Toronto Dominion Bank Acquires Shares of 608,526 Corteva (NYSE:CTVA)
Toronto Dominion Bank acquired a new stake in shares of Corteva (NYSE:CTVA) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 608,526 shares of the company’s stock, valued at approximately $17,989,000. Toronto Dominion Bank owned about 0.08% of Corteva as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. JPMorgan Chase & Co. purchased a new stake in shares of Corteva in the second quarter worth about $387,933,000. Northern Trust Corp purchased a new stake in shares of Corteva in the second quarter worth about $270,149,000. Bank of New York Mellon Corp purchased a new stake in shares of Corteva in the second quarter worth about $163,478,000. State Farm Mutual Automobile Insurance Co. purchased a new stake in shares of Corteva in the second quarter worth about $143,435,000. Finally, Dupont Capital Management Corp purchased a new stake in shares of Corteva in the second quarter worth about $125,975,000. 72.13% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director Klaus A. Engel bought 18,393 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were acquired at an average cost of $30.00 per share, with a total value of $551,790.00. Following the completion of the purchase, the director now directly owns 25,253 shares of the company’s stock, valued at approximately $757,590. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.
Corteva (NYSE:CTVA) last announced its earnings results on Thursday, August 1st. The company reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.43. The company had revenue of $5.56 billion during the quarter, compared to analysts’ expectations of $5.47 billion. The firm’s quarterly revenue was down 3.1% compared to the same quarter last year. As a group, research analysts anticipate that Corteva will post 1.2 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Wednesday, July 31st will be paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date of this dividend is Tuesday, July 30th.
CTVA has been the topic of a number of recent analyst reports. Jefferies Financial Group initiated coverage on shares of Corteva in a report on Wednesday, May 29th. They issued a “buy” rating on the stock. Macquarie initiated coverage on shares of Corteva in a report on Tuesday, June 4th. They issued an “outperform” rating on the stock. Royal Bank of Canada raised shares of Corteva from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $29.00 to $38.00 in a report on Friday, August 9th. UBS Group initiated coverage on shares of Corteva in a report on Tuesday, June 4th. They issued a “buy” rating and a $38.00 price target on the stock. Finally, Argus initiated coverage on shares of Corteva in a report on Thursday, June 20th. They issued a “hold” rating on the stock. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the stock. Corteva currently has an average rating of “Hold” and a consensus price target of $32.25.
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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