Allstate Corp Purchases Shares of 25,134 Corteva, Inc. $CTVA

Allstate Corp acquired a new position in Corteva, Inc. (NYSE:CTVA) in the 3rd quarter, HoldingsChannel reports. The firm acquired 25,134 shares of the company’s stock, valued at approximately $1,700,000.

Several other hedge funds have also recently made changes to their positions in the business. Gladwyn Financial Advisors Inc. purchased a new stake in Corteva in the second quarter worth $25,000. True Wealth Design LLC increased its position in Corteva by 209.5% during the 3rd quarter. True Wealth Design LLC now owns 390 shares of the company’s stock valued at $26,000 after purchasing an additional 264 shares during the period. Total Investment Management Inc. bought a new position in Corteva in the 2nd quarter worth $27,000. Curat Global LLC lifted its position in shares of Corteva by 93.7% in the 2nd quarter. Curat Global LLC now owns 370 shares of the company’s stock worth $28,000 after purchasing an additional 179 shares during the period. Finally, Twin Peaks Wealth Advisors LLC bought a new stake in shares of Corteva during the 2nd quarter valued at about $29,000. 81.54% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Wall Street Zen raised shares of Corteva from a “hold” rating to a “buy” rating in a research note on Saturday. The Goldman Sachs Group upped their target price on Corteva from $77.00 to $78.00 and gave the stock a “buy” rating in a report on Tuesday, December 16th. Citigroup upgraded Corteva from a “neutral” rating to a “positive” rating in a research note on Thursday, December 18th. Wells Fargo & Company dropped their price target on Corteva from $80.00 to $77.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 11th. Finally, Argus reduced their price target on Corteva from $83.00 to $80.00 and set a “buy” rating on the stock in a research note on Monday, October 13th. Sixteen research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $78.84.

Corteva Stock Down 1.1%

Shares of Corteva stock opened at $68.86 on Wednesday. The company has a 50-day simple moving average of $66.94 and a two-hundred day simple moving average of $68.45. The stock has a market capitalization of $46.53 billion, a PE ratio of 29.43, a price-to-earnings-growth ratio of 1.41 and a beta of 0.74. Corteva, Inc. has a 52-week low of $53.40 and a 52-week high of $77.41. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.07 and a current ratio of 1.58.

Corteva (NYSE:CTVA) last announced its quarterly earnings results on Tuesday, November 4th. The company reported ($0.23) earnings per share for the quarter, beating the consensus estimate of ($0.49) by $0.26. Corteva had a net margin of 9.19% and a return on equity of 9.37%. The company had revenue of $2.62 billion during the quarter, compared to the consensus estimate of $2.47 billion. During the same quarter last year, the firm earned ($0.49) earnings per share. The firm’s quarterly revenue was up 6.5% compared to the same quarter last year. On average, analysts anticipate that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were issued a $0.18 dividend. The ex-dividend date of this dividend was Monday, December 1st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.0%. Corteva’s dividend payout ratio (DPR) is presently 30.77%.

Corteva Company Profile

Corteva, Inc (NYSE: CTVA) is an independent global agriculture company that was established as a publicly traded firm in mid‑2019 following the separation of the agriculture businesses from DowDuPont. The company focuses on delivering technologies and products that help farmers increase productivity and manage crop health. Corteva’s operations combine seed genetics, crop protection chemistries, digital tools and biological solutions to address the full cycle of crop production.

Core business activities include research and development of seed genetics and trait technologies, formulation and sale of crop protection products (such as herbicides, insecticides and fungicides), and the development of seed treatments and biologicals.