Corteva, Inc. $CTVA Shares Bought by Callahan Advisors LLC

Key Points

• Callahan Advisors LLC increased its holdings in Corteva, Inc. by 6.7%, owning 150,013 shares valued at $11.18 million by the end of the second quarter.
• Corteva's stock has received a mix of analyst ratings, with Barclays upgrading it to "overweight" and setting a new price target of $84.00, while Jefferies decreased their target from $92.00 to $85.00.
• The company reported earnings per share (EPS) of $2.20 for the last quarter, exceeding analysts' expectations, and has recently increased its quarterly dividend to $0.18.

Callahan Advisors LLC increased its holdings in Corteva, Inc. (NYSE:CTVA - Free Report) by 6.7% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 150,013 shares of the company's stock after purchasing an additional 9,461 shares during the quarter. Callahan Advisors LLC's holdings in Corteva were worth $11,180,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Corteva by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 79,814,646 shares of the company's stock worth $5,022,736,000 after purchasing an additional 639,799 shares during the period. Independent Franchise Partners LLP boosted its stake in shares of Corteva by 1.8% in 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 during the last quarter. Northern Trust Corp increased its position in shares of Corteva by 1.0% during the first quarter. Northern Trust Corp now owns 11,759,755 shares of the company's stock worth $740,041,000 after purchasing an additional 110,865 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Corteva during the first quarter worth approximately $640,333,000. Finally, WCM Investment Management LLC increased its position in shares of Corteva by 1.4% during the first quarter. WCM Investment Management LLC now owns 6,978,187 shares of the company's stock worth $426,088,000 after purchasing an additional 98,770 shares in the last quarter. Institutional investors and hedge funds own 81.54% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on CTVA shares. Jefferies Financial Group dropped their price target on Corteva from $92.00 to $85.00 in a research report on Thursday, October 2nd. Barclays upgraded Corteva from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $75.00 to $84.00 in a research report on Wednesday, August 13th. JPMorgan Chase & Co. upgraded Corteva from a "neutral" rating to an "overweight" rating and set a $67.00 price target for the company in a research report on Thursday, October 2nd. KeyCorp reiterated a "sector weight" rating on shares of Corteva in a research report on Friday, October 3rd. Finally, Citigroup lowered Corteva from a "buy" rating to a "neutral" rating and dropped their price target for the company from $83.00 to $70.00 in a research report on Thursday, October 2nd. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Corteva has an average rating of "Moderate Buy" and a consensus target price of $80.81.

Insiders Place Their Bets

In related news, EVP Robert D. King sold 37,280 shares of the 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 completion of the transaction, the executive vice president directly owned 49,262 shares in the company, 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 legal filing with the SEC, which is accessible through this link. Insiders own 0.14% of the company's stock.

Corteva Price Performance

CTVA stock opened at $61.94 on Thursday. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.68 and a quick ratio of 1.23. The business has a 50 day simple moving average of $69.82 and a 200-day simple moving average of $68.91. The firm has a market capitalization of $42.06 billion, a PE ratio of 30.22, a price-to-earnings-growth ratio of 1.42 and a beta of 0.76. Corteva, Inc. has a 1 year low of $53.40 and a 1 year high of $77.41.

Corteva (NYSE:CTVA - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $2.20 earnings per share (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 business's revenue was up 5.6% compared to the same quarter last year. During the same period in the prior year, the business earned $1.83 earnings per share. Equities research analysts anticipate that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were given a $0.18 dividend. The ex-dividend date was Tuesday, September 2nd. This is a positive change from Corteva's previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a yield of 1.2%. Corteva's dividend payout ratio (DPR) is currently 35.12%.

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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