Bank of Hawaii Purchases New Position in Corteva, Inc. $CTVA

Key Points

• Bank of Hawaii has made a new investment of $346,000 by purchasing 5,493 shares of Corteva, Inc. in the first quarter.
• Corteva has reported a 5.6% increase in quarterly revenue year-over-year, with earnings per share surpassing analysts' expectations, resulting in an EPS of $2.20.
• The company announced a quarterly dividend of $0.18 per share, reflecting an increase from the previous amount and a 1.0% dividend yield.

Bank of Hawaii bought a new stake in Corteva, Inc. (NYSE:CTVA - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 5,493 shares of the company's stock, valued at approximately $346,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Pinney & Scofield Inc. acquired a new stake in Corteva in the 4th quarter valued at approximately $27,000. LGT Financial Advisors LLC acquired a new stake in Corteva in the 4th quarter valued at approximately $31,000. Valley National Advisers Inc. increased its holdings in Corteva by 85.9% in the 1st quarter. Valley National Advisers Inc. now owns 526 shares of the company's stock valued at $33,000 after purchasing an additional 243 shares during the last quarter. Richardson Capital Management LLC acquired a new stake in Corteva in the 1st quarter valued at approximately $37,000. Finally, von Borstel & Associates Inc. acquired a new stake in Corteva in the 1st quarter valued at approximately $44,000. Institutional investors and hedge funds own 81.54% of the company's stock.

Analysts Set New Price Targets

CTVA has been the subject of several recent research reports. Barclays raised shares of Corteva from an "equal weight" rating to an "overweight" rating and raised their price target for the company from $75.00 to $84.00 in a research report on Wednesday, August 13th. Royal Bank Of Canada reissued an "outperform" rating on shares of Corteva in a research report on Monday, August 11th. Wells Fargo & Company reissued an "overweight" rating and issued a $83.00 price target (up previously from $82.00) on shares of Corteva in a research report on Friday, August 8th. BMO Capital Markets raised their price target on shares of Corteva from $74.00 to $86.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Finally, Jefferies Financial Group reissued a "buy" rating on shares of Corteva in a research report on Friday, June 6th. Thirteen research 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, the company has a consensus rating of "Moderate Buy" and an average target price of $80.25.

Corteva Stock Down 0.1%

Shares of Corteva stock traded down $0.11 during trading on Friday, hitting $74.22. 4,034,989 shares of the stock were exchanged, compared to its average volume of 4,303,558. The stock has a market cap of $50.40 billion, a price-to-earnings ratio of 36.20, a price-to-earnings-growth ratio of 1.70 and a beta of 0.75. The firm's 50-day moving average price is $73.43 and its 200 day moving average price is $67.48. Corteva, Inc. has a 12-month low of $53.40 and a 12-month high of $77.41. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.68 and a quick ratio of 1.23.

Corteva (NYSE:CTVA - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $2.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.31. The business had revenue of $6.46 billion during the quarter, compared to analysts' expectations of $6.26 billion. Corteva had a net margin of 8.16% and a return on equity of 8.68%. The company's revenue for the quarter was up 5.6% on a year-over-year basis. During the same period in the previous year, the company earned $1.83 EPS. As a group, analysts forecast that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be given a dividend of $0.18 per share. This is an increase from Corteva's previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $0.72 annualized dividend and a dividend yield of 1.0%. Corteva's dividend payout ratio is presently 33.17%.

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.