June 16, 2023 – North Star Asset Management Inc., a well-known institutional investor, has recently added to its holdings by purchasing a new stake in shares of Corteva, Inc. (NYSE:CTVA). According to their most recent filing with the Securities & Exchange Commission, North Star Asset Management Inc. purchased 3,802 shares of the company’s stock valued at $223,000 during the 4th quarter.
The move was a strategic decision made by North Star Asset Management Inc., and it seems to be paying off. On May 3rd, Corteva (NYSE:CTVA) announced its earnings results for the quarter ending that day. The company reported earnings per share (EPS) of $1.16 for the quarter, beating analysts’ consensus estimates by $0.23.
Corteva’s quarterly revenue was $4.88 billion during this period, which is significantly higher than the consensus estimate of $4.74 billion. The company had a return on equity (ROE) of 8.03%, indicating that it is performing well against industry standards.
The Seed and Crop Protection segments jointly operate Corteva’s business model and focus on developing advanced germplasm and traits that produce high yields for farms while contributing to food supply across various geographies.
Corteva is positioned to continue delivering positive returns to shareholders in line with their most recent EPS forecast for the current year being at around 2.99 earnings per share based on internal estimates gathered from various industry sources.
In conclusion, North Star Asset Management Inc.’s purchase of shares in Corteva illustrates confidence in the company’s ability to maintain profitability in a challenging economic environment together with its strong position in providing seed and crop protection solutions focused on supporting agriculture while contributing positively towards global food security efforts through sustainable solutions addressing emerging challenges faced by farmers worldwide.
Overall this suggests an optimistic outlook for investors interested in seeking out diversified agricultural products within their portfolios.
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Corteva, Inc.: Recent Changes in Holdings by Hedge Funds and Institutional Investors
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”CTVA” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]Corteva, Inc., a company specializing in seed and crop protection solutions, has seen recent modifications to their holdings by hedge funds and institutional investors. Legacy Bridge LLC has increased its holdings by 73.9%, resulting in the ownership of 433 shares worth $25,000. Greenwood Capital Associates LLC has purchased new positions worth the same amount. Column Capital Advisors LLC saw a growth of 100% in holdings during the fourth quarter, now owning 426 shares worth $25,000 after acquiring an additional 213 shares. AXS Investments LLC also recently purchased a stake in Corteva during the fourth quarter valued at $27,000. Finally, Beacon Capital Management LLC increased its stakes in Corteva by 82.8% in the fourth quarter by purchasing an additional 212 shares.
Despite these significant changes, hedge funds and other institutional investors only own 79.45% of the company’s stock currently opening at $57.68 on Friday with a market cap of $41 billion and debt ratio of just .05%. The business offers advanced germplasm and traits that increase agricultural yield via two operating segments: Seed and Crop Protection.
Recently released reports suggest that four equities research analysts have given holds to Corteva’s stock with fourteen assigning buy ratings with a consensus rating of “Moderate Buy,” according to Bloomberg data on June 16th. Deutsche Bank Aktiengesellschaft cut their target price from $75 to $68 per share recently with Oppenheimer noting it would perform well as Mizuho cut its expected target price from $78 to $76 for good measure.
On Thursday, June 15th, shareholders received a quarterly dividend payout representing a payout ratio (DPR) of 37.04%. Those holding Corteva stocks can expect to receive an annualized yield of approximately one percent based upon recording dates precluding distribution cutoffs on Tuesday, May 31st.
Considering the mixed feedback, potential shareholders may be left perplexed by the market’s fluctuating responses to Corteva’s stock. However, those interested in agricultural yield solutions could find a fruitful investment with careful consideration of varying inputs that will drive future profitability for Corteva, Inc in the prosperous agriculture industry contributing significantly to the global food supply.
