AQR Capital Management LLC Grows Stock Position in Corteva, Inc. $CTVA

Key Points

• AQR Capital Management LLC increased its stake in Corteva, Inc. by 38.7% in the first quarter, owning 143,825 shares valued at approximately $8.85 million after buying an additional 40,105 shares.
• Corteva recently reported strong quarterly earnings of $2.20 EPS, surpassing analysts’ expectations, with a revenue of $6.46 billion, representing a year-over-year growth of 5.6%.
• The company has raised its quarterly dividend to $0.18 per share, up from $0.17, reflecting a 1.0% yield and a payout ratio of 35.12%.

AQR Capital Management LLC raised its stake in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 38.7% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 143,825 shares of the company's stock after buying an additional 40,105 shares during the period. AQR Capital Management LLC's holdings in Corteva were worth $8,852,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Ancora Advisors LLC increased its stake in shares of Corteva by 0.8% in the 1st quarter. Ancora Advisors LLC now owns 18,567 shares of the company's stock valued at $1,168,000 after purchasing an additional 150 shares in the last quarter. Legacy Financial Advisors Inc. increased its stake in shares of Corteva by 4.4% in the 1st quarter. Legacy Financial Advisors Inc. now owns 3,761 shares of the company's stock valued at $237,000 after purchasing an additional 160 shares in the last quarter. One Wealth Capital Management LLC increased its stake in shares of Corteva by 3.4% in the 1st quarter. One Wealth Capital Management LLC now owns 4,835 shares of the company's stock valued at $304,000 after purchasing an additional 161 shares in the last quarter. Signaturefd LLC increased its stake in shares of Corteva by 1.9% in the 1st quarter. Signaturefd LLC now owns 9,353 shares of the company's stock valued at $589,000 after purchasing an additional 172 shares in the last quarter. Finally, NTV Asset Management LLC increased its stake in shares of Corteva by 3.3% in the 1st quarter. NTV Asset Management LLC now owns 5,457 shares of the company's stock valued at $343,000 after purchasing an additional 173 shares in the last quarter. Hedge funds and other institutional investors own 81.54% of the company's stock.

Insider Buying and Selling

In related news, EVP Robert D. King sold 37,280 shares of the company's stock in a transaction that occurred on Friday, August 29th. The stock was 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 approximately $3,655,240.40. This represents a 43.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.14% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on CTVA shares. Wall Street Zen upgraded Corteva from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Oppenheimer set a $87.00 price target on Corteva and gave the company an "outperform" rating in a research note on Tuesday, July 15th. KeyCorp lifted their price target on Corteva from $84.00 to $85.00 and gave the company an "overweight" rating in a research note on Friday, August 8th. Royal Bank Of Canada restated an "outperform" rating on shares of Corteva in a report on Monday, August 11th. Finally, UBS Group boosted their target price on Corteva from $90.00 to $91.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Twelve analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $80.25.

Corteva Trading Down 1.0%

CTVA opened at $71.79 on Thursday. Corteva, Inc. has a one year low of $53.40 and a one year high of $77.41. The stock has a market capitalization of $48.75 billion, a PE ratio of 35.02, a P/E/G ratio of 1.66 and a beta of 0.78. The business's 50 day moving average price is $73.16 and its 200 day moving average price is $67.96. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.23 and a current ratio of 1.68.

Corteva (NYSE:CTVA - Get Free Report) last released its quarterly earnings data 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 in the prior year, the firm posted $1.83 earnings per share. The firm's quarterly revenue was up 5.6% on a year-over-year basis. As a group, equities research analysts expect that Corteva, Inc. will post 2.96 EPS for the current 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 a boost from Corteva's previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Tuesday, September 2nd. Corteva's payout ratio is currently 35.12%.

Corteva Company 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.

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