Corteva, Inc. (NYSE:CTVA) Shares Sold by Macquarie Group Ltd.

Posted by Defense World Staff on Mar 7th, 2023

Macquarie Group Ltd. trimmed its stake in Corteva, Inc. (NYSE:CTVA – Get Rating) by 9.5% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 138,878 shares of the company’s stock after selling 14,539 shares during the quarter. Macquarie Group Ltd.’s holdings in Corteva were worth $7,937,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. Tower Bridge Advisors raised its holdings in shares of Corteva by 0.8% in the third quarter. Tower Bridge Advisors now owns 18,514 shares of the company’s stock worth $1,058,000 after acquiring an additional 150 shares during the last quarter. Resources Investment Advisors LLC. grew its position in shares of Corteva by 3.5% in the third quarter. Resources Investment Advisors LLC. now owns 4,567 shares of the company’s stock valued at $261,000 after purchasing an additional 155 shares during the period. Ronald Blue Trust Inc. grew its position in shares of Corteva by 1.7% in the third quarter. Ronald Blue Trust Inc. now owns 9,706 shares of the company’s stock valued at $525,000 after purchasing an additional 165 shares during the period. Cardinal Capital Management grew its position in shares of Corteva by 0.7% in the third quarter. Cardinal Capital Management now owns 24,144 shares of the company’s stock valued at $1,380,000 after purchasing an additional 167 shares during the period. Finally, Mitchell Mcleod Pugh & Williams Inc. grew its position in shares of Corteva by 4.4% in the third quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 3,985 shares of the company’s stock valued at $228,000 after purchasing an additional 168 shares during the period. 79.45% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Corteva

In related news, CEO Charles V. Magro acquired 40,000 shares of the business’s stock in a transaction dated Monday, February 6th. The stock was bought at an average price of $60.64 per share, for a total transaction of $2,425,600.00. Following the transaction, the chief executive officer now owns 126,095 shares of the company’s stock, valued at $7,646,400.80. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 0.08% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on CTVA shares. Barclays lifted their price objective on Corteva from $71.00 to $75.00 and gave the company an “overweight” rating in a research report on Thursday, November 17th. BMO Capital Markets upped their target price on Corteva from $72.00 to $76.00 and gave the stock an “outperform” rating in a research report on Monday, November 7th. Loop Capital cut Corteva from a “buy” rating to a “hold” rating and boosted their price target for the stock from $70.00 to $71.00 in a research note on Tuesday, November 15th. Citigroup boosted their price target on Corteva from $72.00 to $74.00 and gave the stock a “buy” rating in a research note on Friday, February 3rd. Finally, UBS Group cut Corteva from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $70.00 to $73.00 in a research note on Tuesday, November 15th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $72.53.

Corteva Stock Performance

Shares of CTVA stock opened at $63.25 on Tuesday. Corteva, Inc. has a 12-month low of $49.56 and a 12-month high of $68.43. The firm has a market capitalization of $45.09 billion, a price-to-earnings ratio of 40.29, a price-to-earnings-growth ratio of 1.54 and a beta of 0.80. The business has a 50 day simple moving average of $61.82 and a 200 day simple moving average of $62.35. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.56 and a quick ratio of 0.93.

Corteva (NYSE:CTVA – Get Rating) last issued its quarterly earnings data on Thursday, February 2nd. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.10. The business had revenue of $3.83 billion during the quarter, compared to analyst estimates of $3.79 billion. Corteva had a return on equity of 7.54% and a net margin of 6.57%. The business’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.08 EPS. On average, equities research analysts anticipate that Corteva, Inc. will post 2.89 EPS for the current year.

Corteva Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 15th. Shareholders of record on Wednesday, March 1st will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date is Tuesday, February 28th. Corteva’s payout ratio is currently 38.22%.

About Corteva

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Corteva, Inc engages in the provision of seed and crop protection solutions, which focus on the agriculture industry and contributing to food supply. It operates through the Seed and Crop Protection segments. The Seed segment is involved in developing and supplying advanced germplasm and traits that produce yield for farms.