Inscription Capital LLC bought a new position in shares of Corteva, Inc. (NYSE:CTVA) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 11,734 shares of the company’s stock, valued at approximately $520,000.
Several other hedge funds have also recently bought and sold shares of CTVA. Harvest Fund Management Co. Ltd bought a new position in shares of Corteva during the 1st quarter valued at $29,000. Baldrige Asset Management LLC bought a new stake in Corteva during the second quarter valued at about $29,000. Ritter Daniher Financial Advisory LLC grew its position in shares of Corteva by 5,692.3% during the second quarter. Ritter Daniher Financial Advisory LLC now owns 753 shares of the company’s stock valued at $33,000 after purchasing an additional 740 shares in the last quarter. RMR Wealth Builders grew its position in shares of Corteva by 81.2% during the first quarter. RMR Wealth Builders now owns 857 shares of the company’s stock valued at $40,000 after purchasing an additional 384 shares in the last quarter. Finally, tru Independence LLC purchased a new position in Corteva in the second quarter worth about $44,000. Hedge funds and other institutional investors own 78.51% of the company’s stock.
Several research firms have recently weighed in on CTVA. Royal Bank of Canada lifted their price target on shares of Corteva from $52.00 to $54.00 and gave the company an “outperform” rating in a research note on Monday, August 9th. Monness Crespi & Hardt raised shares of Corteva from a “sell” rating to a “neutral” rating in a report on Monday, August 9th. Zacks Investment Research upgraded shares of Corteva from a “sell” rating to a “hold” rating in a research report on Tuesday, August 10th. Roth Capital initiated coverage on shares of Corteva in a research report on Friday, October 8th. They set a “buy” rating and a $53.00 price target for the company. Finally, Berenberg Bank started coverage on shares of Corteva in a research note on Wednesday, September 1st. They set a “buy” rating and a $58.00 price objective for the company. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, Corteva presently has a consensus rating of “Hold” and an average price target of $49.76.
Corteva (NYSE:CTVA) last announced its quarterly earnings results on Thursday, August 5th. The company reported $1.40 EPS for the quarter, beating the consensus estimate of $1.25 by $0.15. The company had revenue of $5.63 billion for the quarter, compared to the consensus estimate of $5.29 billion. Corteva had a return on equity of 5.49% and a net margin of 8.19%. During the same quarter last year, the company posted $1.26 earnings per share. On average, sell-side analysts anticipate that Corteva, Inc. will post 2.04 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 15th. Shareholders of record on Friday, August 13th were issued a dividend of $0.14 per share. The ex-dividend date was Thursday, August 12th. This is a boost from Corteva’s previous quarterly dividend of $0.13. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.33%. Corteva’s dividend payout ratio (DPR) is presently 37.33%.
Corteva announced that its Board of Directors has approved a share buyback program on Thursday, August 5th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the company to repurchase up to 4.9% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
Corteva, Inc operates as a holding company. It engages in the provision of agricultural products. The firm operates through the following segments: Seed and Crop Protection. The Seed segment develops and supplies germplasm and traits that produce optimum yield for farms. The Crop Protection segment serves the global agricultural input industry with products that protect against weeds, insects and other pests, and disease and that improve overall crop health both above and below ground via nitrogen management and seed-applied technologies.
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