Corteva Target of Unusually Large Options Trading (NYSE:CTVA)

Key Points

• Corteva, Inc. experienced a surge in options trading, with 13,745 put options purchased, marking a significant increase of approximately 1,279% compared to the average volume.
• The company recently reported earnings of $2.20 EPS, exceeding analyst expectations of $1.89, and noted a quarterly revenue increase of 5.6% year-over-year.
• Corteva declared a quarterly dividend of $0.18, an increase from the previous dividend of $0.17, reflecting a dividend yield of 1.1%.

Corteva, Inc. (NYSE:CTVA - Get Free Report) was the target of unusually large options trading activity on Thursday. Traders purchased 13,745 put options on the stock. This represents an increase of approximately 1,279% compared to the average volume of 997 put options.

Corteva Trading Up 2.6%

Corteva stock traded up $1.57 during trading hours on Thursday, reaching $63.04. The stock had a trading volume of 7,372,342 shares, compared to its average volume of 3,981,240. The company has a fifty day simple moving average of $71.64 and a 200-day simple moving average of $68.83. Corteva has a 52 week low of $53.40 and a 52 week high of $77.41. 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 stock has a market cap of $42.81 billion, a PE ratio of 30.84, a PEG ratio of 1.55 and a beta of 0.77.

Corteva (NYSE:CTVA - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $2.20 EPS for the quarter, topping the consensus estimate of $1.89 by $0.31. Corteva had a net margin of 8.16% and a return on equity of 8.68%. The firm had revenue of $6.46 billion during the quarter, compared to analysts' expectations of $6.26 billion. During the same period last year, the company posted $1.83 EPS. The company's quarterly revenue was up 5.6% compared to the same quarter last year. Analysts forecast that Corteva will post 2.96 EPS for the current fiscal year.

Corteva Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were given a $0.18 dividend. The ex-dividend date was Tuesday, September 2nd. This is an increase from Corteva's previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.1%. Corteva's dividend payout ratio (DPR) is currently 35.12%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Oppenheimer set a $87.00 price target on shares of Corteva and gave the stock an "outperform" rating in a report on Tuesday, July 15th. BMO Capital Markets set a $86.00 price objective on shares of Corteva in a research report on Monday, September 15th. Zacks Research raised shares of Corteva to a "hold" rating in a research report on Friday, August 8th. KeyCorp upped their price objective on shares of Corteva from $84.00 to $85.00 and gave the stock an "overweight" rating in a research report on Friday, August 8th. Finally, JPMorgan Chase & Co. raised shares of Corteva from a "neutral" rating to an "overweight" rating and set a $67.00 price objective for the company in a research report on Thursday. Fourteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Corteva has a consensus rating of "Moderate Buy" and a consensus price target of $80.36.

Insider Activity

In related news, EVP Robert D. King sold 37,280 shares of the stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $74.20, for a total transaction of $2,766,176.00. Following the sale, the executive vice president owned 49,262 shares in the company, valued at approximately $3,655,240.40. This trade represents a 43.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.14% of the company's stock.

Hedge Funds Weigh In On Corteva

Several hedge funds have recently modified their holdings of the stock. Gladwyn Financial Advisors Inc. purchased a new stake in Corteva during the second quarter valued at $25,000. Total Investment Management Inc. bought a new position in Corteva during the 2nd quarter worth about $27,000. Curat Global LLC grew its holdings in Corteva by 93.7% during the 2nd quarter. Curat Global LLC now owns 370 shares of the company's stock worth $28,000 after acquiring an additional 179 shares in the last quarter. Maryland Capital Advisors Inc. bought a new position in Corteva during the 2nd quarter worth about $29,000. Finally, Twin Peaks Wealth Advisors LLC bought a new position in Corteva during the 2nd quarter worth about $29,000. Hedge funds and other institutional investors own 81.54% of the company's stock.

About Corteva

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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