American Trust reduced its position in shares of Corteva, Inc. (NYSE:CTVA – Get Rating) by 4.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,952 shares of the company’s stock after selling 289 shares during the quarter. American Trust’s holdings in Corteva were worth $342,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in CTVA. Vanguard Group Inc. increased its holdings in Corteva by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 80,762,837 shares of the company’s stock worth $4,642,248,000 after purchasing an additional 1,275,514 shares in the last quarter. BlackRock Inc. increased its holdings in Corteva by 2.5% during the 1st quarter. BlackRock Inc. now owns 61,242,962 shares of the company’s stock worth $3,520,247,000 after purchasing an additional 1,483,373 shares in the last quarter. Capital World Investors increased its holdings in Corteva by 4.5% during the 4th quarter. Capital World Investors now owns 10,586,953 shares of the company’s stock worth $500,551,000 after purchasing an additional 452,245 shares in the last quarter. Norges Bank bought a new stake in Corteva during the 4th quarter worth approximately $465,952,000. Finally, Boston Partners increased its holdings in Corteva by 1.3% during the 1st quarter. Boston Partners now owns 7,351,215 shares of the company’s stock worth $422,568,000 after purchasing an additional 91,847 shares in the last quarter. 79.02% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of analysts have commented on CTVA shares. Barclays started coverage on Corteva in a report on Wednesday, June 1st. They set an “overweight” rating and a $71.00 price objective for the company. Mizuho upped their target price on Corteva from $68.00 to $69.00 and gave the company a “buy” rating in a report on Monday, August 8th. JPMorgan Chase & Co. raised Corteva from a “neutral” rating to an “overweight” rating and upped their target price for the company from $58.00 to $63.00 in a report on Monday, August 8th. Deutsche Bank Aktiengesellschaft upped their target price on Corteva from $68.00 to $75.00 and gave the company a “buy” rating in a report on Thursday. Finally, BMO Capital Markets upped their target price on Corteva from $66.00 to $72.00 and gave the company an “outperform” rating in a report on Wednesday. One research analyst has rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $68.60.
Corteva Price Performance
Corteva (NYSE:CTVA – Get Rating) last announced its quarterly earnings results on Thursday, August 4th. The company reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.47 by $0.17. The company had revenue of $6.25 billion during the quarter, compared to analysts’ expectations of $6.09 billion. Corteva had a return on equity of 7.26% and a net margin of 10.31%. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.40 earnings per share. Equities research analysts anticipate that Corteva, Inc. will post 2.6 earnings per share for the current year.
Corteva Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Friday, August 12th were paid a dividend of $0.15 per share. This is a positive change from Corteva’s previous quarterly dividend of $0.14. The ex-dividend date was Thursday, August 11th. This represents a $0.60 annualized dividend and a yield of 0.98%. Corteva’s dividend payout ratio (DPR) is currently 25.32%.
Corteva announced that its board has initiated a stock buyback plan on Tuesday, September 13th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to buy up to 4.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
Corteva, Inc operates in the agriculture business. It operates through two segments, Seed and Crop Protection. The Seed segment develops and supplies advanced germplasm and traits that produce optimum yield for farms. It offers trait technologies that enhance resistance to weather, disease, insects, and herbicides used to control weeds, as well as food and nutritional characteristics.
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