Weiss Asset Management LP Purchases Shares of 206,100 Corteva, Inc. (NYSE:CTVA)

Posted by Defense World Staff on Mar 17th, 2023

Weiss Asset Management LP purchased a new stake in shares of Corteva, Inc. (NYSE:CTVA – Get Rating) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 206,100 shares of the company’s stock, valued at approximately $11,779,000.

Several other institutional investors have also modified their holdings of the stock. Tower Bridge Advisors lifted its stake in shares of Corteva by 0.8% in the 3rd quarter. Tower Bridge Advisors now owns 18,514 shares of the company’s stock valued at $1,058,000 after purchasing an additional 150 shares during the last quarter. Kingsview Wealth Management LLC lifted its stake in shares of Corteva by 2.0% in the 3rd quarter. Kingsview Wealth Management LLC now owns 7,660 shares of the company’s stock valued at $438,000 after purchasing an additional 153 shares during the last quarter. Resources Investment Advisors LLC. lifted its stake in shares of Corteva by 3.5% in the 3rd 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 last quarter. Ronald Blue Trust Inc. lifted its stake in shares of Corteva by 1.7% in the 3rd 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 last quarter. Finally, Cardinal Capital Management lifted its stake in shares of Corteva by 0.7% in the 3rd 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 last quarter. 79.45% of the stock is owned by institutional investors.

Insider Activity

In related news, CEO Charles V. Magro purchased 40,000 shares of the business’s stock in a transaction dated Monday, February 6th. The shares were acquired at an average cost of $60.64 per share, for a total transaction of $2,425,600.00. Following the acquisition, the chief executive officer now owns 126,095 shares of the company’s stock, valued at approximately $7,646,400.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.08% of the company’s stock.

Corteva Trading Up 0.2 %

Shares of NYSE CTVA opened at $56.96 on Friday. The company has a quick ratio of 0.93, a current ratio of 1.56 and a debt-to-equity ratio of 0.05. The business has a fifty day simple moving average of $61.88 and a two-hundred day simple moving average of $62.20. The firm has a market cap of $40.59 billion, a PE ratio of 36.28, a price-to-earnings-growth ratio of 1.42 and a beta of 0.80. Corteva, Inc. has a twelve month low of $50.03 and a twelve month high of $68.43.

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

Corteva Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 15th. Stockholders of record on Wednesday, March 1st were issued a $0.15 dividend. The ex-dividend date of this dividend was Tuesday, February 28th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.05%. Corteva’s dividend payout ratio is presently 38.22%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Mizuho raised their price objective on Corteva from $76.00 to $78.00 and gave the company a “buy” rating in a research note on Thursday, January 12th. Bank of America raised Corteva from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $64.00 to $68.00 in a research note on Wednesday, January 11th. Wells Fargo & Company decreased their price target on Corteva from $78.00 to $77.00 and set an “overweight” rating for the company in a research note on Friday, February 3rd. KeyCorp decreased their price target on Corteva from $72.00 to $70.00 and set an “overweight” rating for the company in a research note on Friday, February 3rd. Finally, Citigroup raised 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. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $72.53.

Corteva Profile

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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.