Geode Capital Management LLC Buys 251,693 Shares of Corteva, Inc. $CTVA

Geode Capital Management LLC boosted its stake in shares of Corteva, Inc. (NYSE:CTVA) by 1.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 18,047,263 shares of the company’s stock after purchasing an additional 251,693 shares during the period. Geode Capital Management LLC owned about 2.65% of Corteva worth $1,339,651,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CTVA. Peak Financial Advisors LLC bought a new stake in shares of Corteva during the 2nd quarter valued at $505,000. Cary Street Partners Financial LLC boosted its position in shares of Corteva by 20.7% in the first quarter. Cary Street Partners Financial LLC now owns 90,206 shares of the company’s stock worth $5,677,000 after purchasing an additional 15,448 shares during the period. PGGM Investments raised its position in shares of Corteva by 68.5% during the 2nd quarter. PGGM Investments now owns 1,223,444 shares of the company’s stock valued at $91,183,000 after purchasing an additional 497,200 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Corteva by 28.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,851,993 shares of the company’s stock valued at $179,476,000 after buying an additional 634,938 shares in the last quarter. Finally, S.E.E.D. Planning Group LLC boosted its holdings in Corteva by 70.3% in the 2nd quarter. S.E.E.D. Planning Group LLC now owns 164,393 shares of the company’s stock worth $12,252,000 after buying an additional 67,869 shares during the period. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Price Performance

Corteva stock opened at $66.45 on Thursday. The company has a current ratio of 1.58, a quick ratio of 1.07 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $44.90 billion, a PE ratio of 28.40, a price-to-earnings-growth ratio of 1.49 and a beta of 0.81. Corteva, Inc. has a 12-month low of $53.40 and a 12-month high of $77.41. The firm has a 50-day moving average price of $65.95 and a 200-day moving average price of $69.54.

Corteva (NYSE:CTVA) last released its earnings results on Tuesday, November 4th. The company reported ($0.23) EPS for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.26. Corteva had a return on equity of 9.37% and a net margin of 9.19%.The firm had revenue of $2.62 billion for the quarter, compared to analysts’ expectations of $2.47 billion. During the same quarter in the prior year, the firm posted ($0.49) earnings per share. The company’s quarterly revenue was up 6.5% on a year-over-year basis. As a group, equities research analysts forecast that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Monday, December 1st. Corteva’s payout ratio is currently 30.77%.

Insider Buying and Selling

In related news, EVP Robert D. King sold 37,280 shares of the firm’s stock in a transaction dated 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 $3,655,240.40. This trade represents a 43.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.14% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

CTVA has been the subject of several research analyst reports. Oppenheimer reiterated an “outperform” rating and set a $76.00 target price on shares of Corteva in a research report on Friday, November 7th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Corteva from $90.00 to $85.00 and set a “buy” rating for the company in a report on Thursday, November 6th. The Goldman Sachs Group dropped their price objective on shares of Corteva from $85.00 to $77.00 and set a “buy” rating for the company in a report on Wednesday, October 22nd. Zacks Research downgraded Corteva from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 30th. Finally, Citigroup lifted their price objective on Corteva from $67.00 to $68.00 and gave the stock a “neutral” rating in a research note on Thursday, November 6th. Fifteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Corteva currently has an average rating of “Moderate Buy” and an average target price of $79.18.

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.