Bronte Capital Management Pty Ltd. Cuts Stock Holdings in Corteva, Inc. (NYSE:CTVA)

Bronte Capital Management Pty Ltd. cut its holdings in Corteva, Inc. (NYSE:CTVA) by 0.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 612,639 shares of the company’s stock after selling 3,688 shares during the quarter. Corteva accounts for approximately 2.8% of Bronte Capital Management Pty Ltd.’s holdings, making the stock its 14th largest position. Bronte Capital Management Pty Ltd. owned approximately 0.09% of Corteva worth $29,358,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. CVA Family Office LLC bought a new stake in Corteva during the fourth quarter valued at about $25,000. NewSquare Capital LLC increased its stake in Corteva by 70.6% in the 3rd quarter. NewSquare Capital LLC now owns 546 shares of the company’s stock worth $28,000 after buying an additional 226 shares in the last quarter. Glass Jacobson Investment Advisors llc raised its holdings in Corteva by 234.3% during the third quarter. Glass Jacobson Investment Advisors llc now owns 555 shares of the company’s stock valued at $28,000 after acquiring an additional 389 shares during the period. BKM Wealth Management LLC purchased a new position in shares of Corteva in the fourth quarter valued at about $27,000. Finally, Naples Money Management LLC purchased a new stake in shares of Corteva during the fourth quarter worth about $31,000. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Corteva Price Performance

NYSE CTVA traded up $1.01 during trading hours on Thursday, reaching $57.83. The company’s stock had a trading volume of 4,006,327 shares, compared to its average volume of 3,579,707. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.51 and a quick ratio of 0.97. Corteva, Inc. has a 1-year low of $43.22 and a 1-year high of $58.81. The company’s 50-day moving average is $55.50 and its two-hundred day moving average is $50.78. The firm has a market capitalization of $40.31 billion, a price-to-earnings ratio of 73.20, a P/E/G ratio of 1.50 and a beta of 0.78.

Corteva (NYSE:CTVA) last released its quarterly earnings results on Wednesday, May 1st. The company reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.10. The firm had revenue of $4.49 billion for the quarter, compared to analysts’ expectations of $4.65 billion. Corteva had a net margin of 3.32% and a return on equity of 6.68%. The firm’s revenue for the quarter was down 8.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.16 EPS. On average, equities analysts predict that Corteva, Inc. will post 2.83 EPS for the current year.

Corteva Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Tuesday, June 4th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.11%. The ex-dividend date of this dividend is Tuesday, June 4th. Corteva’s dividend payout ratio is presently 81.01%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CTVA. BNP Paribas upgraded shares of Corteva from an “underperform” rating to a “neutral” rating and set a $53.00 target price for the company in a research report on Friday, February 2nd. Royal Bank of Canada boosted their target price on Corteva from $62.00 to $64.00 and gave the company an “outperform” rating in a research report on Monday. Mizuho increased their price target on Corteva from $56.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. KeyCorp increased their target price on Corteva from $63.00 to $66.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 9th. Finally, Loop Capital raised shares of Corteva from a “hold” rating to a “buy” rating and boosted their target price for the company from $57.00 to $65.00 in a research note on Monday, February 12th. Six research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $63.24.

Insider Buying and Selling

In other news, insider Brian Titus sold 12,134 shares of the firm’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $56.65, for a total value of $687,391.10. Following the transaction, the insider now directly owns 13,495 shares of the company’s stock, valued at $764,491.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.14% of the stock is owned by company insiders.

Corteva Company Profile

Corteva, Inc operates in the agriculture business. It operates through two segments, Seed and Crop Protection. The Seed segment develops and supplies advanced germplasm and traits that produce optimum yield for farms. It offers trait technologies that enhance resistance to weather, disease, insects, and herbicides used to control weeds, as well as food and nutritional characteristics.