Bank & Trust Co Makes New Investment in Corteva, Inc. (NYSE:CTVA)

Bank & Trust Co acquired a new stake in shares of Corteva, Inc. (NYSE:CTVA) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,264 shares of the company’s stock, valued at approximately $68,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in CTVA. Redmont Wealth Advisors LLC bought a new stake in Corteva during the 1st quarter valued at $25,000. Acadian Asset Management LLC bought a new stake in shares of Corteva during the first quarter worth about $25,000. Rise Advisors LLC raised its holdings in shares of Corteva by 2,522.2% in the 1st quarter. Rise Advisors LLC now owns 472 shares of the company’s stock worth $27,000 after acquiring an additional 454 shares during the last quarter. ICA Group Wealth Management LLC bought a new position in Corteva in the 4th quarter valued at about $28,000. Finally, Scarborough Advisors LLC acquired a new position in Corteva during the 4th quarter valued at about $29,000. Institutional investors own 81.54% of the company’s stock.

Insider Activity

In other Corteva news, SVP Cornel B. Fuerer sold 39,736 shares of the business’s 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 completion of the sale, the senior vice president now owns 126,628 shares in the company, valued at $7,269,713.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Samuel R. Eathington sold 31,686 shares of the stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $57.64, for a total transaction of $1,826,381.04. Following the completion of the sale, the insider now directly owns 53,854 shares in the company, valued at $3,104,144.56. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Cornel B. Fuerer sold 39,736 shares of the business’s stock in a transaction dated Tuesday, May 14th. The shares were 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. 0.14% of the stock is currently owned by corporate insiders.

Corteva Price Performance

Shares of Corteva stock traded down $0.11 on Tuesday, hitting $51.20. 3,654,313 shares of the company traded hands, compared to its average volume of 3,430,958. Corteva, Inc. has a 12-month low of $43.22 and a 12-month high of $58.76. The company has a current ratio of 1.72, a quick ratio of 0.97 and a debt-to-equity ratio of 0.10. The company has a market cap of $35.69 billion, a P/E ratio of 64.78, a P/E/G ratio of 1.46 and a beta of 0.77. The firm’s 50-day simple moving average is $53.40 and its 200 day simple moving average is $54.03.

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

Corteva Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd will be issued a $0.17 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $0.68 annualized dividend and a dividend yield of 1.33%. This is an increase from Corteva’s previous quarterly dividend of $0.16. Corteva’s payout ratio is currently 81.01%.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Canaccord Genuity Group upped their target price on shares of Corteva from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Friday, May 3rd. Royal Bank of Canada lifted their target price on shares of Corteva from $62.00 to $64.00 and gave the stock an “outperform” rating in a research report on Monday, May 6th. Wells Fargo & Company reduced their target price on Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a report on Friday. BMO Capital Markets lifted their price target on Corteva from $64.00 to $67.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd. Finally, Mizuho reduced their price objective on Corteva from $61.00 to $60.00 and set a “buy” rating for the company in a research note on Tuesday, June 18th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, Corteva has a consensus rating of “Moderate Buy” and a consensus price target of $62.00.

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.