Allspring Global Investments Holdings LLC Raises Stock Holdings in Corteva, Inc. $CTVA

Key Points

• Allspring Global Investments nearly doubled its Corteva stake in Q1, increasing holdings by 93% to 133,526 shares valued at about $11.2 million.
• Corteva’s stock was trading near its 52-week high at $88.56, with the company showing a market cap of $59.23 billion and relatively low debt levels.
• The company reported strong quarterly results, beating EPS and revenue estimates, and it also paid a quarterly dividend of $0.18 per share for a 0.8% yield.

Allspring Global Investments Holdings LLC raised its position in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 93.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 133,526 shares of the company's stock after purchasing an additional 64,327 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Corteva were worth $11,191,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of CTVA. William B. Walkup & Associates Inc. raised its stake in shares of Corteva by 2.9% in the first quarter. William B. Walkup & Associates Inc. now owns 4,457 shares of the company's stock worth $373,000 after purchasing an additional 126 shares during the last quarter. AdvisorNet Financial Inc boosted its position in Corteva by 2.4% in the first quarter. AdvisorNet Financial Inc now owns 5,694 shares of the company's stock valued at $477,000 after buying an additional 135 shares during the last quarter. First Horizon Corp increased its holdings in Corteva by 9.2% in the 1st quarter. First Horizon Corp now owns 1,600 shares of the company's stock worth $134,000 after buying an additional 135 shares during the period. Annis Gardner Whiting Capital Advisors LLC increased its holdings in Corteva by 9.1% in the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 1,674 shares of the company's stock worth $112,000 after buying an additional 140 shares during the period. Finally, Equitable Trust Co. raised its position in Corteva by 2.5% during the 1st quarter. Equitable Trust Co. now owns 5,993 shares of the company's stock worth $502,000 after buying an additional 147 shares during the last quarter. 81.54% of the stock is owned by institutional investors and hedge funds.

Corteva Trading Up 1.9%

Shares of Corteva stock opened at $88.56 on Thursday. The firm has a 50-day simple moving average of $81.13 and a two-hundred day simple moving average of $78.69. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.03 and a current ratio of 1.47. Corteva, Inc. has a fifty-two week low of $60.53 and a fifty-two week high of $88.57. The company has a market cap of $59.23 billion, a P/E ratio of 52.09, a price-to-earnings-growth ratio of 2.64 and a beta of 0.56.

Corteva (NYSE:CTVA - Get Free Report) last posted its earnings results on Tuesday, May 5th. The company reported $1.50 EPS for the quarter, beating analysts' consensus estimates of $1.18 by $0.32. Corteva had a return on equity of 9.95% and a net margin of 6.50%.The firm had revenue of $4.91 billion for the quarter, compared to analysts' expectations of $4.64 billion. During the same period last year, the firm earned $1.13 EPS. The company's quarterly revenue was up 11.0% on a year-over-year basis. Corteva has set its FY 2026 guidance at 3.450-3.700 EPS. As a group, equities analysts predict that Corteva, Inc. will post 3.75 earnings per share for the current fiscal year.

Corteva Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Monday, June 1st. Corteva's dividend payout ratio (DPR) is presently 42.35%.

Analysts Set New Price Targets

Several analysts have commented on the stock. UBS Group decreased their price objective on shares of Corteva from $90.00 to $86.00 and set a "neutral" rating for the company in a research note on Tuesday, June 9th. Barclays raised their target price on shares of Corteva from $84.00 to $91.00 and gave the stock an "overweight" rating in a report on Thursday, June 11th. BNP Paribas Exane boosted their target price on shares of Corteva from $74.00 to $77.00 in a research report on Wednesday, May 6th. Morgan Stanley upped their price target on shares of Corteva from $84.00 to $95.00 and gave the company an "overweight" rating in a report on Thursday, May 28th. Finally, Weiss Ratings raised Corteva from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $89.90.

Corteva Profile

Corteva, Inc NYSE: CTVA is an independent global agriculture company that was established as a publicly traded firm in mid‑2019 following the separation of the agriculture businesses from DowDuPont. The company focuses on delivering technologies and products that help farmers increase productivity and manage crop health. Corteva's operations combine seed genetics, crop protection chemistries, digital tools and biological solutions to address the full cycle of crop production.

Core business activities include research and development of seed genetics and trait technologies, formulation and sale of crop protection products (such as herbicides, insecticides and fungicides), and the development of seed treatments and biologicals.

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