Apollon Wealth Management LLC purchased a new stake in Corteva, Inc. (NYSE:CTVA – Get Rating) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 3,821 shares of the company's stock, valued at approximately $207,000.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Corteva by 1.6% in the first quarter. Vanguard Group Inc. now owns 80,762,837 shares of the company's stock worth $4,642,248,000 after purchasing an additional 1,275,514 shares during the period. BlackRock Inc. increased its position in Corteva by 2.5% in the first quarter. BlackRock Inc. now owns 61,242,962 shares of the company's stock worth $3,520,247,000 after purchasing an additional 1,483,373 shares during the period. State Farm Mutual Automobile Insurance Co. grew its position in shares of Corteva by 1.5% during the 2nd quarter. State Farm Mutual Automobile Insurance Co. now owns 7,402,903 shares of the company's stock worth $400,793,000 after buying an additional 108,923 shares during the period. Boston Partners grew its position in shares of Corteva by 1.3% during the 1st quarter. Boston Partners now owns 7,351,215 shares of the company's stock worth $422,568,000 after buying an additional 91,847 shares during the period. Finally, Bank of New York Mellon Corp grew its position in shares of Corteva by 4.0% during the 1st quarter. Bank of New York Mellon Corp now owns 7,087,282 shares of the company's stock worth $407,375,000 after buying an additional 272,159 shares during the period. 79.02% of the stock is currently owned by institutional investors and hedge funds.
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NYSE CTVA opened at $66.33 on Friday. The stock has a market capitalization of $47.39 billion, a price-to-earnings ratio of 35.47, a PEG ratio of 1.61 and a beta of 0.74. The stock's 50 day moving average price is $62.96 and its two-hundred day moving average price is $59.66. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.08 and a current ratio of 1.69. Corteva, Inc. has a 52 week low of $43.74 and a 52 week high of $68.43.
Corteva (NYSE:CTVA – Get Rating) last released its earnings results on Friday, November 4th. The company reported ($0.12) EPS for the quarter, beating the consensus estimate of ($0.23) by $0.11. The firm had revenue of $2.78 billion for the quarter, compared to analysts' expectations of $2.58 billion. Corteva had a return on equity of 7.31% and a net margin of 7.95%. The business's quarterly revenue was up 17.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.14) EPS. As a group, analysts anticipate that Corteva, Inc. will post 2.57 earnings per share for the current fiscal year.Corteva Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Monday, November 14th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.90%. The ex-dividend date of this dividend is Thursday, November 10th. Corteva's dividend payout ratio is currently 32.09%.
Corteva declared that its board has authorized a share repurchase program on Tuesday, September 13th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 4.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's management believes its shares are undervalued.
Wall Street Analysts Forecast Growth
Several equities analysts have recently issued reports on CTVA shares. Deutsche Bank Aktiengesellschaft boosted their target price on Corteva from $68.00 to $75.00 and gave the stock a "buy" rating in a research report on Thursday, September 15th. KeyCorp boosted their target price on Corteva from $64.00 to $72.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 14th. JPMorgan Chase & Co. upgraded Corteva from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $58.00 to $63.00 in a research report on Monday, August 8th. Barclays boosted their price objective on Corteva from $71.00 to $75.00 and gave the company an "overweight" rating in a research report on Thursday, November 17th. Finally, Roth Capital upgraded Corteva from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $67.00 to $74.00 in a research report on Monday, August 8th. Three investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $71.93.
Insider Transactions at Corteva
In other news, insider Audrey Grimm sold 10,000 shares of the company's stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $62.79, for a total transaction of $627,900.00. Following the sale, the insider now owns 7,511 shares in the company, valued at approximately $471,615.69. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.08% of the company's stock.
Corteva Company Profile
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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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