Murphy Middleton Hinkle & Parker Inc. acquired a new stake in shares of Corteva (NYSE:CTVA) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 8,058 shares of the company’s stock, valued at approximately $226,000.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CTVA. Vanguard Group Inc. purchased a new position in Corteva in the second quarter worth $1,803,496,000. BlackRock Inc. purchased a new stake in shares of Corteva during the second quarter valued at $1,728,215,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of Corteva during the second quarter valued at $579,764,000. Nuveen Asset Management LLC purchased a new stake in shares of Corteva during the second quarter valued at $429,256,000. Finally, Price T Rowe Associates Inc. MD purchased a new stake in shares of Corteva during the second quarter valued at $404,071,000. Institutional investors own 72.18% of the company’s stock.
CTVA has been the topic of several recent research reports. Royal Bank of Canada raised shares of Corteva from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $29.00 to $38.00 in a report on Friday, August 9th. Monness Crespi & Hardt assumed coverage on shares of Corteva in a report on Wednesday, July 17th. They issued a “sell” rating and a $24.00 price target on the stock. Argus assumed coverage on shares of Corteva in a report on Thursday, June 20th. They issued a “hold” rating on the stock. JPMorgan Chase & Co. assumed coverage on shares of Corteva in a report on Friday, June 21st. They issued an “overweight” rating and a $30.00 price target on the stock. Finally, SunTrust Banks cut their price target on shares of Corteva from $30.00 to $28.00 and set a “hold” rating on the stock in a report on Friday, October 11th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $31.93.
Corteva (NYSE:CTVA) last issued its quarterly earnings data on Thursday, August 1st. The company reported $1.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate 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 business’s revenue for the quarter was down 3.1% compared to the same quarter last year. As a group, analysts forecast that Corteva will post 1.17 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Friday, November 29th will be paid a $0.13 dividend. The ex-dividend date is Wednesday, November 27th. This represents a $0.52 annualized dividend and a dividend yield of 1.93%.
In other news, insider Timothy P. Glenn bought 6,500 shares of the business’s stock in a transaction on Monday, August 5th. The shares were purchased at an average price of $30.52 per share, for a total transaction of $198,380.00. Also, Director Klaus A. Engel bought 18,393 shares of the business’s stock in a transaction on Friday, August 30th. The stock was purchased at an average price of $30.00 per share, for a total transaction of $551,790.00. Following the purchase, the director now directly owns 25,253 shares in the company, valued at approximately $757,590. The disclosure for this purchase can be found here.
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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