Wolverine Asset Management LLC Grows Stock Position in Corteva, Inc. $CTVA

Wolverine Asset Management LLC lifted its stake in Corteva, Inc. (NYSE:CTVA) by 133.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 35,000 shares of the company’s stock after purchasing an additional 20,000 shares during the period. Wolverine Asset Management LLC’s holdings in Corteva were worth $2,609,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Gladwyn Financial Advisors Inc. purchased a new stake in Corteva during the 2nd quarter worth about $25,000. Curat Global LLC lifted its holdings in Corteva by 93.7% during the 2nd quarter. Curat Global LLC now owns 370 shares of the company’s stock worth $28,000 after buying an additional 179 shares during the last quarter. Maryland Capital Advisors Inc. purchased a new stake in Corteva during the 2nd quarter worth about $29,000. DHJJ Financial Advisors Ltd. lifted its holdings in Corteva by 132.2% during the 2nd quarter. DHJJ Financial Advisors Ltd. now owns 527 shares of the company’s stock worth $39,000 after buying an additional 300 shares during the last quarter. Finally, Princeton Global Asset Management LLC lifted its holdings in Corteva by 61.5% during the 2nd quarter. Princeton Global Asset Management LLC now owns 525 shares of the company’s stock worth $39,000 after buying an additional 200 shares during the last quarter. 81.54% of the stock is owned by hedge funds and other institutional investors.

Corteva Stock Performance

Shares of CTVA opened at $61.51 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.23 and a current ratio of 1.68. The stock has a market capitalization of $41.77 billion, a P/E ratio of 30.00, a P/E/G ratio of 1.41 and a beta of 0.76. The company’s fifty day moving average is $67.53 and its two-hundred day moving average is $69.26. Corteva, Inc. has a 1 year low of $53.40 and a 1 year high of $77.41.

Corteva (NYSE:CTVA) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $2.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.31. The company had revenue of $6.46 billion for the quarter, compared to analysts’ expectations of $6.26 billion. Corteva had a net margin of 8.16% and a return on equity of 8.68%. Corteva’s revenue was up 5.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.83 EPS. On average, sell-side analysts predict that Corteva, Inc. will post 2.96 earnings per share for the current year.

Corteva Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Monday, December 1st. Corteva’s payout ratio is currently 35.12%.

Insider Transactions at Corteva

In other Corteva news, EVP Robert D. King sold 37,280 shares of the business’s stock in a transaction 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 directly owned 49,262 shares of the company’s stock, valued at approximately $3,655,240.40. The trade was a 43.08% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.14% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CTVA. Deutsche Bank Aktiengesellschaft lifted their price target on Corteva from $83.00 to $90.00 and gave the stock a “buy” rating in a report on Monday, September 15th. Mizuho decreased their price target on Corteva from $85.00 to $78.00 and set an “outperform” rating for the company in a report on Wednesday, October 8th. BMO Capital Markets set a $86.00 target price on Corteva in a research report on Monday, September 15th. Jefferies Financial Group cut their target price on Corteva from $92.00 to $85.00 in a research report on Thursday, October 2nd. Finally, JPMorgan Chase & Co. upgraded Corteva from a “neutral” rating to an “overweight” rating and set a $67.00 target price on the stock in a research report on Thursday, October 2nd. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $79.69.

Corteva 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.