TCG Advisors LP Buys New Position in Corteva (NYSE:CTVA)
TCG Advisors LP bought a new position in shares of Corteva (NYSE:CTVA) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 3,487 shares of the company’s stock, valued at approximately $101,000.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. purchased a new position in shares of Corteva in the 2nd quarter worth approximately $387,933,000. Northern Trust Corp bought a new position in shares of Corteva in the second quarter worth approximately $270,149,000. Bank of New York Mellon Corp purchased a new position in shares of Corteva in the second quarter worth $163,478,000. State Farm Mutual Automobile Insurance Co. purchased a new position in shares of Corteva in the second quarter worth $143,435,000. Finally, Dupont Capital Management Corp purchased a new position in shares of Corteva in the second quarter worth $125,975,000. 72.13% of the stock is owned by institutional investors and hedge funds.
Corteva stock traded up $0.32 during mid-day trading on Wednesday, reaching $28.88. 1,529,612 shares of the company traded hands, compared to its average volume of 3,925,393. The stock’s 50 day moving average price is $29.56. Corteva has a 52-week low of $24.35 and a 52-week high of $32.78.
The business also recently declared 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. This represents a $0.52 annualized dividend and a dividend yield of 1.80%. The ex-dividend date is Tuesday, July 30th.
Several equities research analysts have weighed in on the stock. BMO Capital Markets initiated coverage on shares of Corteva in a research report on Sunday, June 2nd. They set an “outperform” rating and a $37.00 price target for the company. Goldman Sachs Group assumed coverage on shares of Corteva in a research report on Monday, June 3rd. They issued a “neutral” rating and a $29.00 price objective on the stock. Macquarie initiated coverage on shares of Corteva in a research report on Tuesday, June 4th. They issued an “outperform” rating on the stock. UBS Group started coverage on shares of Corteva in a research note on Tuesday, June 4th. They set a “buy” rating and a $38.00 price objective for the company. Finally, Citigroup upgraded shares of Corteva from a “neutral” rating to a “buy” rating and increased their target price for the stock from $34.00 to $34.50 in a report on Monday, August 19th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $32.25.
In other news, Director Klaus A. Engel bought 18,393 shares of Corteva stock in a transaction on Friday, August 30th. The shares were purchased at an average price of $30.00 per share, for a total transaction of $551,790.00. Following the acquisition, the director now owns 25,253 shares of the company’s stock, valued at $757,590. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink.
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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