Franklin Resources Inc. Has $1.32 Billion Position in Corteva, Inc. $CTVA

Franklin Resources Inc. boosted its holdings in Corteva, Inc. (NYSE:CTVA) by 4.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,680,238 shares of the company’s stock after acquiring an additional 824,451 shares during the period. Franklin Resources Inc. owned 2.60% of Corteva worth $1,317,708,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in CTVA. Gladwyn Financial Advisors Inc. acquired a new position in shares of Corteva in the second quarter valued at $25,000. Curat Global LLC boosted its holdings in shares of Corteva by 93.7% during the 2nd quarter. Curat Global LLC now owns 370 shares of the company’s stock worth $28,000 after buying an additional 179 shares during the period. Maryland Capital Advisors Inc. acquired a new position in Corteva in the 2nd quarter valued at about $29,000. DHJJ Financial Advisors Ltd. raised its holdings in Corteva by 132.2% in the 2nd quarter. DHJJ Financial Advisors Ltd. now owns 527 shares of the company’s stock valued at $39,000 after acquiring an additional 300 shares during the period. Finally, Princeton Global Asset Management LLC raised its holdings in Corteva by 61.5% in the 2nd quarter. Princeton Global Asset Management LLC now owns 525 shares of the company’s stock valued at $39,000 after acquiring an additional 200 shares during the period. Institutional investors and hedge funds own 81.54% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Mizuho reduced their price objective on Corteva from $85.00 to $78.00 and set an “outperform” rating for the company in a report on Wednesday, October 8th. JPMorgan Chase & Co. raised Corteva from a “neutral” rating to an “overweight” rating and set a $67.00 price target for the company in a report on Thursday, October 2nd. Citigroup boosted their price target on Corteva from $67.00 to $68.00 and gave the company a “neutral” rating in a research note on Thursday, November 6th. Deutsche Bank Aktiengesellschaft lowered their price objective on Corteva from $90.00 to $85.00 and set a “buy” rating on the stock in a research report on Thursday, November 6th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Corteva in a report on Wednesday. Fifteen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $78.05.

Insider Transactions at Corteva

In related news, EVP Robert D. King sold 37,280 shares of Corteva stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $74.20, for a total value of $2,766,176.00. Following the transaction, the executive vice president directly owned 49,262 shares of the company’s stock, valued at $3,655,240.40. This trade represents a 43.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.14% of the stock is owned by company insiders.

Corteva Stock Performance

CTVA opened at $64.38 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.07 and a current ratio of 1.58. Corteva, Inc. has a 52-week low of $53.40 and a 52-week high of $77.41. The firm has a market cap of $43.50 billion, a P/E ratio of 27.51, a price-to-earnings-growth ratio of 1.47 and a beta of 0.81. The business’s fifty day moving average is $65.05 and its 200-day moving average is $69.61.

Corteva (NYSE:CTVA) last posted its quarterly earnings data 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. The business had revenue of $2.62 billion during the quarter, compared to analysts’ expectations of $2.47 billion. Corteva had a net margin of 9.19% and a return on equity of 9.37%. Corteva’s revenue was up 6.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.49) earnings per share. Sell-side analysts expect that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be given a dividend of $0.18 per share. The ex-dividend date is Monday, December 1st. This represents a $0.72 annualized dividend and a dividend yield of 1.1%. Corteva’s dividend payout ratio (DPR) is currently 30.77%.

Corteva 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.