22,333 Shares in Corteva, Inc. $CTVA Purchased by Wealthstar Advisors LLC

Key Points

• Wealthstar Advisors LLC acquired 22,333 shares of Corteva, Inc., valued at approximately $1.664 million, indicating a growing interest from institutional investors.
• Insider selling occurred as EVP Robert D. King sold 37,280 shares at $74.20 each, reducing his holdings by 43.08% to around 49,262 shares.
• Corteva increased its quarterly dividend from $0.17 to $0.18, representing a 1.1% yield, while the company’s earnings per share topped estimates at $2.20 for the last quarter.

Wealthstar Advisors LLC acquired a new position in Corteva, Inc. (NYSE:CTVA - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 22,333 shares of the company's stock, valued at approximately $1,664,000.

Other hedge funds also recently added to or reduced their stakes in the company. Nuveen LLC purchased a new stake in shares of Corteva during the first quarter valued at about $640,333,000. Assenagon Asset Management S.A. lifted its position in shares of Corteva by 4,769.2% during the second quarter. Assenagon Asset Management S.A. now owns 1,924,419 shares of the company's stock valued at $143,427,000 after buying an additional 1,884,897 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Corteva by 54.6% during the first quarter. JPMorgan Chase & Co. now owns 5,009,038 shares of the company's stock valued at $315,219,000 after buying an additional 1,769,355 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Corteva by 65.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,251,449 shares of the company's stock valued at $204,615,000 after buying an additional 1,290,009 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Corteva by 0.8% during the first quarter. Vanguard Group Inc. now owns 79,814,646 shares of the company's stock valued at $5,022,736,000 after buying an additional 639,799 shares during the last quarter. 81.54% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Robert D. King sold 37,280 shares of the 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 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.14% of the company's stock.

Corteva Stock Performance

CTVA opened at $62.76 on Friday. Corteva, Inc. has a 52-week low of $53.40 and a 52-week high of $77.41. The firm's 50-day moving average price is $70.57 and its 200-day moving average price is $68.91. 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 $42.62 billion, a P/E ratio of 30.61, a price-to-earnings-growth ratio of 1.43 and a beta of 0.76.

Corteva (NYSE:CTVA - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $2.20 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.31. Corteva had a net margin of 8.16% and a return on equity of 8.68%. The company had revenue of $6.46 billion for the quarter, compared to the consensus estimate of $6.26 billion. During the same quarter in the prior year, the company earned $1.83 EPS. Corteva's quarterly revenue was up 5.6% on a year-over-year basis. As a group, equities analysts anticipate that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were issued a $0.18 dividend. This is a boost from Corteva's previous quarterly dividend of $0.17. The ex-dividend date was Tuesday, September 2nd. This represents a $0.72 annualized dividend and a yield of 1.1%. Corteva's dividend payout ratio is currently 35.12%.

Analyst Ratings Changes

Several analysts have commented on the stock. Zacks Research raised shares of Corteva from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, October 1st. Mizuho decreased their price target on shares of Corteva from $85.00 to $78.00 and set an "outperform" rating for the company in a research report on Wednesday. Weiss Ratings downgraded shares of Corteva from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday. Morgan Stanley set a $84.00 price objective on shares of Corteva in a report on Monday, September 15th. Finally, Oppenheimer set a $87.00 price objective on shares of Corteva and gave the company an "outperform" rating in a report on Tuesday, July 15th. 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's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $80.13.

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.

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