Beacon Pointe Advisors LLC reduced its holdings in Corteva, Inc. (NYSE:CTVA – Get Rating) by 77.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 27,915 shares of the company’s stock after selling 97,435 shares during the period. Beacon Pointe Advisors LLC’s holdings in Corteva were worth $1,514,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of CTVA. Vanguard Group Inc. lifted its stake in shares of Corteva by 1.6% in the first quarter. Vanguard Group Inc. now owns 80,762,837 shares of the company’s stock valued at $4,642,248,000 after buying an additional 1,275,514 shares during the period. BlackRock Inc. lifted its position in shares of Corteva by 2.5% in the 1st quarter. BlackRock Inc. now owns 61,242,962 shares of the company’s stock worth $3,520,247,000 after acquiring an additional 1,483,373 shares during the period. State Farm Mutual Automobile Insurance Co. grew its holdings 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 purchasing an additional 108,923 shares in the last quarter. Boston Partners increased its position in shares of Corteva by 1.3% during the first quarter. Boston Partners now owns 7,351,215 shares of the company’s stock valued at $422,568,000 after purchasing an additional 91,847 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in shares of Corteva by 4.0% in the first quarter. Bank of New York Mellon Corp now owns 7,087,282 shares of the company’s stock valued at $407,375,000 after purchasing an additional 272,159 shares in the last quarter. 79.02% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of equities research analysts have weighed in on the stock. UBS Group downgraded shares of Corteva from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $70.00 to $73.00 in a research note on Tuesday, November 15th. Mizuho lifted their target price on shares of Corteva from $74.00 to $76.00 and gave the company a “buy” rating in a research report on Monday, November 7th. KeyCorp increased their price target on shares of Corteva from $64.00 to $72.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 14th. BMO Capital Markets lifted their price objective on Corteva from $72.00 to $76.00 and gave the company an “outperform” rating in a report on Monday, November 7th. Finally, Credit Suisse Group increased their target price on Corteva from $72.00 to $74.00 and gave the stock an “outperform” rating in a report on Friday, November 4th. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $71.93.
Corteva Trading Down 0.4 %
Corteva (NYSE:CTVA – Get Rating) last released its quarterly earnings results on Friday, November 4th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.11. Corteva had a return on equity of 7.31% and a net margin of 7.95%. The business had revenue of $2.78 billion during the quarter, compared to analysts’ expectations of $2.58 billion. During the same period in the previous year, the business posted ($0.14) earnings per share. The firm’s revenue for the quarter was up 17.1% compared to the same quarter last year. Analysts predict that Corteva, Inc. will post 2.57 EPS for the current fiscal year.
Corteva Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Monday, November 14th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 0.91%. The ex-dividend date is Thursday, November 10th. Corteva’s payout ratio is presently 32.09%.
Corteva declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, September 13th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 4.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.
Insider Buying and Selling at Corteva
In other Corteva news, insider Audrey Grimm sold 10,000 shares of the firm’s stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $62.79, for a total value of $627,900.00. Following the completion of the sale, the insider now owns 7,511 shares in the company, valued at approximately $471,615.69. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.08% of the company’s stock.
Corteva Company 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.
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