Meridian Investment Counsel Inc. purchased a new position in shares of Corteva (NYSE:CTVA) in the second quarter, HoldingsChannel reports. The fund purchased 10,840 shares of the company’s stock, valued at approximately $321,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Litman Gregory Asset Management LLC purchased a new stake in Corteva in the second quarter valued at approximately $26,000. Executive Wealth Management LLC purchased a new stake in Corteva in the second quarter valued at approximately $27,000. Roble Belko & Company Inc purchased a new stake in Corteva in the second quarter valued at approximately $29,000. Manchester Financial Inc. purchased a new stake in Corteva in the second quarter valued at approximately $30,000. Finally, SRS Capital Advisors Inc. purchased a new stake in Corteva in the second quarter valued at approximately $30,000. Institutional investors and hedge funds own 72.13% of the company’s stock.
CTVA has been the subject of several research reports. JPMorgan Chase & Co. initiated coverage on shares of Corteva in a research note on Friday, June 21st. They set an “overweight” rating and a $30.00 price objective for the company. Deutsche Bank boosted their price objective on shares of Corteva from $32.00 to $35.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Morgan Stanley began coverage on shares of Corteva in a research note on Monday, June 3rd. They set an “equal weight” rating and a $32.00 price objective for the company. Goldman Sachs Group began coverage on shares of Corteva in a research report on Monday, June 3rd. They set a “neutral” rating and a $29.00 target price on the stock. Finally, Sanford C. Bernstein began coverage on shares of Corteva in a research report on Wednesday, June 5th. They set a “market perform” rating and a $31.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $32.25.
Shares of NYSE:CTVA traded up $0.63 on Thursday, reaching $29.90. 2,925,697 shares of the company’s stock were exchanged, compared to its average volume of 6,118,944. Corteva has a fifty-two week low of $24.35 and a fifty-two week high of $32.78. The business has a 50-day simple moving average of $29.58.
Corteva (NYSE:CTVA) last released its quarterly earnings results on Thursday, August 1st. The company reported $1.42 EPS for the quarter, topping the consensus estimate of $0.99 by $0.43. The firm had revenue of $5.56 billion for the quarter, compared to the consensus estimate of $5.47 billion. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. On average, sell-side analysts predict that Corteva will post 1.2 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Wednesday, July 31st will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Tuesday, July 30th. This represents a $0.52 annualized dividend and a dividend yield of 1.74%.
In related news, Director Klaus A. Engel bought 18,393 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was purchased at an average price of $30.00 per share, for a total transaction of $551,790.00. Following the transaction, the director now directly owns 25,253 shares of the company’s stock, valued at approximately $757,590. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
Corteva, Inc provides agriculture products worldwide. The company develops and supplies germplasm and traits in corn, soybean, and sunflower seed markets. It also supplies products to the agricultural input industry that protect against weeds, insects and other pests, and diseases, as well as to enhance crop health.
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