Elkhorn Partners Limited Partnership Acquires New Position in Corteva, Inc. (NYSE:CTVA)

Elkhorn Partners Limited Partnership acquired a new stake in Corteva, Inc. (NYSE:CTVA) in the 1st quarter, Holdings Channel.com reports. The firm acquired 7,400 shares of the company’s stock, valued at approximately $427,000. Corteva accounts for 0.3% of Elkhorn Partners Limited Partnership’s investment portfolio, making the stock its 22nd biggest holding.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CTVA. Capital International Investors increased its holdings in Corteva by 47.2% during the 4th quarter. Capital International Investors now owns 25,758,735 shares of the company’s stock valued at $1,234,359,000 after acquiring an additional 8,260,808 shares in the last quarter. Norges Bank purchased a new stake in shares of Corteva during the fourth quarter worth about $265,298,000. Harris Associates L P grew its holdings in shares of Corteva by 87.1% during the fourth quarter. Harris Associates L P now owns 9,011,702 shares of the company’s stock worth $431,841,000 after buying an additional 4,194,981 shares in the last quarter. Glenview Capital Management LLC grew its holdings in shares of Corteva by 116.6% during the fourth quarter. Glenview Capital Management LLC now owns 4,698,725 shares of the company’s stock worth $225,163,000 after buying an additional 2,529,539 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its holdings in shares of Corteva by 19.3% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 13,236,504 shares of the company’s stock worth $634,293,000 after buying an additional 2,141,428 shares in the last quarter. Institutional investors and hedge funds own 81.54% of the company’s stock.

Analyst Ratings Changes

CTVA has been the subject of a number of recent research reports. Mizuho lowered their price target on shares of Corteva from $61.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday, June 18th. Royal Bank of Canada lifted their price target on shares of Corteva from $62.00 to $64.00 and gave the stock an “outperform” rating in a report on Monday, May 6th. Oppenheimer lifted their price target on shares of Corteva from $67.00 to $69.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $65.00 price target on shares of Corteva in a report on Wednesday, June 12th. Finally, OTR Global restated a “negative” rating on shares of Corteva in a report on Friday, June 7th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, Corteva currently has a consensus rating of “Moderate Buy” and an average price target of $63.00.

Corteva Trading Up 0.1 %

CTVA stock traded up $0.07 during midday trading on Tuesday, reaching $55.53. 1,975,492 shares of the company’s stock traded hands, compared to its average volume of 3,405,183. The company has a market capitalization of $38.70 billion, a P/E ratio of 70.29, a PEG ratio of 1.50 and a beta of 0.77. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.51 and a quick ratio of 0.97. Corteva, Inc. has a fifty-two week low of $43.22 and a fifty-two week high of $58.76. The business has a 50-day moving average price of $53.63 and a two-hundred day moving average price of $53.81.

Corteva (NYSE:CTVA) last posted its earnings results on Wednesday, May 1st. The company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.10. Corteva had a net margin of 3.32% and a return on equity of 6.68%. The business had revenue of $4.49 billion for the quarter, compared to analysts’ expectations of $4.65 billion. During the same period in the previous year, the company posted $1.16 earnings per share. The business’s revenue for the quarter was down 8.0% compared to the same quarter last year. Equities research analysts forecast that Corteva, Inc. will post 2.78 EPS for the current fiscal year.

Corteva Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd will be given a dividend of $0.17 per share. This is a boost from Corteva’s previous quarterly dividend of $0.16. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date of this dividend is Tuesday, September 3rd. Corteva’s payout ratio is presently 81.01%.

Insider Transactions at Corteva

In other news, insider Samuel R. Eathington sold 31,686 shares of the business’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $57.64, for a total transaction of $1,826,381.04. Following the transaction, the insider now directly owns 53,854 shares of the company’s stock, valued at $3,104,144.56. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, SVP Cornel B. Fuerer sold 39,736 shares of the company’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $57.41, for a total value of $2,281,243.76. Following the sale, the senior vice president now directly owns 126,628 shares of the company’s stock, valued at $7,269,713.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Samuel R. Eathington sold 31,686 shares of the company’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $57.64, for a total transaction of $1,826,381.04. Following the completion of the sale, the insider now directly owns 53,854 shares in the company, valued at $3,104,144.56. The disclosure for this sale can be found here. Over the last three months, insiders have sold 83,556 shares of company stock valued at $4,795,016. Corporate insiders own 0.14% of the company’s stock.

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.