Elo Mutual Pension Insurance Co has decreased its stake in **Corteva, Inc.** (NYSE: CTVA) by **12.4%** during the second quarter of 2024. According to data from HoldingsChannel.com, the firm now holds **70,976 shares** of Corteva after selling **10,045 shares** in the recent quarter. This reduction leaves Elo Mutual’s holdings valued at approximately **$5.29 million**.
Several large investors have also adjusted their positions in Corteva recently. **Peak Financial Advisors LLC** entered a new position valued at **$505,000** during the same quarter. Meanwhile, **Cary Street Partners Financial LLC** increased its holdings by **20.7%** in the first quarter, acquiring an additional **15,448 shares** to reach **90,206 shares** worth **$5.68 million**. **PGGM Investments** significantly raised its stake by **68.5%** during the second quarter, resulting in ownership of **1,223,444 shares** valued at **$91.18 million** after purchasing **497,200 shares**. **Goldman Sachs Group Inc.** also expanded its holdings by **28.6%**, owning **2,851,993 shares** worth **$179.48 million** following an acquisition of **634,938 shares**. Additionally, **S.E.E.D. Planning Group LLC** raised its position by **70.3%** during the second quarter, owning **164,393 shares** valued at **$12.25 million**. Overall, institutional investors and hedge funds now control **81.54%** of Corteva’s stock.
Insider Activity and Financial Performance
In related news, **Robert D. King**, Executive Vice President of Corteva, sold **37,280 shares** on **August 29, 2024**, at an average price of **$74.20**, totaling **$2,766,176**. Following this transaction, King holds **49,262 shares**, valued at approximately **$3.66 million**, marking a **43.08% decrease** in his ownership stake. The sale was formally reported to the **Securities and Exchange Commission**.
Corteva’s financial performance reflects a robust quarter, as the company reported its earnings on **November 4, 2024**. It achieved earnings of **($0.23)** per share, surpassing analysts’ consensus estimates of **($0.49)** by **$0.26**. The company’s revenue for the quarter reached **$2.62 billion**, exceeding the expected **$2.47 billion**. Additionally, Corteva posted a **9.37%** return on equity and a **9.19%** net margin. This revenue marks a **6.5%** increase compared to the same quarter last year, where it reported **($0.49)** earnings per share. Analysts project that Corteva will have an earnings per share of **2.96** for the current fiscal year.
Dividend Announcement and Analyst Ratings
Corteva has announced a quarterly dividend of **$0.18**, scheduled for payment on **December 15, 2024**. Shareholders of record on **December 1, 2024**, will receive this dividend, resulting in an annualized dividend of **$0.72** and a yield of **1.1%**. The company’s current dividend payout ratio stands at **30.77%**.
Recent analyst ratings for Corteva show varied perspectives. **Oppenheimer** reiterated an “outperform” rating with a target price of **$76.00** on **November 7, 2024**. Conversely, **Wells Fargo & Company** lowered its target price from **$80.00** to **$77.00**, maintaining an “overweight” rating. **Barclays** upgraded Corteva from “equal weight” to “overweight,” increasing its target from **$75.00** to **$84.00** on **August 13, 2024**. **Citigroup** also raised its target from **$67.00** to **$68.00** and assigned a “neutral” rating. Overall, fifteen analysts have rated Corteva as a Buy, while seven have assigned a Hold rating. The stock holds an average rating of “Moderate Buy” with a price target of **$78.05**.
Corteva, Inc. operates within the agriculture sector, focusing on two main segments: Seed and Crop Protection. The Seed segment develops advanced germplasm and traits aimed at optimizing farm yields. The company offers technologies designed to enhance resistance to various environmental factors, including weather, diseases, and pests, alongside improving nutritional characteristics.
