Corteva, Inc. (NYSE:CTVA) Shares Bought by Miracle Mile Advisors LLC

Posted by Defense World Staff on Mar 31st, 2023

Miracle Mile Advisors LLC raised its stake in Corteva, Inc. (NYSE:CTVA – Get Rating) by 29.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,649 shares of the company’s stock after acquiring an additional 3,069 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Corteva were worth $802,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of Corteva by 0.4% in the third quarter. Vanguard Group Inc. now owns 82,055,723 shares of the company’s stock valued at $4,689,484,000 after purchasing an additional 300,866 shares during the period. Boston Partners grew its position in shares of Corteva by 3.6% in the third quarter. Boston Partners now owns 6,536,681 shares of the company’s stock valued at $373,782,000 after purchasing an additional 224,993 shares during the period. Legal & General Group Plc grew its position in shares of Corteva by 8.9% in the second quarter. Legal & General Group Plc now owns 5,843,247 shares of the company’s stock valued at $316,355,000 after purchasing an additional 477,618 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Corteva by 3.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,580,065 shares of the company’s stock valued at $205,782,000 after purchasing an additional 110,200 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its position in shares of Corteva by 1.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,578,413 shares of the company’s stock valued at $193,736,000 after purchasing an additional 55,335 shares during the period. Hedge funds and other institutional investors own 79.45% of the company’s stock.

Insider Buying and Selling

In other news, CEO Charles V. Magro acquired 40,000 shares of the business’s stock in a transaction on Monday, February 6th. The shares were purchased at an average price of $60.64 per share, for a total transaction of $2,425,600.00. Following the completion of the purchase, the chief executive officer now directly owns 126,095 shares of the company’s stock, valued at approximately $7,646,400.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.14% of the company’s stock.

Wall Street Analyst Weigh In

CTVA has been the subject of a number of research reports. Morgan Stanley boosted their price target on Corteva from $70.00 to $80.00 and gave the company an “overweight” rating in a research report on Wednesday, January 11th. Citigroup boosted their price target on Corteva from $72.00 to $74.00 and gave the company a “buy” rating in a research report on Friday, February 3rd. Mizuho boosted their price target on Corteva from $76.00 to $78.00 and gave the company a “buy” rating in a research report on Thursday, January 12th. Bank of America raised Corteva from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $64.00 to $68.00 in a research report on Wednesday, January 11th. Finally, KeyCorp lowered their price target on Corteva from $72.00 to $70.00 and set an “overweight” rating for the company in a research report on Friday, February 3rd. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $72.53.

Corteva Trading Up 0.0 %

NYSE:CTVA opened at $59.95 on Friday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.93 and a current ratio of 1.56. Corteva, Inc. has a one year low of $50.03 and a one year high of $68.43. The business’s 50-day simple moving average is $61.06 and its 200 day simple moving average is $61.96. The stock has a market cap of $42.72 billion, a price-to-earnings ratio of 38.18, a price-to-earnings-growth ratio of 1.39 and a beta of 0.80.

Corteva (NYSE:CTVA – Get Rating) last released its quarterly earnings results on Thursday, February 2nd. The company reported $0.16 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $3.79 billion. During the same quarter in the previous year, the firm posted $0.08 earnings per share. The company’s revenue was up 10.1% compared to the same quarter last year. As a group, sell-side analysts predict that Corteva, Inc. will post 2.89 earnings per share for the current fiscal year.

Corteva Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 15th. Investors of record on Wednesday, March 1st were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.00%. The ex-dividend date of this dividend was Tuesday, February 28th. Corteva’s dividend payout ratio (DPR) is 38.22%.

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.