DAVENPORT & Co LLC Sells 9,948 Shares of Corteva, Inc. $CTVA

Key Points

• DAVENPORT & Co LLC has reduced its stake in Corteva, Inc. by 17.3%, now owning 47,545 shares worth $3,540,000 after selling 9,948 shares in the second quarter.
• Several analysts have upgraded Corteva's stock, including Barclays, which raised its rating from "equal weight" to "overweight" and increased the price target from $75.00 to $84.00.
• Corteva recently declared a quarterly dividend increase to $0.18 per share, marking a rise from the previous $0.17, with an annualized yield of 1.1%.

DAVENPORT & Co LLC reduced its stake in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 17.3% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 47,545 shares of the company's stock after selling 9,948 shares during the period. DAVENPORT & Co LLC's holdings in Corteva were worth $3,540,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. Three Bridge Wealth Advisors LLC bought a new position in Corteva during the 2nd quarter worth $246,000. Iron Horse Wealth Management LLC raised its position in Corteva by 842.6% during the 2nd quarter. Iron Horse Wealth Management LLC now owns 7,117 shares of the company's stock worth $530,000 after purchasing an additional 6,362 shares during the last quarter. OLD National Bancorp IN raised its position in Corteva by 47.6% during the 2nd quarter. OLD National Bancorp IN now owns 20,964 shares of the company's stock worth $1,562,000 after purchasing an additional 6,765 shares during the last quarter. Wealthcare Advisory Partners LLC acquired a new stake in Corteva during the 2nd quarter worth about $213,000. Finally, 111 Capital raised its position in shares of Corteva by 197.4% in the 2nd quarter. 111 Capital now owns 12,163 shares of the company's stock worth $907,000 after acquiring an additional 8,073 shares in the last quarter. 81.54% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CTVA. Barclays raised Corteva from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $75.00 to $84.00 in a research report on Wednesday, August 13th. BMO Capital Markets set a $86.00 price objective on Corteva in a research report on Monday, September 15th. Royal Bank Of Canada reissued an "outperform" rating on shares of Corteva in a research report on Monday, August 11th. Zacks Research raised Corteva from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, October 1st. Finally, Wall Street Zen raised Corteva from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. One research 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 stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $80.13.

Corteva Stock Performance

Shares of CTVA opened at $63.10 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 stock has a 50-day moving average of $70.75 and a 200-day moving average of $68.90. The company has a market cap of $42.85 billion, a PE ratio of 30.78, a P/E/G ratio of 1.48 and a beta of 0.76. Corteva, Inc. has a one year low of $53.40 and a one year high of $77.41.

Corteva (NYSE:CTVA - Get Free Report) last released 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 the consensus estimate of $6.26 billion. Corteva had a return on equity of 8.68% and a net margin of 8.16%.The company's quarterly revenue was up 5.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.83 EPS. On average, equities research analysts predict that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were paid a dividend of $0.18 per share. This is an increase 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 presently 35.12%.

Insider Transactions at Corteva

In other Corteva news, EVP Robert D. King sold 37,280 shares of Corteva stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $74.20, for a total transaction of $2,766,176.00. Following the completion of the transaction, the executive vice president owned 49,262 shares in the company, valued at approximately $3,655,240.40. The trade was a 43.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company 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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