Norges Bank Buys New Shares in Corteva, Inc. (NYSE:CTVA)

Norges Bank bought a new stake in Corteva, Inc. (NYSE:CTVA) in the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 5,536,269 shares of the company’s stock, valued at approximately $265,298,000. Norges Bank owned 0.79% of Corteva at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. CVA Family Office LLC bought a new stake in shares of Corteva in the 4th quarter worth $25,000. NewSquare Capital LLC increased its stake in Corteva by 70.6% in the 3rd quarter. NewSquare Capital LLC now owns 546 shares of the company’s stock valued at $28,000 after buying an additional 226 shares during the last quarter. Glass Jacobson Investment Advisors llc boosted its stake in shares of Corteva by 234.3% in the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 555 shares of the company’s stock worth $28,000 after buying an additional 389 shares during the last quarter. BKM Wealth Management LLC bought a new position in shares of Corteva in the fourth quarter valued at approximately $27,000. Finally, Naples Money Management LLC purchased a new stake in shares of Corteva during the fourth quarter valued at approximately $31,000. 81.54% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Samuel R. Eathington sold 31,686 shares of the business’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $57.64, for a total value of $1,826,381.04. Following the completion of the sale, the insider now owns 53,854 shares of the company’s stock, valued at approximately $3,104,144.56. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, SVP Cornel B. Fuerer sold 39,736 shares of Corteva stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $57.41, for a total value of $2,281,243.76. Following the sale, the senior vice president now owns 126,628 shares in the company, valued at $7,269,713.48. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Samuel R. Eathington sold 31,686 shares of the company’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $57.64, for a total transaction of $1,826,381.04. Following the completion of the transaction, the insider now owns 53,854 shares of the company’s stock, valued at $3,104,144.56. The disclosure for this sale can be found here. Over the last three months, insiders have sold 83,556 shares of company stock valued at $4,795,016. 0.20% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Royal Bank of Canada upped their price objective on Corteva from $62.00 to $64.00 and gave the company an “outperform” rating in a research note on Monday, May 6th. Oppenheimer increased their price target on shares of Corteva from $67.00 to $69.00 and gave the company an “outperform” rating in a research report on Friday, May 3rd. BNP Paribas upgraded shares of Corteva from an “underperform” rating to a “neutral” rating and set a $53.00 target price on the stock in a research note on Friday, February 2nd. TheStreet upgraded shares of Corteva from a “c+” rating to a “b-” rating in a research note on Tuesday, February 27th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on Corteva from $62.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, May 6th. Six analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $63.24.

Corteva Trading Down 0.2 %

NYSE CTVA opened at $56.65 on Wednesday. The stock’s 50-day simple moving average is $56.00 and its two-hundred day simple moving average is $51.33. Corteva, Inc. has a twelve month low of $43.22 and a twelve month high of $58.81. The company has a quick ratio of 0.97, a current ratio of 1.51 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $39.48 billion, a price-to-earnings ratio of 71.71, a PEG ratio of 1.50 and a beta of 0.78.

Corteva (NYSE:CTVA) last issued its earnings results on Wednesday, May 1st. The company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.10. The business had revenue of $4.49 billion during the quarter, compared to analyst estimates of $4.65 billion. Corteva had a return on equity of 6.68% and a net margin of 3.32%. Corteva’s revenue for the quarter was down 8.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.16 earnings per share. Research analysts forecast that Corteva, Inc. will post 2.82 EPS for the current fiscal year.

Corteva Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Tuesday, June 4th will be given a dividend of $0.16 per share. The ex-dividend date is Tuesday, June 4th. This represents a $0.64 annualized dividend and a yield of 1.13%. Corteva’s payout ratio is 81.01%.

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.