Ballentine Partners LLC Purchases 120,908 Shares of Corteva, Inc. $CTVA

Key Points

• Ballentine Partners LLC significantly increased its holdings in Corteva, Inc. by 656.0% in Q2, acquiring an additional 120,908 shares, bringing their total to 139,340 shares valued at $10.38 million.
• In the latest earnings report, Corteva announced a 5.6% year-over-year revenue increase to $6.46 billion and earnings of $2.20 per share, surpassing analysts' expectations.
• Corteva's dividend was increased from $0.17 to $0.18 per share, resulting in an annualized yield of 1.0% and a payout ratio of 35.12%.

Ballentine Partners LLC increased its position in Corteva, Inc. (NYSE:CTVA - Free Report) by 656.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 139,340 shares of the company's stock after purchasing an additional 120,908 shares during the period. Ballentine Partners LLC's holdings in Corteva were worth $10,385,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of CTVA. Vanguard Group Inc. lifted its stake in shares of Corteva by 0.8% in 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 in the last quarter. Independent Franchise Partners LLP increased its position in shares of Corteva by 1.8% during the first 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 in the last quarter. Northern Trust Corp raised its holdings in shares of Corteva by 1.0% in the 1st quarter. Northern Trust Corp now owns 11,759,755 shares of the company's stock worth $740,041,000 after acquiring an additional 110,865 shares during the last quarter. Nuveen LLC bought a new position in Corteva in the 1st quarter valued at about $640,333,000. Finally, WCM Investment Management LLC boosted its stake in Corteva by 1.4% during the 1st quarter. WCM Investment Management LLC now owns 6,978,187 shares of the company's stock valued at $426,088,000 after purchasing an additional 98,770 shares during the last quarter. Institutional investors and hedge funds own 81.54% of the company's stock.

Insider Transactions at Corteva

In other Corteva news, EVP Robert D. King sold 37,280 shares of the company's stock in a transaction dated 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 sale, the executive vice president directly owned 49,262 shares of the company's stock, valued at $3,655,240.40. This represents a 43.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.15% of the company's stock.

Corteva Stock Down 0.4%

Corteva stock opened at $69.48 on Wednesday. The firm has a 50 day moving average price of $72.40 and a 200-day moving average price of $68.59. The company has a quick ratio of 1.23, a current ratio of 1.68 and a debt-to-equity ratio of 0.06. Corteva, Inc. has a twelve month low of $53.40 and a twelve month high of $77.41. The company has a market capitalization of $47.18 billion, a P/E ratio of 33.89, a P/E/G ratio of 1.60 and a beta of 0.78.

Corteva (NYSE:CTVA - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $2.20 EPS for the quarter, beating the consensus estimate 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 quarter in the prior year, the business earned $1.83 earnings per share. Corteva's revenue for the quarter was up 5.6% on a year-over-year basis. As a group, equities analysts predict 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 issued a $0.18 dividend. This is an increase from Corteva's previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $0.72 annualized dividend and a yield of 1.0%. Corteva's payout ratio is 35.12%.

Analyst Upgrades and Downgrades

CTVA has been the topic of a number of recent research reports. Oppenheimer set a $87.00 target price on Corteva and gave the company an "outperform" rating in a report on Tuesday, July 15th. Wells Fargo & Company reissued an "overweight" rating and issued a $83.00 price target (up from $82.00) on shares of Corteva in a research report on Friday, August 8th. Citigroup cut Corteva from a "neutral" rating to a "mixed" rating in a research note on Friday, September 5th. UBS Group upped their target price on shares of Corteva from $90.00 to $91.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Finally, Morgan Stanley set a $84.00 price target on shares of Corteva in a research report on Monday, September 15th. Thirteen equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Corteva presently has an average rating of "Moderate Buy" and a consensus target price of $82.00.

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.

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