OLD National Bancorp IN Has $1.56 Million Position in Corteva, Inc. $CTVA

OLD National Bancorp IN boosted its stake in shares of Corteva, Inc. (NYSE:CTVA) by 47.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,964 shares of the company’s stock after purchasing an additional 6,765 shares during the quarter. OLD National Bancorp IN’s holdings in Corteva were worth $1,562,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of CTVA. Vanguard Group Inc. boosted its position in shares of Corteva by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 79,814,646 shares of the company’s stock valued at $5,022,736,000 after acquiring an additional 639,799 shares in the last quarter. Independent Franchise Partners LLP grew its position in Corteva by 1.8% during the 1st quarter. Independent Franchise Partners LLP now owns 16,785,300 shares of the company’s stock worth $1,056,299,000 after acquiring an additional 288,792 shares during the last quarter. Northern Trust Corp increased its holdings in Corteva by 1.0% during the 1st quarter. Northern Trust Corp now owns 11,759,755 shares of the company’s stock valued at $740,041,000 after purchasing an additional 110,865 shares in the last quarter. Nuveen LLC bought a new position in Corteva in the 1st quarter valued at $640,333,000. Finally, WCM Investment Management LLC boosted its stake in Corteva by 1.4% in the first quarter. WCM Investment Management LLC now owns 6,978,187 shares of the company’s stock worth $426,088,000 after purchasing an additional 98,770 shares in the last quarter. Institutional investors own 81.54% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on CTVA shares. Wells Fargo & Company restated an “overweight” rating and issued a $83.00 target price (up from $82.00) on shares of Corteva in a research note on Friday, August 8th. Citigroup lowered shares of Corteva from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $83.00 to $70.00 in a research report on Thursday. Royal Bank Of Canada restated an “outperform” rating on shares of Corteva in a research report on Monday, August 11th. Zacks Research upgraded Corteva from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 1st. Finally, Oppenheimer set a $87.00 price target on Corteva and gave the company an “outperform” rating in a research note on Tuesday, July 15th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $80.27.

Insider Transactions at Corteva

In other Corteva news, EVP Robert D. King sold 37,280 shares of the company’s 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 completion of the sale, the executive vice president owned 49,262 shares of the company’s stock, valued at approximately $3,655,240.40. This represents a 43.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.14% of the company’s stock.

Corteva Stock Performance

CTVA stock opened at $64.30 on Tuesday. Corteva, Inc. has a twelve month low of $53.40 and a twelve month high of $77.41. The company has a quick ratio of 1.23, a current ratio of 1.68 and a debt-to-equity ratio of 0.06. The company has a market cap of $43.67 billion, a P/E ratio of 31.37, a price-to-earnings-growth ratio of 1.43 and a beta of 0.76. The business’s fifty day moving average is $71.08 and its 200-day moving average is $68.97.

Corteva (NYSE:CTVA) last released its quarterly earnings data on Wednesday, August 6th. The company reported $2.20 EPS for the quarter, beating analysts’ consensus estimates of $1.89 by $0.31. Corteva had a return on equity of 8.68% and a net margin of 8.16%.The business had revenue of $6.46 billion during the quarter, compared to the consensus estimate of $6.26 billion. During the same quarter in the prior year, the company posted $1.83 earnings per share. The firm’s revenue was up 5.6% on a year-over-year basis. Equities research analysts forecast that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend was Tuesday, September 2nd. This is a positive change from Corteva’s previous quarterly dividend of $0.17. Corteva’s payout ratio is 35.12%.

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.