Bessemer Group Inc. Acquires 525,228 Shares of Corteva, Inc. (NYSE:CTVA)

Bessemer Group Inc. lifted its stake in Corteva, Inc. (NYSE:CTVA - Free Report) by 17.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,616,067 shares of the company's stock after acquiring an additional 525,228 shares during the quarter. Bessemer Group Inc. owned 0.53% of Corteva worth $227,559,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Mill Capital Management LLC bought a new position in shares of Corteva in the 1st quarter worth approximately $214,000. Legacy Advisors LLC raised its position in Corteva by 2.2% in the first quarter. Legacy Advisors LLC now owns 8,697 shares of the company's stock worth $547,000 after acquiring an additional 188 shares during the period. Asset Management One Co. Ltd. raised its position in Corteva by 26.5% in the first quarter. Asset Management One Co. Ltd. now owns 334,294 shares of the company's stock worth $21,037,000 after acquiring an additional 70,025 shares during the period. Oppenheimer & Co. Inc. boosted its stake in shares of Corteva by 3.6% during the 1st quarter. Oppenheimer & Co. Inc. now owns 36,941 shares of the company's stock worth $2,325,000 after acquiring an additional 1,279 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. grew its position in shares of Corteva by 12.4% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 49,377 shares of the company's stock valued at $3,107,000 after acquiring an additional 5,456 shares during the period. 81.54% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on CTVA. Argus raised Corteva from a "hold" rating to a "buy" rating and set a $69.00 price target for the company in a report on Monday, March 31st. UBS Group boosted their price objective on Corteva from $74.00 to $76.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Jefferies Financial Group restated a "buy" rating on shares of Corteva in a research note on Friday, June 6th. Citigroup upped their price target on shares of Corteva from $75.00 to $78.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Finally, The Goldman Sachs Group initiated coverage on shares of Corteva in a research note on Thursday, March 13th. They issued a "buy" rating and a $71.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $72.08.

Corteva Trading Down 1.4%

Shares of Corteva stock opened at $73.37 on Wednesday. Corteva, Inc. has a twelve month low of $50.30 and a twelve month high of $74.96. The company has a quick ratio of 1.00, a current ratio of 1.44 and a debt-to-equity ratio of 0.07. The business has a 50-day moving average price of $67.70 and a 200-day moving average price of $63.09. The firm has a market cap of $50.05 billion, a price-to-earnings ratio of 44.74, a PEG ratio of 1.90 and a beta of 0.75.

Corteva (NYSE:CTVA - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $1.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.88 by $0.25. Corteva had a return on equity of 7.84% and a net margin of 6.77%. The business had revenue of $4.42 billion for the quarter, compared to the consensus estimate of $4.56 billion. During the same quarter in the previous year, the company posted $0.89 EPS. The company's revenue was down 1.7% compared to the same quarter last year. Equities research analysts anticipate that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Friday, May 2nd were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 0.93%. The ex-dividend date was Monday, June 2nd. Corteva's dividend payout ratio is 41.46%.

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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