Rockland Trust Co. Acquires New Stake in Corteva, Inc. (NYSE:CTVA)

Posted by Defense World Staff on Apr 3rd, 2023

Rockland Trust Co. acquired a new stake in shares of Corteva, Inc. (NYSE:CTVA – Get Rating) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 3,477 shares of the company’s stock, valued at approximately $204,000.

Other large investors also recently added to or reduced their stakes in the company. Legacy Bridge LLC raised its position in Corteva by 73.9% during the 4th quarter. Legacy Bridge LLC now owns 433 shares of the company’s stock valued at $25,000 after purchasing an additional 184 shares during the last quarter. Householder Group Estate & Retirement Specialist LLC bought a new position in Corteva during the 3rd quarter valued at approximately $28,000. Kathleen S. Wright Associates Inc. bought a new position in Corteva during the 3rd quarter valued at approximately $29,000. WJ Interests LLC bought a new position in Corteva during the 4th quarter valued at approximately $29,000. Finally, JFS Wealth Advisors LLC raised its position in Corteva by 60.5% during the 3rd quarter. JFS Wealth Advisors LLC now owns 568 shares of the company’s stock valued at $32,000 after purchasing an additional 214 shares during the last quarter. Institutional investors own 79.45% of the company’s stock.

Insider Activity

In other news, CEO Charles V. Magro purchased 40,000 shares of the stock in a transaction dated Monday, February 6th. The shares were purchased at an average cost of $60.64 per share, with a total value of $2,425,600.00. Following the acquisition, the chief executive officer now directly owns 126,095 shares of the company’s stock, valued at $7,646,400.80. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.14% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CTVA shares. Bank of America upgraded Corteva from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $64.00 to $68.00 in a report on Wednesday, January 11th. Citigroup upped their target price on Corteva from $72.00 to $74.00 and gave the stock a “buy” rating in a report on Friday, February 3rd. Morgan Stanley upped their target price on Corteva from $70.00 to $80.00 and gave the stock an “overweight” rating in a report on Wednesday, January 11th. Mizuho upped their target price on Corteva from $76.00 to $78.00 and gave the stock a “buy” rating in a report on Thursday, January 12th. Finally, Wells Fargo & Company cut their price target on Corteva from $78.00 to $77.00 and set an “overweight” rating on the stock in a research note on Friday, February 3rd. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Corteva presently has a consensus rating of “Moderate Buy” and a consensus price target of $72.53.

Corteva Stock Performance

Shares of CTVA opened at $60.31 on Monday. The business’s fifty day simple moving average is $61.02 and its two-hundred day simple moving average is $61.93. The company has a current ratio of 1.56, a quick ratio of 0.93 and a debt-to-equity ratio of 0.05. Corteva, Inc. has a 12 month low of $50.03 and a 12 month high of $68.43. The company has a market cap of $42.98 billion, a price-to-earnings ratio of 38.41, a P/E/G ratio of 1.45 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 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.10. The firm had revenue of $3.83 billion for the quarter, compared to analysts’ expectations of $3.79 billion. Corteva had a return on equity of 7.54% and a net margin of 6.57%. The company’s revenue was up 10.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.08 EPS. Research analysts anticipate that Corteva, Inc. will post 2.89 earnings per share for the current fiscal year.

Corteva Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 15th. Stockholders of record on Wednesday, March 1st were issued a dividend of $0.15 per share. The ex-dividend date was Tuesday, February 28th. This represents a $0.60 annualized dividend and a dividend yield of 0.99%. Corteva’s payout ratio 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.