KLP Kapitalforvaltning AS Purchases 14,600 Shares of Corteva, Inc. $CTVA

Key Points

• KLP Kapitalforvaltning AS increased its stake in Corteva, Inc. by 6.2% during the 2nd quarter, acquiring an additional 14,600 shares and bringing its total holdings to 251,676 shares valued at approximately $18.76 million.
• Corteva reported earnings of $2.20 EPS for the latest quarter, surpassing analyst expectations of $1.89 EPS, with a revenue of $6.46 billion that exceeded projections of $6.26 billion.
• The company announced a quarterly dividend increase to $0.18 per share, up from $0.17, which reflects an annualized dividend yield of 1.1% and a payout ratio of 35.12%.

KLP Kapitalforvaltning AS grew its position in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 6.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 251,676 shares of the company's stock after purchasing an additional 14,600 shares during the period. KLP Kapitalforvaltning AS's holdings in Corteva were worth $18,757,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in CTVA. Moody National Bank Trust Division boosted its stake in Corteva by 0.7% during the 2nd quarter. Moody National Bank Trust Division now owns 22,139 shares of the company's stock valued at $1,650,000 after purchasing an additional 143 shares during the last quarter. Ancora Advisors LLC boosted its stake in Corteva by 0.8% during the 1st quarter. Ancora Advisors LLC now owns 18,567 shares of the company's stock valued at $1,168,000 after purchasing an additional 150 shares during the last quarter. NewEdge Advisors LLC boosted its stake in Corteva by 0.5% during the 1st quarter. NewEdge Advisors LLC now owns 31,455 shares of the company's stock valued at $1,979,000 after purchasing an additional 152 shares during the last quarter. Plancorp LLC boosted its stake in Corteva by 2.3% during the 1st quarter. Plancorp LLC now owns 7,156 shares of the company's stock valued at $450,000 after purchasing an additional 158 shares during the last quarter. Finally, Legacy Financial Advisors Inc. boosted its stake in Corteva by 4.4% during the 1st quarter. Legacy Financial Advisors Inc. now owns 3,761 shares of the company's stock valued at $237,000 after purchasing an additional 160 shares during the last quarter. Institutional investors own 81.54% of the company's stock.

Corteva Price Performance

Shares of Corteva stock opened at $63.10 on Thursday. Corteva, Inc. has a one year low of $53.40 and a one year high of $77.41. The stock's fifty day moving average is $70.75 and its 200 day moving average is $68.90. The stock has a market cap of $42.85 billion, a P/E ratio of 30.78, a P/E/G ratio of 1.48 and a beta of 0.76. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.23 and a current ratio of 1.68.

Corteva (NYSE:CTVA - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $2.20 EPS for the quarter, topping analysts' consensus estimates of $1.89 by $0.31. The company had revenue of $6.46 billion for the quarter, compared to analysts' expectations of $6.26 billion. Corteva had a return on equity of 8.68% and a net margin of 8.16%.Corteva's revenue for the quarter was up 5.6% compared to the same quarter last year. During the same period last year, the firm earned $1.83 EPS. Sell-side analysts anticipate that Corteva, Inc. will post 2.96 earnings per share for the current year.

Corteva Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were given a dividend of $0.18 per share. The ex-dividend date was Tuesday, September 2nd. This is a positive change from Corteva's previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.1%. Corteva's dividend payout ratio (DPR) is 35.12%.

Wall Street Analyst Weigh In

Several analysts have commented on CTVA shares. JPMorgan Chase & Co. upgraded Corteva from a "neutral" rating to an "overweight" rating and set a $67.00 target price on the stock in a research note on Thursday, October 2nd. Royal Bank Of Canada reissued an "outperform" rating on shares of Corteva in a report on Monday, August 11th. Mizuho lowered their price target on Corteva from $85.00 to $78.00 and set an "outperform" rating on the stock in a report on Wednesday. Barclays raised Corteva from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $75.00 to $84.00 in a report on Wednesday, August 13th. Finally, Weiss Ratings cut Corteva from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Corteva presently has an average rating of "Moderate Buy" and an average target price of $80.13.

Insider Buying and Selling at Corteva

In other news, EVP Robert D. King sold 37,280 shares of the firm'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 completion of the transaction, the executive vice president owned 49,262 shares in the company, valued at $3,655,240.40. This trade represents a 43.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.14% of the stock is currently owned by insiders.

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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