LRI Investments LLC Makes New Investment in Corteva, Inc. (NYSE:CTVA)

LRI Investments LLC acquired a new position in shares of Corteva, Inc. (NYSE:CTVA) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 8,366 shares of the company’s stock, valued at approximately $479,000.

A number of other hedge funds have also recently bought and sold shares of CTVA. Elkhorn Partners Limited Partnership bought a new stake in Corteva in the 1st quarter valued at about $427,000. Linscomb Wealth Inc. raised its stake in Corteva by 1.0% in the 1st quarter. Linscomb Wealth Inc. now owns 79,786 shares of the company’s stock valued at $4,601,000 after acquiring an additional 800 shares during the period. Gabelli Funds LLC raised its stake in Corteva by 6.9% in the 1st quarter. Gabelli Funds LLC now owns 46,636 shares of the company’s stock valued at $2,689,000 after acquiring an additional 3,000 shares during the period. Stonebridge Capital Advisors LLC raised its stake in Corteva by 27.3% in the 1st quarter. Stonebridge Capital Advisors LLC now owns 111,502 shares of the company’s stock valued at $6,430,000 after acquiring an additional 23,940 shares during the period. Finally, Canada Pension Plan Investment Board increased its position in shares of Corteva by 87.7% during the first quarter. Canada Pension Plan Investment Board now owns 1,526,486 shares of the company’s stock valued at $88,032,000 after buying an additional 713,271 shares during the period. 81.54% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CTVA has been the topic of several analyst reports. Canaccord Genuity Group upped their price target on Corteva from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, May 3rd. Barclays upped their price target on Corteva from $55.00 to $58.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 10th. Wells Fargo & Company upped their price target on Corteva from $66.00 to $67.00 and gave the company an “overweight” rating in a research report on Friday, May 3rd. Royal Bank of Canada upped their price target on Corteva from $62.00 to $64.00 and gave the company an “outperform” rating in a research report on Monday, May 6th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and set a $57.00 price objective (down previously from $58.00) on shares of Corteva in a report on Friday, April 12th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $63.00.

Insiders Place Their Bets

In other news, SVP Cornel B. Fuerer sold 39,736 shares of the firm’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $57.41, for a total transaction of $2,281,243.76. Following the completion of the transaction, the senior vice president now directly owns 126,628 shares in the company, valued at $7,269,713.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Samuel R. Eathington sold 31,686 shares of the 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 sale, the insider now directly owns 53,854 shares of the company’s stock, valued at $3,104,144.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Cornel B. Fuerer sold 39,736 shares of the 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 directly owns 126,628 shares in the company, valued at $7,269,713.48. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 83,556 shares of company stock worth $4,795,016. 0.14% of the stock is owned by corporate insiders.

Corteva Trading Up 0.2 %

Shares of NYSE:CTVA traded up $0.11 during trading on Friday, reaching $55.39. 2,272,011 shares of the company traded hands, compared to its average volume of 2,433,612. The firm has a market capitalization of $38.61 billion, a price-to-earnings ratio of 70.11, a P/E/G ratio of 1.49 and a beta of 0.77. Corteva, Inc. has a 52-week low of $43.22 and a 52-week high of $58.76. The company has a current ratio of 1.51, a quick ratio of 0.97 and a debt-to-equity ratio of 0.10. The business’s fifty day moving average is $53.68 and its 200-day moving average is $53.63.

Corteva (NYSE:CTVA) last announced its earnings results on Wednesday, May 1st. The company reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.10. The company had revenue of $4.49 billion during the quarter, compared to the consensus estimate of $4.65 billion. Corteva had a return on equity of 6.68% and a net margin of 3.32%. The firm’s revenue for the quarter was down 8.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.16 earnings per share. As a group, analysts forecast that Corteva, Inc. will post 2.78 EPS for the current year.

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.