Pinnbrook Capital Management LP Acquires Shares of 47,366 Corteva, Inc. $CTVA

Pinnbrook Capital Management LP bought a new stake in shares of Corteva, Inc. (NYSE:CTVA) in the 2nd quarter, Holdings Channel reports. The institutional investor bought 47,366 shares of the company’s stock, valued at approximately $3,530,000.

A number of other large investors also recently made changes to their positions in the stock. Nuveen LLC acquired a new stake in shares of Corteva during the first quarter worth $640,333,000. WCM Investment Management LLC boosted its holdings in Corteva by 29.6% during the second quarter. WCM Investment Management LLC now owns 9,044,706 shares of the company’s stock worth $672,836,000 after buying an additional 2,066,519 shares during the last quarter. Assenagon Asset Management S.A. grew its position in shares of Corteva by 4,769.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,924,419 shares of the company’s stock worth $143,427,000 after buying an additional 1,884,897 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Corteva by 54.6% in the 1st quarter. JPMorgan Chase & Co. now owns 5,009,038 shares of the company’s stock valued at $315,219,000 after acquiring an additional 1,769,355 shares during the last quarter. Finally, National Pension Service increased its stake in shares of Corteva by 148.4% in the 2nd quarter. National Pension Service now owns 2,454,601 shares of the company’s stock valued at $182,941,000 after acquiring an additional 1,466,268 shares during the last quarter. Institutional investors and hedge funds own 81.54% of the company’s stock.

Corteva Stock Performance

Shares of Corteva stock opened at $65.98 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.58 and a quick ratio of 1.07. The firm has a market cap of $44.58 billion, a price-to-earnings ratio of 28.20, a price-to-earnings-growth ratio of 1.50 and a beta of 0.81. The stock’s 50-day moving average is $65.70 and its 200-day moving average is $69.55. Corteva, Inc. has a one year low of $53.40 and a one year high of $77.41.

Corteva (NYSE:CTVA) last posted its quarterly earnings data on Tuesday, November 4th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.26. The business had revenue of $2.62 billion during the quarter, compared to the consensus estimate of $2.47 billion. Corteva had a return on equity of 9.37% and a net margin of 9.19%.Corteva’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period last year, the company earned ($0.49) earnings per share. Equities analysts predict that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be issued a $0.18 dividend. The ex-dividend date is Monday, December 1st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.1%. Corteva’s dividend payout ratio (DPR) is 30.77%.

Insider Activity at Corteva

In related news, EVP Robert D. King sold 37,280 shares of the stock in a transaction on Friday, August 29th. The shares were sold at an average price of $74.20, for a total transaction of $2,766,176.00. Following the completion of the transaction, the executive vice president owned 49,262 shares in the company, 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 SEC, which can be accessed through this hyperlink. 0.14% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

CTVA has been the topic of several recent analyst reports. KeyCorp reissued a “sector weight” rating on shares of Corteva in a research note on Friday, October 3rd. Wolfe Research increased their target price on shares of Corteva from $79.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. UBS Group decreased their price target on shares of Corteva from $85.00 to $81.00 and set a “buy” rating for the company in a report on Thursday, October 30th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Corteva from $90.00 to $85.00 and set a “buy” rating for the company in a research report on Thursday, November 6th. Finally, Barclays upgraded Corteva from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $75.00 to $84.00 in a report on Wednesday, August 13th. Fifteen research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $78.39.

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.