Iron Horse Wealth Management LLC Increases Holdings in Corteva, Inc. $CTVA

Key Points

• Iron Horse Wealth Management LLC significantly increased its stake in Corteva, Inc. by 842.6% during Q2, bringing its total holdings to 7,117 shares valued at approximately $530,000.
• Corteva recently declared an increased quarterly dividend of $0.18 per share, rising from $0.17, implying an annualized dividend yield of 1.1%.
• The company reported earnings of $2.20 per share for the last quarter, which surpassed analysts' expectations, indicating a revenue growth of 5.6% year-over-year.

Iron Horse Wealth Management LLC increased its stake in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 842.6% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,117 shares of the company's stock after buying an additional 6,362 shares during the quarter. Corteva comprises 0.2% of Iron Horse Wealth Management LLC's holdings, making the stock its 29th largest position. Iron Horse Wealth Management LLC's holdings in Corteva were worth $530,000 as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. Peak Financial Advisors LLC purchased a new position in Corteva during the second quarter worth approximately $505,000. Cary Street Partners Financial LLC increased its stake in Corteva by 20.7% during the first quarter. Cary Street Partners Financial LLC now owns 90,206 shares of the company's stock worth $5,677,000 after acquiring an additional 15,448 shares during the last quarter. PGGM Investments increased its stake in Corteva by 68.5% during the second quarter. PGGM Investments now owns 1,223,444 shares of the company's stock worth $91,183,000 after acquiring an additional 497,200 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Corteva by 28.6% during the first quarter. Goldman Sachs Group Inc. now owns 2,851,993 shares of the company's stock worth $179,476,000 after acquiring an additional 634,938 shares during the last quarter. Finally, S.E.E.D. Planning Group LLC increased its stake in Corteva by 70.3% during the second quarter. S.E.E.D. Planning Group LLC now owns 164,393 shares of the company's stock worth $12,252,000 after acquiring an additional 67,869 shares during the last quarter. Hedge funds and other institutional investors own 81.54% of the company's stock.

Corteva Trading Down 0.2%

CTVA opened at $63.36 on Friday. The business has a fifty day moving average price of $71.24 and a 200 day moving average price of $68.90. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.68 and a quick ratio of 1.23. Corteva, Inc. has a 12 month low of $53.40 and a 12 month high of $77.41. The stock has a market capitalization of $43.03 billion, a price-to-earnings ratio of 30.91, a PEG ratio of 1.43 and a beta of 0.76.

Corteva (NYSE:CTVA - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $2.20 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $6.26 billion. During the same quarter in the prior year, the business earned $1.83 EPS. Corteva's revenue was up 5.6% on a year-over-year basis. Sell-side analysts expect that Corteva, Inc. will post 2.96 earnings per share 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 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 annualized dividend and a yield of 1.1%. Corteva's dividend payout ratio (DPR) is currently 35.12%.

Insiders Place Their Bets

In other Corteva news, EVP Robert D. King sold 37,280 shares of the company's 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 sale, the executive vice president owned 49,262 shares in the company, valued at $3,655,240.40. This represents a 43.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.14% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms have issued reports on CTVA. Barclays raised Corteva from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $75.00 to $84.00 in a research note on Wednesday, August 13th. Oppenheimer set a $87.00 target price on Corteva and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. BMO Capital Markets set a $86.00 target price on Corteva in a research note on Monday, September 15th. JPMorgan Chase & Co. raised Corteva from a "neutral" rating to an "overweight" rating and set a $67.00 target price for the company in a research note on Thursday. Finally, Jefferies Financial Group dropped their price objective on Corteva from $92.00 to $85.00 in a research note on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, Corteva currently has an average rating of "Moderate Buy" and a consensus price target of $80.67.

Corteva 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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