Bank of New York Mellon Corp Acquires New Stake in Corteva, Inc. $CTVA

Key Points

• Bank of New York Mellon acquired 4.63 million Corteva shares worth approximately $392.4 million, giving it a 0.69% stake. Institutional investors collectively own 81.54% of the company.
• Corteva reported quarterly EPS of $2.30, exceeding estimates of $2.24, although revenue of $6.38 billion fell short of the $6.60 billion consensus and declined 1.2% year over year.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $91.50 versus the reported share price of $81.84. Corteva also declared a quarterly dividend of $0.18 per share.

Bank of New York Mellon Corp bought a new position in Corteva, Inc. (NYSE:CTVA - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 4,633,924 shares of the company's stock, valued at approximately $392,447,000. Bank of New York Mellon Corp owned 0.69% of Corteva at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CTVA. JPL Wealth Management LLC bought a new stake in shares of Corteva in the 3rd quarter worth $25,000. Garton & Associates Financial Advisors LLC bought a new position in Corteva during the fourth quarter valued at about $27,000. Bank of Jackson Hole Trust bought a new position in Corteva during the fourth quarter valued at about $28,000. Cornerstone Financial Management LLC acquired a new position in Corteva during the fourth quarter worth about $29,000. Finally, Elevation Wealth Partners LLC grew its holdings in Corteva by 334.6% during the second quarter. Elevation Wealth Partners LLC now owns 339 shares of the company's stock worth $29,000 after acquiring an additional 261 shares during the period. 81.54% of the stock is owned by institutional investors.

Corteva Stock Performance

Shares of NYSE CTVA opened at $81.84 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.52 and a quick ratio of 1.10. Corteva, Inc. has a one year low of $60.53 and a one year high of $90.97. The business's 50-day moving average price is $82.13 and its two-hundred day moving average price is $80.21. The company has a market capitalization of $54.60 billion, a P/E ratio of 54.20, a price-to-earnings-growth ratio of 2.44 and a beta of 0.57.

Corteva (NYSE:CTVA - Get Free Report) last posted its earnings results on Thursday, July 30th. The company reported $2.30 EPS for the quarter, topping the consensus estimate of $2.24 by $0.06. The company had revenue of $6.38 billion during the quarter, compared to the consensus estimate of $6.60 billion. Corteva had a net margin of 5.66% and a return on equity of 10.18%. The company's revenue for the quarter was down 1.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.20 earnings per share. Corteva has set its FY 2026 guidance at 3.600-3.800 EPS. Analysts anticipate that Corteva, Inc. will post 3.72 earnings per share for the current fiscal year.

Corteva Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a dividend of $0.18 per share. The ex-dividend date is Tuesday, September 1st. This represents a $0.72 annualized dividend and a yield of 0.9%. Corteva's dividend payout ratio is presently 47.68%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Weiss Ratings downgraded shares of Corteva from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, August 3rd. CICC Research lifted their price objective on shares of Corteva from $80.00 to $93.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 13th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $101.00 target price on shares of Corteva in a report on Monday, August 3rd. JPMorgan Chase & Co. increased their target price on shares of Corteva from $77.00 to $83.00 and gave the company a "neutral" rating in a research note on Monday, August 3rd. Finally, Mizuho raised their target price on shares of Corteva from $96.00 to $97.00 and gave the stock an "outperform" rating in a report on Tuesday, July 14th. Fourteen analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $91.50.

Corteva Company 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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