Aberdeen Group plc Purchases 35,625 Shares of Corteva, Inc. $CTVA

Key Points

• Aberdeen Group plc increased its stake in Corteva, Inc. by 7.6%, acquiring an additional 35,625 shares to own a total of 505,286 shares valued at approximately $37.6 million.
• Corteva recently reported better-than-expected quarterly earnings, with $2.20 EPS surpassing analysts' forecasts of $1.89, and a revenue of $6.46 billion.
• The company raised its dividend from $0.17 to $0.18 per share, reflecting a positive change and an annualized yield of 1.2%.

Aberdeen Group plc raised its position in Corteva, Inc. (NYSE:CTVA - Free Report) by 7.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 505,286 shares of the company's stock after purchasing an additional 35,625 shares during the period. Aberdeen Group plc owned 0.07% of Corteva worth $37,611,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Maryland Capital Advisors Inc. bought a new stake in shares of Corteva during the 2nd quarter worth $29,000. Valley National Advisers Inc. lifted its holdings in shares of Corteva by 85.9% during the 1st quarter. Valley National Advisers Inc. now owns 526 shares of the company's stock worth $33,000 after acquiring an additional 243 shares during the last quarter. Richardson Capital Management LLC bought a new stake in shares of Corteva during the 1st quarter worth $37,000. DHJJ Financial Advisors Ltd. lifted its holdings in shares of Corteva by 132.2% during the 2nd quarter. DHJJ Financial Advisors Ltd. now owns 527 shares of the company's stock worth $39,000 after acquiring an additional 300 shares during the last quarter. Finally, von Borstel & Associates Inc. bought a new stake in shares of Corteva during the 1st quarter worth $44,000. 81.54% of the stock is owned by institutional investors.

Insider Activity

In other Corteva news, EVP Robert D. King sold 37,280 shares of the business's 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 transaction, the executive vice president owned 49,262 shares in the company, valued at approximately $3,655,240.40. The trade was a 43.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.14% of the company's stock.

Analyst Upgrades and Downgrades

CTVA has been the subject of a number of research analyst reports. Wells Fargo & Company reaffirmed an "overweight" rating and set a $83.00 price objective (up from $82.00) on shares of Corteva in a report on Friday, August 8th. Mizuho dropped their price objective on shares of Corteva from $85.00 to $78.00 and set an "outperform" rating for the company in a report on Wednesday. Wall Street Zen raised shares of Corteva from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Royal Bank Of Canada reiterated an "outperform" rating on shares of Corteva in a research report on Monday, August 11th. Finally, Zacks Research upgraded shares of Corteva from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $80.13.

Corteva Price Performance

Shares of NYSE:CTVA opened at $61.90 on Monday. The stock has a market cap of $42.04 billion, a PE ratio of 30.20, a PEG ratio of 1.40 and a beta of 0.76. The company's fifty day moving average is $70.38 and its 200 day moving average is $68.99. Corteva, Inc. has a 52 week low of $53.40 and a 52 week high of $77.41. The company has a quick ratio of 1.23, a current ratio of 1.68 and a debt-to-equity ratio of 0.06.

Corteva (NYSE:CTVA - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $2.20 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $6.26 billion. During the same quarter in the previous year, the company earned $1.83 earnings per share. The company's revenue for the quarter was up 5.6% compared to the same quarter last year. Research analysts anticipate that Corteva, Inc. will post 2.96 earnings per share for the current year.

Corteva Increases Dividend

The company also recently disclosed 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 a positive change from Corteva's previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.2%. Corteva's dividend payout ratio is presently 35.12%.

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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