Corteva, Inc. (NYSE:CTVA) Shares Bought by AIA Group Ltd

Key Points

• AIA Group Ltd has increased its stake in Corteva, Inc. by 52.9% in the first quarter, now holding shares valued at approximately $4.15 million.
• Corteva recently reported earnings of $2.20 per share, exceeding analysts' estimates, and recorded a revenue of $6.46 billion for the quarter, up 5.6% compared to last year.
• The company is set to pay a quarterly dividend of $0.18 on September 15, a slight increase from the previous dividend of $0.17, indicating a healthy dividend payout ratio of 33.17%.

AIA Group Ltd grew its holdings in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 52.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 65,914 shares of the company's stock after purchasing an additional 22,817 shares during the period. AIA Group Ltd's holdings in Corteva were worth $4,148,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Pinney & Scofield Inc. acquired a new position in shares of Corteva in the 4th quarter valued at $27,000. Valley National Advisers Inc. increased its position in shares of Corteva by 85.9% in the 1st quarter. Valley National Advisers Inc. now owns 526 shares of the company's stock valued at $33,000 after acquiring an additional 243 shares during the period. LGT Financial Advisors LLC acquired a new position in shares of Corteva in the 4th quarter valued at $31,000. Richardson Capital Management LLC acquired a new position in shares of Corteva in the 1st quarter valued at $37,000. Finally, von Borstel & Associates Inc. acquired a new position in shares of Corteva in the 1st quarter valued at $44,000. Hedge funds and other institutional investors own 81.54% of the company's stock.

Corteva Price Performance

Shares of NYSE:CTVA traded up $1.33 during trading on Wednesday, reaching $72.36. 4,692,510 shares of the company's stock traded hands, compared to its average volume of 4,142,378. Corteva, Inc. has a fifty-two week low of $51.25 and a fifty-two 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. The firm has a market cap of $49.14 billion, a PE ratio of 35.30, a P/E/G ratio of 1.62 and a beta of 0.75. The company has a 50-day simple moving average of $73.34 and a 200-day simple moving average of $66.69.

Corteva (NYSE:CTVA - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $2.20 EPS for the quarter, beating analysts' consensus estimates of $1.89 by $0.31. Corteva had a return on equity of 8.68% and a net margin of 8.16%. The firm had revenue of $6.46 billion for the quarter, compared to analysts' expectations of $6.26 billion. During the same period last year, the firm earned $1.83 EPS. The company's quarterly revenue was up 5.6% on a year-over-year basis. As a group, analysts predict 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 will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a 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 payout ratio is presently 33.17%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. BMO Capital Markets upped their target price on Corteva from $74.00 to $86.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Royal Bank Of Canada reiterated an "outperform" rating on shares of Corteva in a research note on Monday. KeyCorp lifted their price objective on Corteva from $84.00 to $85.00 and gave the company an "overweight" rating in a research note on Friday, August 8th. Citigroup lifted their price objective on Corteva from $75.00 to $78.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Finally, Oppenheimer set a $87.00 price objective on Corteva and gave the company an "outperform" rating in a research note on Tuesday, July 15th. One investment analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $80.25.

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.