a total transaction of $29,932.80. Following the completion of the transaction, the executive vice president now owns 59,701 shares of the company’s stock, valued at $2,792,215.77. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP Robert D. King purchased 640 shares of the stock in a transaction dated Tuesday, November 14th. The stock was acquired at an average price of $46.77 per share, for a total transaction of $29,932.80. Following the completion of the transaction, the executive vice president now owns 59,701 shares of the company’s stock, valued at $2,792,215.77. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO David J. Anderson purchased 2,000 shares of the stock in a transaction dated Friday, September 15th. The shares were purchased at an average price of $52.97 per share, with a total value of $105,940.00. Following the transaction, the chief financial officer now directly owns 65,308 shares of the company’s stock, valued at approximately $3,459,364.76. The disclosure for this purchase can be found here. Insiders acquired a total of 2,990 shares of company stock worth $151,066 over the last 90 days. Insiders own 0.14% of the company’s stock.

Corteva Stock Up 0.7 %

Shares of NYSE:CTVA opened at $47.32 on Friday. The company has a current ratio of 1.58, a quick ratio of 0.97 and a debt-to-equity ratio of 0.09. The company has a fifty day simple moving average of $49.64 and a 200 day simple moving average of $53.14. The firm has a market cap of $33.35 billion, a PE ratio of 36.40, a price-to-earnings-growth ratio of 1.39 and a beta of 0.80. Corteva, Inc. has a 12-month low of $43.22 and a 12-month high of $67.55.

Corteva (NYSE:CTVA) last released its earnings results on Wednesday, November 8th. The company reported ($0.23) earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.03. Corteva had a net margin of 5.38% and a return on equity of 7.47%. The firm had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.63 billion. During the same quarter in the previous year, the firm earned ($0.12) earnings per share. The firm’s revenue for the quarter was down 6.7% compared to the same quarter last year. On average, equities research analysts anticipate that Corteva, Inc. will post 2.61 EPS for the current fiscal year.

Corteva Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.64 annualized dividend and a yield of 1.35%. Corteva’s payout ratio is 49.23%.

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.