Corteva, Inc. $CTVA Shares Bought by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management S.A. increased its stake in Corteva, Inc. by 4,769.2% during the second quarter, acquiring nearly 1.88 million shares totaling approximately $143.4 million.
• Corteva recently announced a quarterly dividend of $0.18 per share, marking an increase from the previous dividend of $0.17, which represents a 1.0% yield.
• Wall Street analysts have a consensus rating of "Moderate Buy" for Corteva, with a price target averaging around $82.00, indicating potential growth for the stock.

Assenagon Asset Management S.A. raised its holdings in Corteva, Inc. (NYSE:CTVA - Free Report) by 4,769.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,924,419 shares of the company's stock after buying an additional 1,884,897 shares during the quarter. Assenagon Asset Management S.A. owned about 0.28% of Corteva worth $143,427,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Peak Financial Advisors LLC purchased a new position in shares of Corteva in the second quarter worth about $505,000. Cary Street Partners Financial LLC grew its holdings in Corteva by 20.7% during the first quarter. Cary Street Partners Financial LLC now owns 90,206 shares of the company's stock worth $5,677,000 after acquiring an additional 15,448 shares during the period. Goldman Sachs Group Inc. grew its holdings in Corteva by 28.6% during the first quarter. Goldman Sachs Group Inc. now owns 2,851,993 shares of the company's stock worth $179,476,000 after acquiring an additional 634,938 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Corteva by 2.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,174,351 shares of the company's stock worth $262,692,000 after acquiring an additional 84,506 shares during the period. Finally, S.E.E.D. Planning Group LLC grew its holdings in Corteva by 70.3% during the second quarter. S.E.E.D. Planning Group LLC now owns 164,393 shares of the company's stock worth $12,252,000 after acquiring an additional 67,869 shares during the period. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently commented on CTVA shares. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Corteva in a report on Monday, August 11th. Wall Street Zen raised Corteva from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. UBS Group raised their price objective on Corteva from $90.00 to $91.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Wells Fargo & Company reissued an "overweight" rating and issued a $83.00 price objective (up from $82.00) on shares of Corteva in a report on Friday, August 8th. Finally, Jefferies Financial Group reissued a "buy" rating on shares of Corteva in a report on Friday, June 6th. Thirteen analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $82.00.

Corteva Trading Up 0.3%

NYSE:CTVA traded up $0.18 on Friday, reaching $70.84. The company's stock had a trading volume of 12,447,631 shares, compared to its average volume of 4,129,035. 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 $48.11 billion, a price-to-earnings ratio of 34.56, a price-to-earnings-growth ratio of 1.62 and a beta of 0.78. Corteva, Inc. has a 12-month low of $53.40 and a 12-month high of $77.41. The stock has a 50 day moving average price of $72.52 and a 200 day moving average price of $68.46.

Corteva (NYSE:CTVA - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $2.20 earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $6.26 billion. During the same quarter in the previous year, the business earned $1.83 EPS. The company's quarterly revenue was up 5.6% compared to the same quarter last year. On average, equities analysts anticipate that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were issued a dividend of $0.18 per share. This is a positive change from Corteva's previous quarterly dividend of $0.17. The ex-dividend date was Tuesday, September 2nd. This represents a $0.72 annualized dividend and a yield of 1.0%. Corteva's dividend payout ratio (DPR) is currently 35.12%.

Insiders Place Their Bets

In other news, EVP Robert D. King sold 37,280 shares of the company's stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $74.20, for a total transaction of $2,766,176.00. Following the completion of the transaction, the executive vice president directly owned 49,262 shares of the company's stock, valued at approximately $3,655,240.40. This represents a 43.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.14% of the stock is currently owned by company insiders.

About Corteva

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.