Mirae Asset Global Investments Co. Ltd. Grows Stake in Corteva, Inc. $CTVA

Key Points

• Mirae Asset Global Investments Co. Ltd. has increased its stake in Corteva, Inc. by 8.9%, bringing its total holdings to 77,485 shares valued at approximately $5.78 million.
• Corteva's stock has received mixed reviews from analysts, with a consensus price target of $80.27 and ratings ranging from "Strong Buy" to "Neutral."
• The company's recent earnings report showed a profit of $2.20 EPS, surpassing estimates and indicating a 5.6% increase in revenue compared to the previous year.

Mirae Asset Global Investments Co. Ltd. increased its holdings in Corteva, Inc. (NYSE:CTVA - Free Report) by 8.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 77,485 shares of the company's stock after purchasing an additional 6,333 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Corteva were worth $5,775,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Maryland Capital Advisors Inc. purchased a new position in Corteva during the second quarter valued at $29,000. Valley National Advisers Inc. boosted its holdings in shares of Corteva by 85.9% during the 1st quarter. Valley National Advisers Inc. now owns 526 shares of the company's stock valued at $33,000 after purchasing an additional 243 shares during the last quarter. Richardson Capital Management LLC purchased a new position in shares of Corteva during the first quarter valued at about $37,000. von Borstel & Associates Inc. bought a new stake in shares of Corteva in the first quarter worth about $44,000. Finally, SOA Wealth Advisors LLC. boosted its stake in Corteva by 622.5% during the second quarter. SOA Wealth Advisors LLC. now owns 737 shares of the company's stock valued at $55,000 after buying an additional 635 shares during the last quarter. 81.54% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Jefferies Financial Group reduced their price objective on Corteva from $92.00 to $85.00 in a research note on Thursday, October 2nd. Royal Bank Of Canada restated an "outperform" rating on shares of Corteva in a research report on Monday, August 11th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Corteva from $83.00 to $90.00 and gave the company a "buy" rating in a research report on Monday, September 15th. BMO Capital Markets set a $86.00 target price on shares of Corteva in a report on Monday, September 15th. Finally, Citigroup downgraded shares of Corteva from a "buy" rating to a "neutral" rating and lowered their price target for the company from $83.00 to $70.00 in a report on Thursday. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $80.27.

Corteva Stock Performance

Shares of NYSE:CTVA opened at $64.30 on Tuesday. The company has a current ratio of 1.68, a quick ratio of 1.23 and a debt-to-equity ratio of 0.06. Corteva, Inc. has a 12 month low of $53.40 and a 12 month high of $77.41. The company has a market capitalization of $43.67 billion, a price-to-earnings ratio of 31.37, a PEG ratio of 1.43 and a beta of 0.76. The firm's 50-day moving average is $71.08 and its 200 day moving average is $68.97.

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

Corteva Increases Dividend

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

Insiders Place Their Bets

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