Allstate Corp Invests $1.70 Million in Corteva, Inc. $CTVA

Allstate Corp acquired a new stake in Corteva, Inc. (NYSE:CTVA) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 25,134 shares of the company’s stock, valued at approximately $1,700,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of CTVA. NORTHSTAR ASSET MANAGEMENT Co grew its position in shares of Corteva by 2.2% during the 2nd quarter. NORTHSTAR ASSET MANAGEMENT Co now owns 6,940 shares of the company’s stock valued at $517,000 after purchasing an additional 150 shares in the last quarter. Empirical Finance LLC boosted its stake in Corteva by 0.6% during the second quarter. Empirical Finance LLC now owns 24,935 shares of the company’s stock valued at $1,858,000 after buying an additional 153 shares during the period. Exchange Capital Management Inc. grew its position in Corteva by 0.3% during the second quarter. Exchange Capital Management Inc. now owns 56,901 shares of the company’s stock worth $4,241,000 after buying an additional 161 shares in the last quarter. Carnegie Investment Counsel increased its stake in Corteva by 3.0% in the 2nd quarter. Carnegie Investment Counsel now owns 5,607 shares of the company’s stock worth $418,000 after acquiring an additional 164 shares during the last quarter. Finally, Curat Global LLC raised its holdings in shares of Corteva by 93.7% in the 2nd quarter. Curat Global LLC now owns 370 shares of the company’s stock valued at $28,000 after acquiring an additional 179 shares in the last quarter. Institutional investors own 81.54% of the company’s stock.

Corteva Stock Performance

Shares of CTVA stock opened at $68.86 on Wednesday. The company has a market capitalization of $46.53 billion, a P/E ratio of 29.43, a PEG ratio of 1.41 and a beta of 0.74. Corteva, Inc. has a fifty-two week low of $53.40 and a fifty-two 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. The stock has a 50 day moving average price of $66.94 and a two-hundred day moving average price of $68.45.

Corteva (NYSE:CTVA) last issued its earnings results on Tuesday, November 4th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping 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 firm had revenue of $2.62 billion for the quarter, compared to analysts’ expectations of $2.47 billion. During the same quarter last year, the business earned ($0.49) earnings per share. The business’s revenue was up 6.5% on a year-over-year basis. Analysts expect that Corteva, Inc. will post 2.96 earnings per share for the current year.

Corteva Announces Dividend

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

Analyst Ratings Changes

Several brokerages have recently commented on CTVA. Bank of America boosted their price objective on Corteva from $80.00 to $82.00 and gave the stock a “buy” rating in a report on Thursday, January 8th. KeyCorp reissued a “sector weight” rating on shares of Corteva in a research note on Friday, October 3rd. Jefferies Financial Group decreased their price target on shares of Corteva from $92.00 to $85.00 in a report on Thursday, October 2nd. Citigroup raised shares of Corteva from a “neutral” rating to a “positive” rating in a report on Thursday, December 18th. Finally, Wall Street Zen upgraded shares of Corteva from a “hold” rating to a “buy” rating in a research report on Saturday. Sixteen equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $78.84.

About Corteva

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.