Bingham Private Wealth LLC Takes $296,000 Position in Corteva, Inc. $CTVA

Key Points

• Bingham Private Wealth LLC has acquired a new stake in Corteva, Inc. valued at approximately $296,000, purchasing 3,977 shares during the 2nd quarter.
• Corteva reported a net margin of 8.16% and a quarterly revenue of $6.46 billion, exceeding analysts' expectations.
• The company recently increased its quarterly dividend from $0.17 to $0.18, representing an annualized dividend yield of 1.1%.

Bingham Private Wealth LLC bought a new stake in Corteva, Inc. (NYSE:CTVA - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 3,977 shares of the company's stock, valued at approximately $296,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Valeo Financial Advisors LLC boosted its holdings in shares of Corteva by 4,168.7% in the second quarter. Valeo Financial Advisors LLC now owns 571,320 shares of the company's stock valued at $42,580,000 after acquiring an additional 557,936 shares in the last quarter. Three Bridge Wealth Advisors LLC purchased a new stake in shares of Corteva in the second quarter valued at about $246,000. Iron Horse Wealth Management LLC boosted its holdings in shares of Corteva by 842.6% in the second quarter. Iron Horse Wealth Management LLC now owns 7,117 shares of the company's stock valued at $530,000 after acquiring an additional 6,362 shares in the last quarter. OLD National Bancorp IN boosted its holdings in shares of Corteva by 47.6% in the second quarter. OLD National Bancorp IN now owns 20,964 shares of the company's stock valued at $1,562,000 after acquiring an additional 6,765 shares in the last quarter. Finally, Wealthcare Advisory Partners LLC purchased a new stake in shares of Corteva in the second quarter valued at about $213,000. Hedge funds and other institutional investors own 81.54% of the company's stock.

Corteva Stock Performance

Shares of CTVA opened at $64.30 on Tuesday. The company has a current ratio of 1.68, a quick ratio of 1.23 and a debt-to-equity ratio of 0.06. The stock has a market cap of $43.67 billion, a P/E ratio of 31.37, a PEG ratio of 1.43 and a beta of 0.76. The company has a 50-day moving average of $71.08 and a two-hundred day moving average of $68.97. Corteva, Inc. has a 12-month low of $53.40 and a 12-month high of $77.41.

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

Corteva Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were 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 dividend yield of 1.1%. The ex-dividend date of this dividend was Tuesday, September 2nd. Corteva's dividend payout ratio (DPR) is presently 35.12%.

Wall Street Analysts Forecast Growth

CTVA has been the topic of several analyst reports. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Corteva in a report on Monday, August 11th. Zacks Research raised shares of Corteva from a "hold" rating to a "strong-buy" rating in a report on Wednesday, October 1st. UBS Group decreased their price objective on shares of Corteva from $91.00 to $85.00 and set a "buy" rating on the stock in a report on Monday. Barclays raised shares of Corteva from an "equal weight" rating to an "overweight" rating and boosted their price objective for the stock from $75.00 to $84.00 in a report on Wednesday, August 13th. Finally, Wall Street Zen raised shares of Corteva from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Corteva currently has an average rating of "Moderate Buy" and an average target price of $80.27.

Insider Activity

In related news, EVP Robert D. King sold 37,280 shares of the company's stock in a transaction that occurred on 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 transaction, the executive vice president owned 49,262 shares of the company's stock, valued at approximately $3,655,240.40. This represents a 43.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.14% of the company's stock.

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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