Belpointe Asset Management LLC Has $1.25 Million Stock Holdings in Corteva, Inc. $CTVA

Key Points

• Belpointe Asset Management LLC increased its holdings in Corteva, Inc. by 290.6% during the first quarter, totaling 19,876 shares valued at approximately $1.25 million.
• Multiple hedge funds have also significantly increased their stakes in Corteva, with institutional investors now owning 81.54% of the company's stock.
• Corteva recently announced a dividend increase, raising its quarterly payout to $0.18 from the previous $0.17, resulting in an annualized yield of 1.0%.

Belpointe Asset Management LLC raised its holdings in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 290.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,876 shares of the company's stock after purchasing an additional 14,787 shares during the quarter. Belpointe Asset Management LLC's holdings in Corteva were worth $1,251,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in CTVA. Nuveen LLC acquired a new stake in Corteva during the 1st quarter valued at $640,333,000. JPMorgan Chase & Co. lifted its holdings in Corteva by 54.6% during the 1st quarter. JPMorgan Chase & Co. now owns 5,009,038 shares of the company's stock valued at $315,219,000 after purchasing an additional 1,769,355 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Corteva by 65.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,251,449 shares of the company's stock valued at $204,615,000 after purchasing an additional 1,290,009 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Corteva by 7,135.6% during the 1st quarter. GAMMA Investing LLC now owns 947,789 shares of the company's stock valued at $59,644,000 after purchasing an additional 934,690 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Corteva by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 79,814,646 shares of the company's stock valued at $5,022,736,000 after purchasing an additional 639,799 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 Corteva stock in a transaction dated 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 owned 49,262 shares in the company, valued at $3,655,240.40. The trade was a 43.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.14% of the stock is currently owned by corporate insiders.

Corteva Stock Up 1.8%

Shares of NYSE CTVA opened at $73.04 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.23 and a current ratio of 1.68. Corteva, Inc. has a 52 week low of $53.40 and a 52 week high of $77.41. The stock has a market capitalization of $49.60 billion, a P/E ratio of 35.63, a PEG ratio of 1.64 and a beta of 0.78. The stock's fifty day moving average is $73.07 and its 200 day moving average is $68.03.

Corteva (NYSE:CTVA - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $2.20 EPS for the quarter, topping 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 company had revenue of $6.46 billion for the quarter, compared to analysts' expectations of $6.26 billion. During the same quarter last year, the business earned $1.83 earnings per share. Corteva's revenue was up 5.6% on a year-over-year basis. Sell-side analysts forecast that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be given a $0.18 dividend. This is a boost from Corteva's previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Tuesday, September 2nd. Corteva's dividend payout ratio (DPR) is presently 35.12%.

Analysts Set New Price Targets

Several brokerages have issued reports on CTVA. Barclays raised Corteva from an "equal weight" rating to an "overweight" rating and raised their price target for the company from $75.00 to $84.00 in a report on Wednesday, August 13th. Citigroup downgraded Corteva from a "neutral" rating to a "mixed" rating in a report on Friday, September 5th. Wells Fargo & Company reissued an "overweight" rating and set a $83.00 target price (up previously from $82.00) on shares of Corteva in a report on Friday, August 8th. KeyCorp lifted their target price on Corteva from $84.00 to $85.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. Finally, Wall Street Zen raised Corteva from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Twelve equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $80.25.

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.

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