The Vanguard Group, Inc. recently announced the acquisition of new stake in Corteva Inc (NYSE:CTVA). The institutional investor has increased its shareholding in the Basic Materials company by 2.51% to 78.41 million shares with purchase of 1.92 million shares. This fresh investment now brings its stake to 11.05% valued currently at $3.77 billion. In addition, BlackRock Fund Advisors raised its holdings by 57948.0 to 35.51 million shares. And Capital Research & Management Co has lifted its position by 70.42% or 7.23 million shares – to 17.5 million shares.
With over 4.04 million Corteva Inc (CTVA) shares trading Tuesday and a closing price of $44.81 on the day, the dollar volume was approximately $181.15 million. The shares have shown a negative half year performance of -22.34% and its price on 12/12/23 lost nearly -2.16%. Currently, there are 713.42M common shares owned by the public and among those 703.75M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 27 analysts who have offered their price forecasts for CTVA have a consensus price objective of $58.53. The analysts have set the share’s price value over the next 12 months at a high of $71.80 and a low of $50.00. The average price target is 23.44% above its recent price level and an upside to the estimated low will see the stock gain 10.38% over that period. But an upside of 37.59% will see the stock hit the forecast high price target while median target price for the stock is $58.00.
Insiders at the company have transacted a total of 61 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 41 of these insider trades were purchases, accounting for 256,473 shares. Insider sales of the common stock occurred on 20 occasions, with total insider shares sold totaling 79,943 shares.
The top 3 mutual fund holders in Corteva Inc are Vanguard Total Stock Market ETF, Washington Mutual Investors Fund, and Vanguard 500 Index Fund. Vanguard Total Stock Market ETF owns 22.21 million shares of the company’s stock, all valued at over $1.07 billion. The company bought an additional 0.1 million shares recently to bring their total holdings to about 3.13% of the shares outstanding. Washington Mutual Investors Fund bought 6.59 million shares to see its total holdings expand to 17.35 million shares valued at over $835.38 million and representing 2.44% of the shares outstanding. Vanguard 500 Index Fund bought 85329.0 shares to bring its total holdings to over 17.14 million shares at a value of $825.27 million. Vanguard 500 Index Fund now owns shares totaling to 2.42% of the shares outstanding.
Shares of Corteva Inc (NYSE: CTVA) opened at $45.66, down -$0.14 from a prior closing price of $45.80. However, the script later moved the day high at 45.66, down -2.16%. The company’s stock has a 5-day price change of 2.10% and -13.81% over the past three months. CTVA shares are trading -23.77% year to date (YTD), with the 12-month market performance down to -28.86% lower. It has a 12-month low price of $43.22 and touched a high of $65.21 over the same period. CTVA has an average intraday trading volume of 3.97 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -2.12%, -6.34%, and -17.32% respectively.
Institutional ownership of Corteva Inc (NYSE: CTVA) shares accounts for 83.08% of the company’s 713.42M shares outstanding. Mutual fund holders own 32.08%, while other institutional holders and individual stakeholders account for 50.81% and 0.29% respectively.
It has a market capitalization of $31.58B and a beta (3y monthly) value of 0.74. The stock’s trailing 12-month PE ratio is 34.44, while the earnings-per-share (ttm) stands at $1.30. The company has a PEG of 3.45 and a Quick Ratio of 0.97 with the debt-to-equity ratio at 0.23. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.63% over the week and 2.19% over the month.
Analysts forecast that Corteva Inc (CTVA) will achieve an EPS of $Coterra Energy Inc. for the current quarter, $24.42 for the next quarter and $Stocks for Type. The lowest estimate earnings-per-share for the quarter is $Corteva, Inc. while analysts give the company a high EPS estimate of $CEVA, Inc.. Comparatively, EPS for the current quarter was $Innovid Corp. a year ago. Earnings per share for the fiscal year are expected to decrease by -2.35%, and 16.36% over the next financial year. EPS should grow at an annualized rate of 9.99% over the next five years, compared to -15.45% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 27 brokerage firm advisors rate Corteva Inc (CTVA) as a “Strong Buy” at a consensus score of 1.63. Specifically, 18 Wall Street analysts polled rate the stock as a buy, while 5 of the 27 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the CTVA, a number of firms have released research notes about the stock. Berenberg stated their Hold rating for the stock in a research note on November 27, 2023, with the firm’s price target at $63-$52.
