Morningstar Investment Services LLC Acquires Shares of 297,931 Corteva (NYSE:CTVA)
Morningstar Investment Services LLC bought a new position in shares of Corteva (NYSE:CTVA) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 297,931 shares of the company’s stock, valued at approximately $8,810,000.
Other large investors have also made changes to their positions in the company. Litman Gregory Asset Management LLC acquired a new stake in Corteva during the second quarter worth about $26,000. Executive Wealth Management LLC acquired a new position in shares of Corteva in the 2nd quarter valued at approximately $27,000. Roble Belko & Company Inc acquired a new position in shares of Corteva in the 2nd quarter valued at approximately $29,000. Manchester Financial Inc. bought a new stake in shares of Corteva during the 2nd quarter worth approximately $30,000. Finally, SRS Capital Advisors Inc. bought a new stake in shares of Corteva during the 2nd quarter worth approximately $30,000. Hedge funds and other institutional investors own 72.13% of the company’s stock.
In other news, Director Klaus A. Engel acquired 18,393 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The shares were bought at an average price of $30.00 per share, with a total value of $551,790.00. Following the acquisition, the director now directly owns 25,253 shares in the company, valued at approximately $757,590. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Corteva (NYSE:CTVA) last posted its earnings results on Thursday, August 1st. The company reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.43. The company had revenue of $5.56 billion for the quarter, compared to the consensus estimate of $5.47 billion. The firm’s revenue was down 3.1% compared to the same quarter last year. Research analysts expect that Corteva will post 1.2 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Wednesday, July 31st will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 1.80%. The ex-dividend date of this dividend is Tuesday, July 30th.
A number of research analysts recently issued reports on the stock. Barclays reissued a “hold” rating and issued a $35.00 price objective on shares of Corteva in a research note on Sunday, August 4th. Citigroup upgraded Corteva from a “neutral” rating to a “buy” rating and upped their target price for the stock from $34.00 to $34.50 in a research note on Monday, August 19th. BMO Capital Markets began coverage on Corteva in a report on Sunday, June 2nd. They issued an “outperform” rating and a $37.00 target price on the stock. Sanford C. Bernstein initiated coverage on Corteva in a report on Wednesday, June 5th. They issued a “market perform” rating and a $31.00 target price on the stock. Finally, Macquarie began coverage on Corteva in a report on Tuesday, June 4th. They set an “outperform” rating for the company. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $32.25.
Corteva, Inc provides agriculture products worldwide. The company develops and supplies germplasm and traits in corn, soybean, and sunflower seed markets. It also supplies products to the agricultural input industry that protect against weeds, insects and other pests, and diseases, as well as to enhance crop health.
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