Gallo Partners LP Makes New Investment in Corteva, Inc. (NYSE:CTVA)

Gallo Partners LP acquired a new position in shares of Corteva, Inc. (NYSE:CTVA - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 43,685 shares of the company's stock, valued at approximately $2,488,000. Corteva makes up about 1.8% of Gallo Partners LP's investment portfolio, making the stock its 18th largest position.

Several other large investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Corteva by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 79,174,847 shares of the company's stock worth $4,509,799,000 after acquiring an additional 646,459 shares during the last quarter. Independent Franchise Partners LLP increased its position in shares of Corteva by 51.5% in the fourth quarter. Independent Franchise Partners LLP now owns 16,496,508 shares of the company's stock worth $939,641,000 after purchasing an additional 5,604,838 shares during the last quarter. Franklin Resources Inc. raised its stake in Corteva by 9.2% in the fourth quarter. Franklin Resources Inc. now owns 16,143,025 shares of the company's stock valued at $919,507,000 after purchasing an additional 1,354,418 shares in the last quarter. Capital World Investors lifted its position in Corteva by 2,874.6% during the fourth quarter. Capital World Investors now owns 12,812,151 shares of the company's stock valued at $729,780,000 after purchasing an additional 12,381,436 shares during the last quarter. Finally, Northern Trust Corp grew its stake in Corteva by 5.5% in the 4th quarter. Northern Trust Corp now owns 11,648,890 shares of the company's stock worth $663,521,000 after buying an additional 608,898 shares in the last quarter. Institutional investors own 81.54% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CTVA. The Goldman Sachs Group assumed coverage on shares of Corteva in a research report on Thursday, March 13th. They issued a "buy" rating and a $71.00 target price for the company. KeyCorp raised their price objective on Corteva from $70.00 to $71.00 and gave the company an "overweight" rating in a report on Monday, April 14th. Royal Bank of Canada upped their target price on Corteva from $72.00 to $73.00 and gave the stock an "outperform" rating in a research note on Friday, February 7th. Barclays lifted their price target on shares of Corteva from $62.00 to $64.00 and gave the stock an "equal weight" rating in a research note on Tuesday, January 21st. Finally, Argus raised shares of Corteva from a "hold" rating to a "buy" rating and set a $69.00 price objective for the company in a research note on Monday, March 31st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Corteva presently has a consensus rating of "Moderate Buy" and an average price target of $68.43.

Insider Activity

In related news, insider Brian Titus sold 26,560 shares of the company's stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $63.74, for a total value of $1,692,934.40. Following the transaction, the insider now owns 11,347 shares in the company, valued at $723,257.78. The trade was a 70.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.14% of the company's stock.

Corteva Trading Up 0.2 %

Shares of NYSE CTVA traded up $0.15 during midday trading on Monday, hitting $62.78. 600,849 shares of the company traded hands, compared to its average volume of 3,306,175. Corteva, Inc. has a 12-month low of $50.01 and a 12-month high of $66.24. The stock has a 50-day moving average price of $60.60 and a 200 day moving average price of $60.58. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.93 and a current ratio of 1.45. The firm has a market cap of $42.88 billion, a P/E ratio of 48.71, a P/E/G ratio of 1.68 and a beta of 0.72.

Corteva (NYSE:CTVA - Get Free Report) last issued its quarterly earnings results on Wednesday, February 5th. The company reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.02). Corteva had a return on equity of 7.19% and a net margin of 5.36%. As a group, analysts expect that Corteva, Inc. will post 2.96 earnings per share for the current year.

Corteva Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 2nd will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.08%. The ex-dividend date of this dividend is Monday, June 2nd. Corteva's dividend payout ratio is 52.71%.

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.