Corteva (NYSE:CTVA) EVP Robert D. King Sells 37,280 Shares

Key Points

• Robert King, EVP of Corteva, sold 37,280 shares at $74.20, resulting in a total transaction of $2,766,176, reducing their ownership by 43.08%.
• Corteva reported $2.20 EPS for the last quarter, exceeding analysts' expectations of $1.89, with revenue of $6.46 billion, a 5.6% year-over-year increase.
• The company announced an increase in its quarterly dividend to $0.18 per share, up from $0.17, representing a yield of 1.0%.

Corteva, Inc. (NYSE:CTVA - Get Free Report) EVP Robert D. King sold 37,280 shares of the stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $74.20, for a total value of $2,766,176.00. Following the transaction, the executive vice president owned 49,262 shares of the company's stock, 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 legal filing with the SEC, which is accessible through this hyperlink.

Corteva Stock Down 0.6%

Shares of Corteva stock traded down $0.41 on Friday, hitting $72.24. 3,173,079 shares of the company's stock traded hands, compared to its average volume of 3,770,626. The stock has a market cap of $49.06 billion, a P/E ratio of 35.24, a PEG ratio of 1.65 and a beta of 0.78. The company has a quick ratio of 1.23, a current ratio of 1.68 and a debt-to-equity ratio of 0.06. The firm's 50-day moving average is $73.34 and its 200 day moving average is $67.80. Corteva, Inc. has a 52-week low of $53.40 and a 52-week high of $77.41.

Corteva (NYSE:CTVA - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $2.20 EPS for the quarter, beating the consensus estimate of $1.89 by $0.31. The company had revenue of $6.46 billion during 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%.The business's revenue was up 5.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.83 EPS. Equities 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 will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.0%. This is a boost from Corteva's previous quarterly dividend of $0.17. The ex-dividend date is Tuesday, September 2nd. Corteva's dividend payout ratio (DPR) is 35.12%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CTVA. KeyCorp raised their price objective on Corteva from $84.00 to $85.00 and gave the stock an "overweight" rating in a research note on Friday, August 8th. Wells Fargo & Company restated an "overweight" rating and set a $83.00 price objective (up from $82.00) on shares of Corteva in a research note on Friday, August 8th. Royal Bank Of Canada restated an "outperform" rating on shares of Corteva in a research note on Monday, August 11th. Oppenheimer set a $87.00 price objective on Corteva and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. Finally, Barclays upgraded Corteva from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $75.00 to $84.00 in a research note on Wednesday, August 13th. Thirteen analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $80.25.

Institutional Investors Weigh In On Corteva

Hedge funds have recently added to or reduced their stakes in the stock. Brighton Jones LLC increased its holdings in shares of Corteva by 307.2% during the fourth quarter. Brighton Jones LLC now owns 15,588 shares of the company's stock valued at $888,000 after purchasing an additional 11,760 shares during the period. AQR Capital Management LLC grew its holdings in Corteva by 0.6% during the fourth quarter. AQR Capital Management LLC now owns 103,720 shares of the company's stock worth $5,908,000 after acquiring an additional 640 shares during the period. Schonfeld Strategic Advisors LLC acquired a new position in Corteva during the fourth quarter worth about $287,000. AXA S.A. grew its holdings in Corteva by 57.9% during the fourth quarter. AXA S.A. now owns 60,728 shares of the company's stock worth $3,459,000 after acquiring an additional 22,276 shares during the period. Finally, Aptus Capital Advisors LLC grew its holdings in Corteva by 58.1% during the fourth quarter. Aptus Capital Advisors LLC now owns 7,117 shares of the company's stock worth $405,000 after acquiring an additional 2,614 shares during the period. 81.54% of the stock is currently owned by institutional investors.

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.