River & Mercantile Asset Management LLP acquired a new stake in Corteva (NYSE:CTVA) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 1,098 shares of the company’s stock, valued at approximately $32,000.
Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. purchased a new stake in Corteva in the 2nd quarter valued at $1,803,496,000. BlackRock Inc. purchased a new stake in Corteva in the 2nd quarter valued at $1,728,215,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in Corteva in the 2nd quarter valued at $579,764,000. Nuveen Asset Management LLC purchased a new stake in Corteva in the 2nd quarter valued at $429,256,000. Finally, Price T Rowe Associates Inc. MD purchased a new stake in Corteva in the 2nd quarter valued at $404,071,000. Hedge funds and other institutional investors own 72.17% of the company’s stock.
In related news, Director Klaus A. Engel purchased 18,393 shares of the firm’s stock in a transaction dated Friday, August 30th. The stock was acquired at an average price of $30.00 per share, with a total value of $551,790.00. Following the completion of the transaction, the director now owns 25,253 shares of the company’s stock, valued at $757,590. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Timothy P. Glenn purchased 6,500 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were bought at an average cost of $30.52 per share, with a total value of $198,380.00.
Corteva (NYSE:CTVA) last announced its quarterly earnings data on Thursday, August 1st. The company reported $1.42 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.43. The company had revenue of $5.56 billion for the quarter, compared to analysts’ expectations of $5.47 billion. The company’s quarterly revenue was down 3.1% on a year-over-year basis. Sell-side analysts predict that Corteva will post 1.17 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Friday, November 29th will be issued a dividend of $0.13 per share. The ex-dividend date is Wednesday, November 27th. This represents a $0.52 annualized dividend and a dividend yield of 1.95%.
A number of equities analysts have commented on the stock. Royal Bank of Canada upgraded shares of Corteva from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $29.00 to $38.00 in a research report on Friday, August 9th. Deutsche Bank increased their price objective on shares of Corteva from $32.00 to $35.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Loop Capital assumed coverage on shares of Corteva in a research note on Monday, July 1st. They issued a “hold” rating and a $31.00 price objective on the stock. Citigroup lowered their price objective on shares of Corteva from $34.50 to $31.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Barclays reissued a “hold” rating and issued a $35.00 price objective on shares of Corteva in a research note on Sunday, August 4th. One investment 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 currently has an average rating of “Hold” and a consensus price target of $31.93.
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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