Studio Investment Management LLC Grows Stake in Corteva, Inc. $CTVA

Studio Investment Management LLC increased its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 0.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 36,534 shares of the company’s stock after purchasing an additional 332 shares during the quarter. Studio Investment Management LLC’s holdings in Corteva were worth $2,723,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Moody National Bank Trust Division lifted its stake in shares of Corteva by 0.7% during the 2nd quarter. Moody National Bank Trust Division now owns 22,139 shares of the company’s stock worth $1,650,000 after acquiring an additional 143 shares during the last quarter. Ancora Advisors LLC lifted its stake in shares of Corteva by 0.8% during the 1st quarter. Ancora Advisors LLC now owns 18,567 shares of the company’s stock worth $1,168,000 after acquiring an additional 150 shares during the last quarter. NewEdge Advisors LLC lifted its stake in shares of Corteva by 0.5% during the 1st quarter. NewEdge Advisors LLC now owns 31,455 shares of the company’s stock worth $1,979,000 after acquiring an additional 152 shares during the last quarter. Plancorp LLC lifted its stake in shares of Corteva by 2.3% during the 1st quarter. Plancorp LLC now owns 7,156 shares of the company’s stock worth $450,000 after acquiring an additional 158 shares during the last quarter. Finally, Legacy Financial Advisors Inc. lifted its stake in shares of Corteva by 4.4% during the 1st quarter. Legacy Financial Advisors Inc. now owns 3,761 shares of the company’s stock worth $237,000 after acquiring an additional 160 shares during the last quarter. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Insider Activity

In other news, EVP Robert D. King sold 37,280 shares of Corteva stock in a transaction on Friday, August 29th. The stock was 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 in the company, valued at approximately $3,655,240.40. This trade represents a 43.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.15% of the company’s stock.

Corteva Trading Down 0.1%

Shares of NYSE:CTVA opened at $61.93 on Wednesday. Corteva, Inc. has a 12-month low of $53.40 and a 12-month high of $77.41. The business’s fifty day simple moving average is $69.04 and its 200-day simple moving average is $68.97. The company has a market capitalization of $42.05 billion, a PE ratio of 30.21, a P/E/G ratio of 1.42 and a beta of 0.76. The company has a current ratio of 1.68, a quick ratio of 1.23 and a debt-to-equity ratio of 0.06.

Corteva (NYSE:CTVA) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $2.20 earnings per share (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 for the quarter, compared to the consensus estimate of $6.26 billion. During the same period last year, the business posted $1.83 EPS. The business’s revenue was up 5.6% compared to the same quarter last year. As a group, equities research analysts predict that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were issued a $0.18 dividend. The ex-dividend date was Tuesday, September 2nd. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.2%. This is a boost from Corteva’s previous quarterly dividend of $0.17. Corteva’s dividend payout ratio (DPR) is 35.12%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Zacks Research raised Corteva from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 1st. Royal Bank Of Canada decreased their target price on Corteva from $86.00 to $80.00 and set an “outperform” rating for the company in a research report on Friday, October 17th. BMO Capital Markets set a $86.00 target price on Corteva in a research report on Monday, September 15th. Weiss Ratings lowered Corteva from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, October 8th. Finally, Wells Fargo & Company decreased their target price on Corteva from $83.00 to $80.00 and set an “overweight” rating for the company in a research report on Thursday, October 16th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $80.31.

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.