Belpointe Asset Management LLC Sells 7,091 Shares of Corteva, Inc. $CTVA

Key Points

• Belpointe Asset Management LLC reduced its holdings in Corteva, Inc. by 35.7%, selling 7,091 shares during the second quarter, leaving it with a total of 12,785 shares valued at approximately $953,000.
• Institutional ownership of Corteva is significant, with 81.54% of the stock held by institutional investors and hedge funds, while recent trading activity includes large increases from companies such as Brighton Jones LLC and NBC Securities Inc.
• Corteva's recent earnings exceeded analyst estimates, reporting $2.20 EPS against a consensus of $1.89, and the company also announced a quarterly dividend increase to $0.18 per share, reflecting a yield of 1.1%.

Belpointe Asset Management LLC cut its position in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 35.7% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 12,785 shares of the company's stock after selling 7,091 shares during the quarter. Belpointe Asset Management LLC's holdings in Corteva were worth $953,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of CTVA. Brighton Jones LLC boosted its position in Corteva by 307.2% during the fourth quarter. Brighton Jones LLC now owns 15,588 shares of the company's stock valued at $888,000 after purchasing an additional 11,760 shares during the last quarter. NBC Securities Inc. lifted its position in shares of Corteva by 93,350.0% in the first quarter. NBC Securities Inc. now owns 1,869 shares of the company's stock valued at $117,000 after buying an additional 1,867 shares during the last quarter. Merit Financial Group LLC lifted its position in shares of Corteva by 71.8% in the first quarter. Merit Financial Group LLC now owns 9,212 shares of the company's stock valued at $580,000 after buying an additional 3,849 shares during the last quarter. Wedmont Private Capital increased its stake in shares of Corteva by 4.4% during the first quarter. Wedmont Private Capital now owns 4,913 shares of the company's stock worth $291,000 after purchasing an additional 205 shares during the period. Finally, Miracle Mile Advisors LLC increased its stake in shares of Corteva by 2.3% during the first quarter. Miracle Mile Advisors LLC now owns 11,997 shares of the company's stock worth $755,000 after purchasing an additional 274 shares during the period. 81.54% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Corteva

In other news, EVP Robert D. King sold 37,280 shares of the business's stock in a transaction that occurred 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 owned 49,262 shares in the company, valued at $3,655,240.40. The trade was a 43.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.15% of the stock is owned by insiders.

Analysts Set New Price Targets

CTVA has been the topic of a number of recent research reports. Oppenheimer set a $87.00 price objective on Corteva and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. Zacks Research upgraded Corteva from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, October 1st. Morgan Stanley set a $84.00 price objective on Corteva in a report on Monday, September 15th. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Corteva in a report on Monday, August 11th. Finally, Wall Street Zen raised Corteva from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $80.27.

Corteva Stock Performance

Shares of Corteva stock opened at $65.56 on Wednesday. Corteva, Inc. has a one year low of $53.40 and a one year high of $77.41. The firm has a market capitalization of $44.52 billion, a price-to-earnings ratio of 31.98, a PEG ratio of 1.45 and a beta of 0.76. The business has a 50-day simple moving average of $70.93 and a 200 day simple moving average of $68.94. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.68 and a quick ratio of 1.23.

Corteva (NYSE:CTVA - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $2.20 EPS for the quarter, beating analysts' consensus estimates of $1.89 by $0.31. The business had revenue of $6.46 billion during the quarter, compared to analyst estimates of $6.26 billion. Corteva had a return on equity of 8.68% and a net margin of 8.16%.The firm's revenue was up 5.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.83 EPS. On average, research analysts anticipate that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $0.72 dividend on an annualized basis and a yield of 1.1%. This is an increase from Corteva's previous quarterly dividend of $0.17. Corteva's dividend payout ratio is presently 35.12%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.