GC Wealth Management RIA LLC Takes $2.33 Million Position in Corteva, Inc. $CTVA

Key Points

• GC Wealth Management RIA LLC acquired a new position in Corteva, Inc. worth approximately $2.33 million, purchasing 31,216 shares during the 2nd quarter.
• Corteva's recent financial performance exceeded expectations, reporting an EPS of $2.20, which surpassed estimates by $0.31, alongside a revenue of $6.46 billion.
• The company increased its quarterly dividend to $0.18 per share, up from the previous $0.17, reflecting a 1.1% yield on an annualized basis.

GC Wealth Management RIA LLC purchased a new stake in shares of Corteva, Inc. (NYSE:CTVA - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 31,216 shares of the company's stock, valued at approximately $2,327,000.

Several other institutional investors have also recently made changes to their positions in the company. City Holding Co. raised its position in shares of Corteva by 5.0% during the 2nd quarter. City Holding Co. now owns 17,820 shares of the company's stock valued at $1,328,000 after buying an additional 843 shares during the period. Uncommon Cents Investing LLC purchased a new stake in shares of Corteva during the 2nd quarter valued at approximately $233,000. LVW Advisors LLC purchased a new stake in Corteva in the second quarter valued at approximately $671,000. ORG Wealth Partners LLC purchased a new stake in Corteva in the second quarter valued at approximately $71,000. Finally, Brown Lisle Cummings Inc. raised its position in Corteva by 32.8% in the second quarter. Brown Lisle Cummings Inc. now owns 972 shares of the company's stock valued at $72,000 after purchasing an additional 240 shares during the period. Hedge funds and other institutional investors own 81.54% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on CTVA shares. BMO Capital Markets set a $86.00 target price on Corteva in a research report on Monday, September 15th. UBS Group boosted their target price on Corteva from $90.00 to $91.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Jefferies Financial Group reissued a "buy" rating on shares of Corteva in a research report on Friday, June 6th. Morgan Stanley set a $84.00 target price on Corteva in a research report on Monday, September 15th. Finally, Oppenheimer set a $87.00 target price on Corteva and gave the company an "outperform" rating in a research report on Tuesday, July 15th. Thirteen investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $82.00.

Corteva Stock Performance

NYSE:CTVA opened at $68.06 on Monday. The company has a fifty day simple moving average of $72.11 and a two-hundred day simple moving average of $68.84. The company has a market cap of $46.22 billion, a price-to-earnings ratio of 33.20, a price-to-earnings-growth ratio of 1.56 and a beta of 0.78. 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.

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

Corteva Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.1%. This is a boost from Corteva's previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Tuesday, September 2nd. Corteva's dividend payout ratio is currently 35.12%.

Insider Buying and Selling

In related news, EVP Robert D. King sold 37,280 shares of the stock in a transaction 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 transaction, the executive vice president owned 49,262 shares of the company's stock, valued at $3,655,240.40. This represents a 43.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.15% of the stock is owned by company insiders.

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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