DNB Asset Management AS Purchases 6,980 Shares of Corteva, Inc. (NYSE:CTVA)

DNB Asset Management AS lifted its position in shares of Corteva, Inc. (NYSE:CTVA) by 5.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 126,660 shares of the company’s stock after buying an additional 6,980 shares during the quarter. DNB Asset Management AS’s holdings in Corteva were worth $6,832,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Redmont Wealth Advisors LLC purchased a new stake in Corteva during the first quarter worth $25,000. Acadian Asset Management LLC purchased a new stake in shares of Corteva during the 1st quarter worth $25,000. Rise Advisors LLC boosted its position in Corteva by 2,522.2% during the first quarter. Rise Advisors LLC now owns 472 shares of the company’s stock valued at $27,000 after purchasing an additional 454 shares in the last quarter. ICA Group Wealth Management LLC purchased a new position in Corteva in the fourth quarter valued at about $28,000. Finally, Scarborough Advisors LLC bought a new position in Corteva in the fourth quarter worth about $29,000. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Royal Bank of Canada raised their price target on shares of Corteva from $62.00 to $64.00 and gave the company an “outperform” rating in a report on Monday, May 6th. JPMorgan Chase & Co. cut their price target on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday. BMO Capital Markets increased their price objective on Corteva from $64.00 to $67.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. Oppenheimer raised their price objective on Corteva from $67.00 to $69.00 and gave the stock an “outperform” rating in a research report on Friday, May 3rd. Finally, KeyCorp reduced their target price on Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a research report on Friday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $62.00.

Corteva Stock Performance

NYSE CTVA traded down $0.13 on Tuesday, reaching $51.18. 3,651,211 shares of the company’s stock traded hands, compared to its average volume of 3,430,958. The stock has a 50 day moving average price of $53.40 and a 200-day moving average price of $54.03. The firm has a market cap of $35.67 billion, a price-to-earnings ratio of 64.78, a P/E/G ratio of 1.46 and a beta of 0.77. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.97 and a current ratio of 1.72. Corteva, Inc. has a fifty-two week low of $43.22 and a fifty-two week high of $58.76.

Corteva (NYSE:CTVA) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $1.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.09. The business had revenue of $6.11 billion during the quarter, compared to analysts’ expectations of $6.15 billion. Corteva had a return on equity of 7.30% and a net margin of 5.31%. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.60 EPS. Equities research analysts predict that Corteva, Inc. will post 2.73 EPS for the current fiscal year.

Corteva Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd will be paid a dividend of $0.17 per share. This is a boost from Corteva’s previous quarterly dividend of $0.16. The ex-dividend date is Tuesday, September 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.33%. Corteva’s dividend payout ratio (DPR) is presently 81.01%.

Insider Activity

In related news, insider Samuel R. Eathington sold 31,686 shares of the business’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $57.64, for a total value of $1,826,381.04. Following the completion of the transaction, the insider now directly owns 53,854 shares in the company, valued at approximately $3,104,144.56. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, insider Samuel R. Eathington sold 31,686 shares of Corteva 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 transaction, the insider now owns 53,854 shares in the company, valued at approximately $3,104,144.56. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Cornel B. Fuerer sold 39,736 shares of the stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $57.41, for a total value of $2,281,243.76. Following the transaction, the senior vice president now owns 126,628 shares in the company, valued at approximately $7,269,713.48. The disclosure for this sale can be found here. Insiders own 0.14% of the company’s stock.

About Corteva

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.