Corteva, Inc. $CTVA Shares Sold by Gabelli Funds LLC

Key Points

• Gabelli Funds LLC reduced its stake in Corteva, Inc. by 11.8%, selling 5,936 shares, leaving it with a total of 44,200 shares valued at approximately $2.78 million.
• Corteva has received multiple upgrades from analysts, with BMO Capital Markets raising its price target from $74.00 to $86.00 and citing an "outperform" rating.
• The company recently announced an increase in its quarterly dividend from $0.17 to $0.18, scheduled to be paid on September 15th, representing a 1.0% dividend yield.

Gabelli Funds LLC lessened its holdings in Corteva, Inc. (NYSE:CTVA - Free Report) by 11.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 44,200 shares of the company's stock after selling 5,936 shares during the quarter. Gabelli Funds LLC's holdings in Corteva were worth $2,782,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the business. Pinney & Scofield Inc. acquired a new stake in shares of Corteva during the 4th quarter worth about $27,000. Valley National Advisers Inc. raised its position in shares of Corteva by 85.9% during the 1st quarter. Valley National Advisers Inc. now owns 526 shares of the company's stock worth $33,000 after acquiring an additional 243 shares in the last quarter. Richardson Capital Management LLC acquired a new stake in shares of Corteva during the 1st quarter worth about $37,000. von Borstel & Associates Inc. acquired a new stake in shares of Corteva during the 1st quarter worth about $44,000. Finally, Horizon Financial Services LLC raised its position in shares of Corteva by 4,444.4% during the 1st quarter. Horizon Financial Services LLC now owns 818 shares of the company's stock worth $51,000 after acquiring an additional 800 shares in the last quarter. 81.54% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Corteva

In other Corteva news, EVP Robert D. King sold 37,280 shares of Corteva stock in a transaction that occurred on 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 sale, the executive vice president directly owned 49,262 shares in the company, valued at $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 available through the SEC website. Insiders own 0.14% of the company's stock.

Corteva Price Performance

CTVA traded down $1.24 during trading on Wednesday, reaching $72.68. 1,251,871 shares of the stock were exchanged, compared to its average volume of 3,793,171. The business's 50 day moving average price is $73.44 and its two-hundred day moving average price is $67.63. 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 company has a market capitalization of $49.36 billion, a price-to-earnings ratio of 35.45, a P/E/G ratio of 1.70 and a beta of 0.78. 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 released its quarterly earnings results on Wednesday, August 6th. The company reported $2.20 earnings per share for the quarter, topping 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 company 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 business's revenue for the quarter was up 5.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Corteva, Inc. will post 2.96 earnings per share for the current year.

Corteva Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Tuesday, September 2nd. This is an increase from Corteva's previous quarterly dividend of $0.17. Corteva's dividend payout ratio (DPR) is 35.12%.

Analyst Ratings Changes

Several brokerages have recently weighed in on CTVA. Morgan Stanley raised their target price on Corteva from $65.00 to $71.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. Barclays raised Corteva from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $75.00 to $84.00 in a research report on Wednesday, August 13th. Wall Street Zen raised Corteva from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Corteva in a research report on Friday, June 6th. Finally, Zacks Research raised Corteva to a "hold" rating in a research report on Friday, August 8th. Thirteen equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Corteva currently has a consensus rating of "Moderate Buy" and a consensus price target of $80.25.

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.