Central Pacific Bank Trust Division Takes $131,000 Position in Corteva, Inc. (NYSE:CTVA)

Central Pacific Bank Trust Division acquired a new stake in Corteva, Inc. (NYSE:CTVA) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 2,274 shares of the company’s stock, valued at approximately $131,000.

Other hedge funds also recently made changes to their positions in the company. WCM Investment Management LLC lifted its position in shares of Corteva by 3.1% in the fourth quarter. WCM Investment Management LLC now owns 7,103,146 shares of the company’s stock valued at $341,590,000 after buying an additional 213,949 shares during the last quarter. Red Mountain Financial LLC acquired a new stake in Corteva during the 4th quarter worth approximately $862,000. Parsons Capital Management Inc. RI acquired a new stake in Corteva during the 1st quarter worth approximately $230,000. California State Teachers Retirement System lifted its holdings in Corteva by 15.1% during the 4th quarter. California State Teachers Retirement System now owns 1,383,280 shares of the company’s stock worth $66,287,000 after purchasing an additional 181,883 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new stake in Corteva during the 1st quarter worth approximately $1,965,000. 81.54% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Brian Titus sold 12,134 shares of the stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $56.65, for a total value of $687,391.10. Following the completion of the sale, the insider now owns 13,495 shares of the company’s stock, valued at $764,491.75. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Samuel R. Eathington sold 31,686 shares of the company’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $57.64, for a total transaction of $1,826,381.04. Following the sale, the insider now owns 53,854 shares in the company, valued at approximately $3,104,144.56. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Brian Titus sold 12,134 shares of the company’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 sale, the insider now owns 13,495 shares in the company, valued at approximately $764,491.75. The disclosure for this sale can be found here. Over the last quarter, insiders sold 83,556 shares of company stock valued at $4,795,016. Company insiders own 0.20% of the company’s stock.

Corteva Price Performance

CTVA traded down $0.04 on Wednesday, reaching $50.68. The stock had a trading volume of 343,032 shares, compared to its average volume of 3,500,653. Corteva, Inc. has a fifty-two week low of $43.22 and a fifty-two week high of $58.76. The firm has a 50-day moving average of $54.40 and a 200-day moving average of $53.09. The company has a current ratio of 1.51, a quick ratio of 0.97 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $35.32 billion, a price-to-earnings ratio of 64.20, a price-to-earnings-growth ratio of 1.38 and a beta of 0.77.

Corteva (NYSE:CTVA) last issued its earnings results on Wednesday, May 1st. The company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.10. The business had revenue of $4.49 billion during the quarter, compared to analysts’ expectations of $4.65 billion. Corteva had a return on equity of 6.68% and a net margin of 3.32%. The business’s revenue for the quarter was down 8.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.16 EPS. As a group, sell-side analysts anticipate that Corteva, Inc. will post 2.8 EPS for the current year.

Corteva Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 18th. Stockholders of record on Tuesday, June 4th were paid a $0.16 dividend. The ex-dividend date of this dividend was Tuesday, June 4th. This represents a $0.64 annualized dividend and a dividend yield of 1.26%. Corteva’s payout ratio is 81.01%.

Analyst Ratings Changes

Several brokerages have weighed in on CTVA. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $65.00 price objective on shares of Corteva in a report on Wednesday, June 12th. Wells Fargo & Company lifted their price objective on Corteva from $66.00 to $67.00 and gave the company an “overweight” rating in a report on Friday, May 3rd. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $57.00 price objective (down from $58.00) on shares of Corteva in a report on Friday, April 12th. Mizuho dropped their price objective on Corteva from $61.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday, June 18th. Finally, Barclays lifted their price objective on Corteva from $55.00 to $58.00 and gave the company an “equal weight” rating in a report on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Corteva currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.00.

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.