Belpointe Asset Management LLC Sells 7,091 Shares of Corteva, Inc. $CTVA

Belpointe Asset Management LLC lowered its position in Corteva, Inc. (NYSE:CTVA) by 35.7% in the 2nd quarter, HoldingsChannel reports. The fund owned 12,785 shares of the company’s stock after selling 7,091 shares during the period. Belpointe Asset Management LLC’s holdings in Corteva were worth $953,000 as of its most recent filing with the SEC.

Several other large investors also recently added to or reduced their stakes in CTVA. Maryland Capital Advisors Inc. purchased a new stake in shares of Corteva during the second quarter worth $29,000. Valley National Advisers Inc. lifted its position in shares of Corteva by 85.9% during the first quarter. Valley National Advisers Inc. now owns 526 shares of the company’s stock worth $33,000 after acquiring an additional 243 shares in the last quarter. Richardson Capital Management LLC purchased a new stake in shares of Corteva during the first quarter worth $37,000. DHJJ Financial Advisors Ltd. lifted its position in shares of Corteva by 132.2% during the second quarter. DHJJ Financial Advisors Ltd. now owns 527 shares of the company’s stock worth $39,000 after acquiring an additional 300 shares in the last quarter. Finally, von Borstel & Associates Inc. purchased a new stake in shares of Corteva during the first quarter worth $44,000. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Robert D. King sold 37,280 shares of the business’s stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $74.20, for a total value of $2,766,176.00. Following the completion of the transaction, the executive vice president directly owned 49,262 shares in the company, valued at $3,655,240.40. The trade was a 43.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.15% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on CTVA. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Corteva in a report on Monday, August 11th. UBS Group decreased their price target on shares of Corteva from $91.00 to $85.00 and set a “buy” rating on the stock in a report on Monday. Wells Fargo & Company reissued an “overweight” rating and issued a $83.00 target price (up previously from $82.00) on shares of Corteva in a research note on Friday, August 8th. Barclays raised Corteva from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $75.00 to $84.00 in a research note on Wednesday, August 13th. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of Corteva in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $80.27.

Corteva Stock Performance

Corteva stock opened at $65.56 on Wednesday. The stock’s 50 day simple moving average is $70.93 and its two-hundred day simple moving average is $68.94. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.23 and a current ratio of 1.68. The stock has a market cap of $44.52 billion, a price-to-earnings ratio of 31.98, a PEG ratio of 1.45 and a beta of 0.76. Corteva, Inc. has a fifty-two week low of $53.40 and a fifty-two week high of $77.41.

Corteva (NYSE:CTVA) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $2.20 EPS for the quarter, topping analysts’ consensus estimates of $1.89 by $0.31. Corteva had a return on equity of 8.68% and a net margin of 8.16%.The firm had revenue of $6.46 billion for the quarter, compared to analysts’ expectations of $6.26 billion. During the same period in the previous year, the firm posted $1.83 EPS. The business’s revenue for the quarter was up 5.6% compared to the same quarter last year. As a group, analysts expect that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were given a $0.18 dividend. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.1%. This is an increase from Corteva’s previous quarterly dividend of $0.17. Corteva’s payout ratio is presently 35.12%.

Corteva 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.