Corteva, Inc. $CTVA Shares Sold by Hardman Johnston Global Advisors LLC

Key Points

• Hardman Johnston Global Advisors LLC reduced its holdings in Corteva, Inc. by 4.1% in Q2, now owning 844,488 shares valued at approximately $62.94 million.
• Insider selling was notable as Executive Vice President Robert D. King sold 37,280 shares for about $2.77 million, reducing his ownership by 43.08%.
• Corteva recently increased its quarterly dividend to $0.18 per share, raising the annualized yield to 1.1% amid expectations of a $2.96 EPS for the current year.

Hardman Johnston Global Advisors LLC lowered its holdings in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 4.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 844,488 shares of the company's stock after selling 35,881 shares during the quarter. Corteva makes up 2.8% of Hardman Johnston Global Advisors LLC's holdings, making the stock its 12th largest position. Hardman Johnston Global Advisors LLC owned about 0.12% of Corteva worth $62,940,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Red Mountain Financial LLC raised its stake in shares of Corteva by 2.7% during the 2nd quarter. Red Mountain Financial LLC now owns 17,999 shares of the company's stock worth $1,341,000 after buying an additional 481 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in Corteva by 8.9% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 77,485 shares of the company's stock worth $5,775,000 after acquiring an additional 6,333 shares in the last quarter. J. Safra Sarasin Holding AG grew its position in shares of Corteva by 24.3% in the second quarter. J. Safra Sarasin Holding AG now owns 19,363 shares of the company's stock valued at $1,443,000 after purchasing an additional 3,790 shares during the period. Pure Financial Advisors LLC grew its position in shares of Corteva by 7.9% in the second quarter. Pure Financial Advisors LLC now owns 5,438 shares of the company's stock valued at $405,000 after purchasing an additional 397 shares during the period. Finally, Robeco Institutional Asset Management B.V. grew its position in shares of Corteva by 573.7% in the second quarter. Robeco Institutional Asset Management B.V. now owns 394,719 shares of the company's stock valued at $29,418,000 after purchasing an additional 336,133 shares during the period. Hedge funds and other institutional investors own 81.54% of the company's stock.

Insider Activity

In other news, EVP Robert D. King sold 37,280 shares of the stock in a transaction dated 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 sale, 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.14% of the company's stock.

Analyst Ratings Changes

CTVA has been the topic of a number of research reports. Zacks Research raised shares of Corteva to a "hold" rating in a research note on Friday, August 8th. Wall Street Zen upgraded Corteva from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Oppenheimer set a $87.00 price target on Corteva and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Corteva in a research note on Friday, June 6th. Finally, Citigroup downgraded shares of Corteva from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $83.00 to $70.00 in a research note on Thursday. Fourteen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $80.36.

Corteva Stock Up 2.9%

Shares of NYSE CTVA opened at $63.27 on Friday. The firm has a market cap of $42.96 billion, a price-to-earnings ratio of 30.86, a PEG ratio of 1.39 and a beta of 0.76. The company has a quick ratio of 1.23, a current ratio of 1.68 and a debt-to-equity ratio of 0.06. Corteva, Inc. has a 52-week low of $53.40 and a 52-week high of $77.41. The business's 50 day moving average is $71.44 and its two-hundred day moving average is $68.84.

Corteva (NYSE:CTVA - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $2.20 earnings per share for the quarter, beating 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 business had revenue of $6.46 billion during the quarter, compared to analysts' expectations of $6.26 billion. During the same period in the previous year, the firm posted $1.83 earnings per share. The company's revenue was up 5.6% on a year-over-year basis. Research analysts predict that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were issued a dividend of $0.18 per share. This is a positive change from Corteva's previous quarterly dividend of $0.17. The ex-dividend date was Tuesday, September 2nd. This represents a $0.72 dividend on an annualized basis and a yield of 1.1%. Corteva's dividend payout ratio (DPR) is 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.

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