Corteva, Inc. $CTVA Shares Purchased by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS grew its stake in shares of Corteva, Inc. (NYSE:CTVA) by 58.4% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 398,576 shares of the company’s stock after acquiring an additional 146,900 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Corteva were worth $26,956,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in CTVA. Norges Bank acquired a new stake in shares of Corteva during the second quarter valued at $434,220,000. Pacer Advisors Inc. lifted its holdings in Corteva by 4,007.1% in the 3rd quarter. Pacer Advisors Inc. now owns 2,442,177 shares of the company’s stock valued at $165,164,000 after purchasing an additional 2,382,715 shares in the last quarter. WCM Investment Management LLC lifted its holdings in Corteva by 29.6% in the 2nd quarter. WCM Investment Management LLC now owns 9,044,706 shares of the company’s stock valued at $672,836,000 after purchasing an additional 2,066,519 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Corteva by 4,769.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,924,419 shares of the company’s stock worth $143,427,000 after purchasing an additional 1,884,897 shares during the last quarter. Finally, Marshall Wace LLP grew its holdings in shares of Corteva by 1,365.9% during the second quarter. Marshall Wace LLP now owns 1,809,764 shares of the company’s stock worth $134,882,000 after buying an additional 1,686,309 shares in the last quarter. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Corteva Stock Down 1.1%

Shares of CTVA opened at $68.59 on Thursday. Corteva, Inc. has a fifty-two week low of $53.40 and a fifty-two week high of $77.41. The company’s fifty day moving average is $65.83 and its two-hundred day moving average is $68.85. The firm has a market cap of $46.34 billion, a PE ratio of 29.31, a price-to-earnings-growth ratio of 1.43 and a beta of 0.74. The company has a quick ratio of 1.07, a current ratio of 1.58 and a debt-to-equity ratio of 0.07.

Corteva (NYSE:CTVA) last issued its earnings results on Tuesday, November 4th. The company reported ($0.23) earnings per share for the quarter, topping the consensus estimate of ($0.49) by $0.26. Corteva had a return on equity of 9.37% and a net margin of 9.19%.The business had revenue of $2.62 billion for the quarter, compared to analyst estimates of $2.47 billion. During the same period last year, the company posted ($0.49) EPS. The business’s quarterly revenue was up 6.5% on a year-over-year basis. Analysts forecast that Corteva, Inc. will post 2.96 earnings per share for the current year.

Corteva Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 1st were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Monday, December 1st. Corteva’s payout ratio is currently 30.77%.

Analysts Set New Price Targets

Several brokerages recently issued reports on CTVA. Jefferies Financial Group reduced their price objective on shares of Corteva from $92.00 to $85.00 in a research note on Thursday, October 2nd. Argus cut their price target on Corteva from $83.00 to $80.00 and set a “buy” rating for the company in a report on Monday, October 13th. Mizuho reduced their price target on Corteva from $85.00 to $78.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 8th. Citigroup raised Corteva from a “neutral” rating to a “positive” rating in a research report on Thursday, December 18th. Finally, KeyCorp reiterated a “sector weight” rating on shares of Corteva in a research note on Friday, October 3rd. Sixteen equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Corteva has an average rating of “Moderate Buy” and an average price target of $78.21.

About Corteva

Corteva, Inc (NYSE: CTVA) is an independent global agriculture company that was established as a publicly traded firm in mid?2019 following the separation of the agriculture businesses from DowDuPont. The company focuses on delivering technologies and products that help farmers increase productivity and manage crop health. Corteva’s operations combine seed genetics, crop protection chemistries, digital tools and biological solutions to address the full cycle of crop production.

Core business activities include research and development of seed genetics and trait technologies, formulation and sale of crop protection products (such as herbicides, insecticides and fungicides), and the development of seed treatments and biologicals.