Adage Capital Partners GP L.L.C. Has $50.70 Million Stock Holdings in Corteva, Inc. $CTVA

Key Points

• Adage Capital Partners GP L.L.C. increased its stake in Corteva, Inc. by 5.0% in Q1, owning 805,637 shares valued at approximately $50.7 million.
• Corteva announced a quarterly dividend increase from $0.17 to $0.18, with a yield of 1.0% and an upcoming payment date of September 15th.
• Wall Street analysts have shown strong support for Corteva, with thirteen rating the stock as "buy" and a consensus price target of $80.25.

Adage Capital Partners GP L.L.C. boosted its holdings in Corteva, Inc. (NYSE:CTVA - Free Report) by 5.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 805,637 shares of the company's stock after acquiring an additional 38,500 shares during the quarter. Adage Capital Partners GP L.L.C. owned 0.12% of Corteva worth $50,699,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CTVA. Nuveen LLC bought a new stake in Corteva in the first quarter valued at about $640,333,000. JPMorgan Chase & Co. increased its stake in Corteva by 54.6% in the first quarter. JPMorgan Chase & Co. now owns 5,009,038 shares of the company's stock valued at $315,219,000 after acquiring an additional 1,769,355 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Corteva by 65.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,251,449 shares of the company's stock valued at $204,615,000 after acquiring an additional 1,290,009 shares during the period. GAMMA Investing LLC increased its stake in Corteva by 7,135.6% in the first quarter. GAMMA Investing LLC now owns 947,789 shares of the company's stock valued at $59,644,000 after acquiring an additional 934,690 shares during the period. Finally, Deutsche Bank AG increased its stake in Corteva by 21.0% in the fourth quarter. Deutsche Bank AG now owns 4,052,081 shares of the company's stock valued at $230,807,000 after acquiring an additional 703,761 shares during the period. Institutional investors own 81.54% of the company's stock.

Corteva Trading Down 1.1%

NYSE CTVA traded down $0.82 during trading hours on Tuesday, hitting $72.13. The company's stock had a trading volume of 541,120 shares, compared to its average volume of 3,784,209. The stock has a fifty day moving average of $73.31 and a 200 day moving average of $67.90. Corteva, Inc. has a twelve month low of $53.40 and a twelve month high of $77.41. The firm has a market capitalization of $48.98 billion, a P/E ratio of 35.18, a PEG ratio of 1.65 and a beta of 0.78. 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 announced its quarterly earnings data on Wednesday, August 6th. The company reported $2.20 earnings per share for the quarter, beating 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 business had revenue of $6.46 billion for the quarter, compared to analyst estimates of $6.26 billion. During the same period in the prior year, the business posted $1.83 earnings per share. Corteva's revenue was up 5.6% compared to the same quarter last year. Equities research analysts forecast that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Increases Dividend

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

Wall Street Analysts Forecast Growth

CTVA has been the topic of several research analyst reports. Citigroup cut shares of Corteva from a "neutral" rating to a "mixed" rating in a research note on Friday. Wells Fargo & Company reaffirmed an "overweight" rating and set a $83.00 price objective (up from $82.00) on shares of Corteva in a research note on Friday, August 8th. UBS Group upped their price objective on shares of Corteva from $90.00 to $91.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. BMO Capital Markets upped their price objective on shares of Corteva from $74.00 to $86.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Finally, Jefferies Financial Group reaffirmed a "buy" rating on shares of Corteva in a research note on Friday, June 6th. Twelve equities 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.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $80.25.

Insiders Place Their Bets

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 value of $2,766,176.00. Following the transaction, the executive vice president directly owned 49,262 shares in the company, valued at $3,655,240.40. This represents a 43.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.15% of the stock is owned by corporate insiders.

Corteva 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.