Corteva, Inc. $CTVA Shares Bought by Azimuth Capital Investment Management LLC

Key Points

• Azimuth Capital Investment Management LLC increased its stake in Corteva, Inc. by 4.3% during the first quarter, now owning 132,351 shares valued at approximately $8,329,000.
• Several institutional investors have significantly heightened their stakes in Corteva, with Capital World Investors increasing its holdings by a remarkable 2,874.6%.
• Wall Street analysts show a positive outlook for Corteva, with a consensus target price of $80.25 and a majority giving the stock a "Moderate Buy" rating.

Azimuth Capital Investment Management LLC raised its position in Corteva, Inc. (NYSE:CTVA - Free Report) by 4.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 132,351 shares of the company's stock after purchasing an additional 5,425 shares during the quarter. Azimuth Capital Investment Management LLC's holdings in Corteva were worth $8,329,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Pinney & Scofield Inc. bought a new stake in shares of Corteva during the 4th quarter worth approximately $27,000. LGT Financial Advisors LLC purchased a new stake in Corteva in the fourth quarter worth $31,000. Valley National Advisers Inc. lifted its position in shares of Corteva by 85.9% during the first quarter. Valley National Advisers Inc. now owns 526 shares of the company's stock worth $33,000 after purchasing an additional 243 shares during the last quarter. Richardson Capital Management LLC purchased a new stake in shares of Corteva during the first quarter valued at $37,000. Finally, von Borstel & Associates Inc. bought a new position in shares of Corteva in the first quarter worth about $44,000. Hedge funds and other institutional investors own 81.54% of the company's stock.

Corteva Stock Up 0.6%

CTVA stock traded up $0.4220 on Wednesday, hitting $72.8220. 3,086,781 shares of the company's stock were exchanged, compared to its average volume of 4,108,455. The firm has a 50 day moving average price of $73.39 and a two-hundred day moving average price of $66.93. Corteva, Inc. has a 12-month low of $53.40 and a 12-month high of $77.41. The stock has a market cap of $49.45 billion, a P/E ratio of 35.52, a price-to-earnings-growth ratio of 1.66 and a beta of 0.75. 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 issued its quarterly earnings results on Wednesday, August 6th. The company reported $2.20 earnings per share for the quarter, topping 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 business had revenue of $6.46 billion during the quarter, compared to the consensus estimate of $6.26 billion. During the same quarter last year, the company earned $1.83 earnings per share. The company'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 fiscal year.

Corteva Increases Dividend

The business 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. This represents a $0.72 dividend on an annualized basis 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 dividend payout ratio (DPR) is currently 33.17%.

Analysts Set New Price Targets

CTVA has been the subject of a number of research analyst reports. KeyCorp lifted their price objective on shares of Corteva from $84.00 to $85.00 and gave the company an "overweight" rating in a report on Friday, August 8th. UBS Group upped their price objective on shares of Corteva from $90.00 to $91.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Barclays raised shares of Corteva from an "equal weight" rating to an "overweight" rating and raised their target price for the company from $75.00 to $84.00 in a research report on Wednesday, August 13th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Corteva in a research report on Friday, June 6th. Finally, Zacks Research upgraded shares of Corteva to a "hold" rating in a research note on Friday, August 8th. Thirteen investment 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.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $80.25.

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.