Morningstar Investment Services LLC Makes New Investment in Corteva (NYSE:CTVA)
Morningstar Investment Services LLC acquired a new stake in Corteva (NYSE:CTVA) during the second quarter, Holdings Channel.com reports. The fund acquired 297,931 shares of the company’s stock, valued at approximately $8,810,000.
Other institutional investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. purchased a new stake in Corteva in the 2nd quarter valued at about $387,933,000. Northern Trust Corp bought a new position in shares of Corteva during the second quarter valued at approximately $270,149,000. Bank of New York Mellon Corp bought a new position in shares of Corteva during the second quarter valued at approximately $163,478,000. State Farm Mutual Automobile Insurance Co. purchased a new stake in Corteva in the second quarter worth $143,435,000. Finally, Dupont Capital Management Corp bought a new stake in Corteva in the second quarter valued at $125,975,000. 72.13% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts recently weighed in on the company. Goldman Sachs Group initiated coverage on Corteva in a research report on Monday, June 3rd. They set a “neutral” rating and a $29.00 price objective for the company. Argus began coverage on Corteva in a report on Thursday, June 20th. They issued a “hold” rating on the stock. Nomura began coverage on Corteva in a research note on Monday, June 10th. They issued a “neutral” rating and a $28.00 target price on the stock. JPMorgan Chase & Co. started coverage on Corteva in a report on Friday, June 21st. They set an “overweight” rating and a $30.00 price target for the company. Finally, Deutsche Bank lifted their price target on Corteva from $32.00 to $35.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the stock. Corteva presently has an average rating of “Hold” and an average price target of $32.25.
CTVA traded up $0.33 during trading on Wednesday, hitting $28.89. 73,970 shares of the company’s stock traded hands, compared to its average volume of 3,925,393. The business’s 50 day moving average is $29.56. Corteva has a 12-month low of $24.35 and a 12-month high of $32.78.
Corteva (NYSE:CTVA) last posted its earnings results on Thursday, August 1st. The company reported $1.42 EPS for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.43. The business had revenue of $5.56 billion during the quarter, compared to the consensus estimate of $5.47 billion. Corteva’s revenue for the quarter was down 3.1% on a year-over-year basis. Equities analysts expect that Corteva will post 1.2 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Wednesday, July 31st will be given a dividend of $0.13 per share. The ex-dividend date is Tuesday, July 30th. This represents a $0.52 annualized dividend and a dividend yield of 1.80%.
Corteva, Inc provides agriculture products worldwide. The company develops and supplies germplasm and traits in corn, soybean, and sunflower seed markets. It also supplies products to the agricultural input industry that protect against weeds, insects and other pests, and diseases, as well as to enhance crop health.
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