Corteva, Inc. (NYSE:CTVA) Position Reduced by Park Place Capital Corp

Park Place Capital Corp decreased its holdings in Corteva, Inc. (NYSE:CTVA) by 61.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 651 shares of the company’s stock after selling 1,041 shares during the quarter. Park Place Capital Corp’s holdings in Corteva were worth $38,000 as of its most recent SEC filing.

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

Corteva Price Performance

Shares of Corteva stock opened at $53.06 on Tuesday. The company has a current ratio of 1.51, a quick ratio of 0.97 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $36.98 billion, a price-to-earnings ratio of 67.16, a P/E/G ratio of 1.44 and a beta of 0.77. Corteva, Inc. has a 1-year low of $43.22 and a 1-year high of $58.76. The firm’s 50-day moving average price is $54.77 and its two-hundred day moving average price is $52.83.

Corteva (NYSE:CTVA) last announced its earnings results on Wednesday, May 1st. The company reported $0.89 earnings per share (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 company had revenue of $4.49 billion for the quarter, compared to analyst estimates of $4.65 billion. During the same period in the prior year, the business earned $1.16 earnings per share. Corteva’s quarterly revenue was down 8.0% on a year-over-year basis. On average, equities analysts predict that Corteva, Inc. will post 2.8 earnings per share for the current fiscal year.

Corteva Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 18th. Stockholders of record on Tuesday, June 4th were given a dividend of $0.16 per share. The ex-dividend date was Tuesday, June 4th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.21%. Corteva’s payout ratio is 81.01%.

Analysts Set New Price Targets

Several research firms recently issued reports on CTVA. Canaccord Genuity Group lifted their price objective on shares of Corteva from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Friday, May 3rd. Barclays lifted their price objective on shares of Corteva from $55.00 to $58.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. Oppenheimer lifted their price objective on shares of Corteva from $67.00 to $69.00 and gave the company an “outperform” rating in a research note on Friday, May 3rd. Wells Fargo & Company lifted their price objective on shares of Corteva from $66.00 to $67.00 and gave the company an “overweight” rating in a research note on Friday, May 3rd. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $65.00 target price on shares of Corteva in a research report on Wednesday, June 12th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $63.00.

Insider Transactions at Corteva

In other news, insider Brian Titus sold 12,134 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $56.65, for a total transaction of $687,391.10. Following the transaction, the insider now directly owns 13,495 shares in the company, valued at $764,491.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Samuel R. Eathington sold 31,686 shares of the stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $57.64, for a total value of $1,826,381.04. Following the transaction, the insider now directly owns 53,854 shares in the company, valued at $3,104,144.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Brian Titus sold 12,134 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $56.65, for a total transaction of $687,391.10. Following the completion of the sale, the insider now owns 13,495 shares in the company, valued at $764,491.75. The disclosure for this sale can be found here. Over the last three months, insiders have sold 83,556 shares of company stock worth $4,795,016. Corporate insiders own 0.20% of the company’s stock.

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.