Park Avenue Securities LLC Raises Stock Position in Corteva, Inc. $CTVA

Key Points

• Park Avenue Securities LLC increased its stake in Corteva, Inc. by 41.1% during the second quarter, owning a total of 27,036 shares valued at approximately $2.02 million.
• Corteva reported $2.20 earnings per share for the last quarter, exceeding estimates of $1.89, with revenues of $6.46 billion, marking a 5.6% year-over-year increase.
• The company declared a quarterly dividend of $0.18 per share, representing a 1.0% yield, and an increase from the previous dividend of $0.17.

Park Avenue Securities LLC increased its position in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 41.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 27,036 shares of the company's stock after acquiring an additional 7,873 shares during the period. Park Avenue Securities LLC's holdings in Corteva were worth $2,015,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the company. Brighton Jones LLC increased its holdings in shares of Corteva by 307.2% in the fourth quarter. Brighton Jones LLC now owns 15,588 shares of the company's stock worth $888,000 after purchasing an additional 11,760 shares during the period. Vise Technologies Inc. bought a new stake in Corteva during the fourth quarter valued at $238,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Corteva during the fourth quarter worth about $22,079,000. Siemens Fonds Invest GmbH increased its stake in Corteva by 436.4% in the 4th quarter. Siemens Fonds Invest GmbH now owns 23,780 shares of the company's stock worth $1,355,000 after acquiring an additional 19,347 shares during the last quarter. Finally, PKO Investment Management Joint Stock Co purchased a new stake in shares of Corteva in the 4th quarter valued at about $1,281,000. 81.54% of the stock is owned by institutional investors.

Corteva Price Performance

Shares of Corteva stock opened at $69.56 on Thursday. 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, Inc. has a 52-week low of $53.40 and a 52-week high of $77.41. The company has a fifty day moving average of $72.34 and a 200-day moving average of $68.59. The stock has a market capitalization of $47.24 billion, a price-to-earnings ratio of 33.93, a price-to-earnings-growth ratio of 1.59 and a beta of 0.78.

Corteva (NYSE:CTVA - Get Free Report) last posted 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 net margin of 8.16% and a return on equity of 8.68%. The business had revenue of $6.46 billion during the quarter, compared to the consensus estimate of $6.26 billion. During the same period in the previous year, the firm posted $1.83 earnings per share. The firm's revenue for the quarter was up 5.6% on a year-over-year basis. Equities research analysts expect that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.0%. The ex-dividend date was Tuesday, September 2nd. This is a positive change from Corteva's previous quarterly dividend of $0.17. Corteva's dividend payout ratio is 35.12%.

Insider Buying and Selling

In other Corteva news, EVP Robert D. King sold 37,280 shares of the business's stock in a transaction that occurred 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 completion of the sale, the executive vice president owned 49,262 shares in the company, valued at approximately $3,655,240.40. The trade was a 43.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.14% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on CTVA shares. Oppenheimer set a $87.00 price objective on Corteva and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Zacks Research raised shares of Corteva to a "hold" rating in a research note on Friday, August 8th. Wall Street Zen raised shares of Corteva from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Corteva in a report on Monday, August 11th. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of Corteva in a research report on Friday, June 6th. Thirteen investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $82.00.

About Corteva

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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