stock came through 2022 swimmingly, and shares of the seed-and-pesticide maker remain in positive territory in 2023. CEO Chuck Magro just bought a large block of the company’s stock.
Corteva shares (ticker: CTVA) surged 24% in 2022, a strong year for commodities. The company’s outlook for 2023, issued on Feb. 1 with its fourth-quarter report, was upbeat.
Magro paid $2.4 million on Feb. 6 for 40,000 Corteva shares, an average price of $60.64 each. According to a form he filed with the Securities and Exchange Commission, Magro now owns 126,095 shares.
Corteva didn’t make Magro available for comment, and the company also declined to comment.
He last purchased Corteva stock on the open market a year ago, when he paid $2.6 million on Feb. 11, 2022, for 50,000 shares, at an average price per share of $51.14.
Credit Suisse analyst Edlain Rodriguez lowered estimates after Corteva’s fourth-quarter report. “Strong demand, driven by robust ag fundamentals and increasing global crop acreage and mid-single digit [percentage] pricing and productivity actions outpacing cost inflation, should continue to drive results,” Rodriguez wrote in a research report. He kept an Outperform rating and $74 price target.
J.P. Morgan analyst Jeffrey Zekauskas also trimmed estimates for Corteva, and kept an Overweight rating and $70 price target. He noted in a report that “2023 should be a good year for Corteva.” Corteva was spun off in June 2019 from what was then called DowDuPont.
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
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