Park Avenue Securities LLC Grows Stock Position in Corteva, Inc. (NYSE:CTVA)

Posted by Defense World Staff on Apr 3rd, 2023

Park Avenue Securities LLC lifted its stake in shares of Corteva, Inc. (NYSE:CTVA – Get Rating) by 11.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 39,226 shares of the company’s stock after purchasing an additional 3,962 shares during the quarter. Park Avenue Securities LLC’s holdings in Corteva were worth $2,306,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Rockland Trust Co. purchased a new stake in shares of Corteva during the fourth quarter worth approximately $204,000. RFP Financial Group LLC purchased a new stake in shares of Corteva during the fourth quarter worth approximately $106,000. Xponance Inc. raised its position in Corteva by 17.6% in the fourth quarter. Xponance Inc. now owns 82,215 shares of the company’s stock worth $4,833,000 after acquiring an additional 12,312 shares in the last quarter. Community Bank of Raymore raised its position in Corteva by 156.6% in the fourth quarter. Community Bank of Raymore now owns 9,717 shares of the company’s stock worth $571,000 after acquiring an additional 5,930 shares in the last quarter. Finally, Silvant Capital Management LLC raised its position in Corteva by 2,325.0% in the fourth quarter. Silvant Capital Management LLC now owns 27,596 shares of the company’s stock worth $1,622,000 after acquiring an additional 26,458 shares in the last quarter. Hedge funds and other institutional investors own 79.45% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on CTVA shares. Morgan Stanley increased their price objective on Corteva from $70.00 to $80.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 11th. Bank of America upgraded Corteva from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $64.00 to $68.00 in a research report on Wednesday, January 11th. Mizuho increased their price objective on Corteva from $76.00 to $78.00 and gave the stock a “buy” rating in a research report on Thursday, January 12th. KeyCorp dropped 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. Finally, Citigroup raised 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. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $72.53.

Corteva Stock Performance

NYSE CTVA opened at $60.31 on Monday. The firm has a market capitalization of $42.98 billion, a P/E ratio of 38.41, a P/E/G ratio of 1.45 and a beta of 0.80. Corteva, Inc. has a 1-year low of $50.03 and a 1-year high of $68.43. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.56 and a quick ratio of 0.93. The business’s 50-day simple moving average is $61.02 and its 200-day simple moving average is $61.93.

Corteva (NYSE:CTVA – Get Rating) last released its quarterly earnings data 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 business had revenue of $3.83 billion for 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 company’s revenue was up 10.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.08 EPS. Equities analysts predict that Corteva, Inc. will post 2.89 EPS for the current year.

Corteva Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 15th. Investors of record on Wednesday, March 1st were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 0.99%. The ex-dividend date was Tuesday, February 28th. Corteva’s dividend payout ratio (DPR) is presently 38.22%.

Insider Buying and Selling

In related news, CEO Charles V. Magro purchased 40,000 shares of Corteva stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 126,095 shares of the company’s stock, valued at approximately $7,646,400.80. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.14% of the stock is currently owned by corporate insiders.

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.