Allianz Asset Management GmbH Acquires 41,203 Shares of Corteva, Inc. (NYSE:CTVA)

Key Points

• Allianz Asset Management GmbH increased its holdings in Corteva, Inc. by 49.2%, owning 124,869 shares worth approximately $7.86 million as of the most recent SEC filing.
• Corteva's stock experienced a trading decrease, reaching $72.38, and has shown a twelve month volatility with a high of $77.41 and a low of $50.30.
• The company declared a quarterly dividend of $0.17 per share, representing an annualized dividend yield of 0.94%, with a payout ratio of 41.46%.

Allianz Asset Management GmbH increased its position in Corteva, Inc. (NYSE:CTVA - Free Report) by 49.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 124,869 shares of the company's stock after purchasing an additional 41,203 shares during the period. Allianz Asset Management GmbH's holdings in Corteva were worth $7,858,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Independent Franchise Partners LLP lifted its stake in shares of Corteva by 51.5% during the 4th quarter. Independent Franchise Partners LLP now owns 16,496,508 shares of the company's stock worth $939,641,000 after acquiring an additional 5,604,838 shares during the last quarter. Franklin Resources Inc. grew its position in shares of Corteva by 9.2% in the fourth quarter. Franklin Resources Inc. now owns 16,143,025 shares of the company's stock valued at $919,507,000 after purchasing an additional 1,354,418 shares in the last quarter. Capital World Investors boosted its position in shares of Corteva by 2,874.6% during the fourth quarter. Capital World Investors now owns 12,812,151 shares of the company's stock worth $729,780,000 after buying an additional 12,381,436 shares during the period. Northern Trust Corp raised its stake in shares of Corteva by 5.5% in the fourth quarter. Northern Trust Corp now owns 11,648,890 shares of the company's stock valued at $663,521,000 after acquiring an additional 608,898 shares in the last quarter. Finally, Invesco Ltd. raised its stake in Corteva by 2.4% in the fourth quarter. Invesco Ltd. now owns 11,074,633 shares of the company's stock valued at $630,811,000 after buying an additional 264,531 shares in the last quarter. 81.54% of the stock is owned by hedge funds and other institutional investors.

Corteva Stock Down 0.3%

Shares of CTVA traded down $0.25 during mid-day trading on Thursday, hitting $71.73. 730,028 shares of the company traded hands, compared to its average volume of 3,712,862. Corteva, Inc. has a 1-year low of $50.30 and a 1-year high of $77.41. The company has a quick ratio of 1.00, a current ratio of 1.44 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $48.93 billion, a PE ratio of 43.74, a price-to-earnings-growth ratio of 1.76 and a beta of 0.76. The business has a 50 day moving average of $73.04 and a 200 day moving average of $66.03.

Corteva (NYSE:CTVA - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $1.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.88 by $0.25. Corteva had a return on equity of 7.84% and a net margin of 6.77%. The firm had revenue of $4.42 billion for the quarter, compared to analyst estimates of $4.56 billion. During the same quarter last year, the firm posted $0.89 EPS. The business's revenue was down 1.7% on a year-over-year basis. Equities research analysts anticipate that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This is a positive change from Corteva's previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a yield of 1.00%. Corteva's dividend payout ratio is currently 41.46%.

Analyst Ratings Changes

Several research analysts recently issued reports on CTVA shares. KeyCorp lifted their price objective on Corteva from $72.00 to $84.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Jefferies Financial Group reissued a "buy" rating on shares of Corteva in a research note on Friday, June 6th. Wells Fargo & Company boosted their price objective on shares of Corteva from $79.00 to $82.00 and gave the stock an "overweight" rating in a report on Monday, June 23rd. Barclays increased their price objective on shares of Corteva from $70.00 to $75.00 and gave the company an "equal weight" rating in a report on Monday, July 7th. Finally, UBS Group increased their price target on shares of Corteva from $76.00 to $90.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Corteva currently has an average rating of "Moderate Buy" and a consensus target price of $77.38.

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.