KLP Kapitalforvaltning AS Buys Shares of 233,976 Corteva, Inc. (NYSE:CTVA)

KLP Kapitalforvaltning AS bought a new stake in Corteva, Inc. (NYSE:CTVA) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 233,976 shares of the company’s stock, valued at approximately $13,327,000.

Several other hedge funds have also recently added to or reduced their stakes in the stock. State Street Corp lifted its stake in Corteva by 2.3% in the third quarter. State Street Corp now owns 34,290,086 shares of the company’s stock valued at $2,015,914,000 after buying an additional 768,519 shares during the period. Geode Capital Management LLC lifted its stake in Corteva by 2.0% in the third quarter. Geode Capital Management LLC now owns 17,703,771 shares of the company’s stock valued at $1,037,505,000 after buying an additional 355,206 shares during the period. Franklin Resources Inc. lifted its stake in Corteva by 6.1% in the third quarter. Franklin Resources Inc. now owns 14,788,607 shares of the company’s stock valued at $860,746,000 after buying an additional 856,007 shares during the period. Harris Associates L P raised its position in shares of Corteva by 1.4% during the third quarter. Harris Associates L P now owns 14,362,309 shares of the company’s stock worth $844,360,000 after purchasing an additional 200,917 shares during the period. Finally, FMR LLC raised its position in shares of Corteva by 1.9% during the third quarter. FMR LLC now owns 10,747,791 shares of the company’s stock worth $631,863,000 after purchasing an additional 203,126 shares during the period. Institutional investors and hedge funds own 81.54% of the company’s stock.

Corteva Stock Down 0.2 %

CTVA stock opened at $61.70 on Monday. The company has a quick ratio of 0.93, a current ratio of 1.45 and a debt-to-equity ratio of 0.08. The business has a 50 day moving average price of $62.44 and a two-hundred day moving average price of $59.90. The company has a market cap of $42.30 billion, a price-to-earnings ratio of 47.83, a P/E/G ratio of 1.68 and a beta of 0.79. Corteva, Inc. has a twelve month low of $50.01 and a twelve month high of $66.24.

Corteva (NYSE:CTVA) last posted its quarterly earnings results on Wednesday, February 5th. The company reported $0.32 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.02). Corteva had a net margin of 5.36% and a return on equity of 7.19%. Analysts anticipate that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were paid a $0.17 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 1.10%. Corteva’s dividend payout ratio is 52.71%.

Insider Buying and Selling at Corteva

In other news, insider Brian Titus sold 26,560 shares of Corteva stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $63.74, for a total transaction of $1,692,934.40. Following the completion of the transaction, the insider now directly owns 11,347 shares in the company, valued at approximately $723,257.78. The trade was a 70.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.14% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Royal Bank of Canada raised their price target on Corteva from $72.00 to $73.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. BNP Paribas raised Corteva to a “hold” rating in a research report on Monday, February 10th. The Goldman Sachs Group assumed coverage on Corteva in a research report on Thursday, March 13th. They set a “buy” rating and a $71.00 price target on the stock. Barclays raised their price target on Corteva from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 21st. Finally, Bank of America raised their price target on Corteva from $69.00 to $73.00 and gave the stock a “buy” rating in a research report on Tuesday, February 11th. One research analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Corteva has a consensus rating of “Moderate Buy” and an average price target of $68.00.

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.