Advisors Capital Management LLC Acquires 550 Shares of Corteva, Inc. $CTVA

Advisors Capital Management LLC lifted its holdings in Corteva, Inc. (NYSE:CTVA) by 8.0% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 7,398 shares of the company’s stock after acquiring an additional 550 shares during the quarter. Advisors Capital Management LLC’s holdings in Corteva were worth $466,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Corteva by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 79,814,646 shares of the company’s stock valued at $5,022,736,000 after buying an additional 639,799 shares during the last quarter. Independent Franchise Partners LLP raised its holdings in Corteva by 1.8% during the 1st quarter. Independent Franchise Partners LLP now owns 16,785,300 shares of the company’s stock valued at $1,056,299,000 after buying an additional 288,792 shares during the last quarter. Northern Trust Corp raised its holdings in Corteva by 1.0% during the 1st quarter. Northern Trust Corp now owns 11,759,755 shares of the company’s stock valued at $740,041,000 after buying an additional 110,865 shares during the last quarter. Nuveen LLC bought a new stake in Corteva during the 1st quarter valued at $640,333,000. Finally, WCM Investment Management LLC raised its holdings in Corteva by 1.4% during the 1st quarter. WCM Investment Management LLC now owns 6,978,187 shares of the company’s stock valued at $426,088,000 after buying an additional 98,770 shares during the last quarter. 81.54% of the stock is currently owned by institutional investors.

Corteva Stock Up 2.8%

NYSE:CTVA opened at $75.07 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.68 and a quick ratio of 1.23. The firm’s 50-day moving average price is $73.03 and its 200-day moving average price is $68.15. The company has a market capitalization of $50.98 billion, a PE ratio of 36.62, a P/E/G ratio of 1.67 and a beta of 0.78. Corteva, Inc. has a 1-year low of $53.40 and a 1-year high of $77.41.

Corteva (NYSE:CTVA) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $2.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.31. The company had revenue of $6.46 billion during the quarter, compared to analyst estimates of $6.26 billion. Corteva had a net margin of 8.16% and a return on equity of 8.68%. Corteva’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same period last year, the business earned $1.83 EPS. On average, equities analysts predict that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Tuesday, September 2nd. This is a positive change from Corteva’s previous quarterly dividend of $0.17. Corteva’s dividend payout ratio (DPR) is 35.12%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on CTVA shares. Wall Street Zen upgraded shares of Corteva from a “hold” rating to a “buy” rating in a report on Saturday, August 9th. Jefferies Financial Group reiterated a “buy” rating on shares of Corteva in a report on Friday, June 6th. Oppenheimer set a $87.00 price target on shares of Corteva and gave the company an “outperform” rating in a report on Tuesday, July 15th. KeyCorp boosted their price objective on shares of Corteva from $84.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, August 8th. Finally, UBS Group boosted their price objective on shares of Corteva from $90.00 to $91.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Twelve research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $80.25.

Insider Activity

In related news, EVP Robert D. King sold 37,280 shares of the stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $74.20, for a total value of $2,766,176.00. Following the completion of the transaction, the executive vice president directly owned 49,262 shares in the company, valued at $3,655,240.40. This trade represents a 43.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.14% of the stock is currently owned by insiders.

Corteva Company Profile

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.