5 Best Farmland and Agriculture Stocks To Buy According to Hedge Funds

2. Corteva, Inc. (NYSE:CTVA)

Number of Hedge Fund Holders: 51

Corteva, Inc. (NYSE:CTVA) is a chemical and seed company that offers its products through its two segments, Seed and Crop Protection. The company provides its products in more than 125 countries and caters to over 10 million customers.

Corteva, Inc. (NYSE:CTVA) has a consensus Strong Buy opinion based on the ratings by 15 Wall Street analysts over the last three months. The stock has an average price target of $61.61 and a high forecast of $67.00 as of the March 21 market close. The average price target implies an upside of 10.45% from the last price of $55.78 as of March 21.

Corteva, Inc. (NYSE:CTVA) was held by 51 hedge funds in the fourth quarter of 2023, and their positions were worth $1.208 billion. This is compared to 42 funds in the prior quarter with a total stake of $871.072 million. Harris Associates is the most significant shareholder in the company as of December 31, 2023, and has a position worth nearly $431.841 million.

Aristotle Capital Management, LLC stated the following regarding Corteva, Inc. (NYSE:CTVA) in its fourth quarter 2023 investor letter:

“Corteva, Inc. (NYSE:CTVA), the seed and crop protection company, was the largest detractor during the quarter. Following robust orders during the 2020-2022 period, customer destocking persisted throughout 2023, particularly in Brazil, causing Corteva to lower 2023 revenue and profit guidance to -2% and -3% year-over-year, respectively. While the crop protection business appears to be, in our view, at or near a cyclical bottom, the seed business remained resilient, with +14% year-over-year price/mix effects more than offsetting the 12% fall in volumes during the third quarter. We are encouraged by management’s actions, including further optimization of the crop protection business and Corteva’s FREE cash flow generation during this challenging period. Despite cyclical headwinds, the company continues to execute on catalysts we previously identified, including margin expansion via improved pricing and product mix, as well as reduced royalty expenses.”