Banque Pictet & Cie SA Sells 7,218 Shares of Corteva, Inc. $CTVA

Key Points

• Banque Pictet & Cie SA reduced its holdings in Corteva, Inc. by 10.8%, selling 7,218 shares and now owning 59,573 shares valued at $4.44 million.
• Corteva reported an EPS of $2.20 for the last quarter, exceeding analysts' expectations of $1.89, along with a revenue of $6.46 billion.
• The company announced an increase in its quarterly dividend from $0.17 to $0.18, resulting in an annual yield of 1.1% with a payout ratio of 35.12%.

Banque Pictet & Cie SA trimmed its position in Corteva, Inc. (NYSE:CTVA - Free Report) by 10.8% in the second quarter, according to its most recent filing with the SEC. The fund owned 59,573 shares of the company's stock after selling 7,218 shares during the period. Banque Pictet & Cie SA's holdings in Corteva were worth $4,440,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of CTVA. Brighton Jones LLC lifted its stake in shares of Corteva by 307.2% in the 4th quarter. Brighton Jones LLC now owns 15,588 shares of the company's stock valued at $888,000 after acquiring an additional 11,760 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in Corteva by 6.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 129,314 shares of the company's stock worth $7,366,000 after purchasing an additional 8,299 shares during the last quarter. Versant Capital Management Inc raised its position in Corteva by 139.4% during the 1st quarter. Versant Capital Management Inc now owns 3,509 shares of the company's stock worth $221,000 after purchasing an additional 2,043 shares during the last quarter. Moody National Bank Trust Division raised its position in Corteva by 11.1% during the 1st quarter. Moody National Bank Trust Division now owns 21,996 shares of the company's stock worth $1,384,000 after purchasing an additional 2,190 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in Corteva by 7,135.6% during the 1st quarter. GAMMA Investing LLC now owns 947,789 shares of the company's stock worth $59,644,000 after purchasing an additional 934,690 shares during the last quarter. 81.54% of the stock is currently owned by institutional investors.

Corteva Stock Performance

Shares of Corteva stock opened at $68.06 on Friday. The company has a current ratio of 1.68, a quick ratio of 1.23 and a debt-to-equity ratio of 0.06. The business has a 50-day moving average price of $72.11 and a two-hundred day moving average price of $68.70. Corteva, Inc. has a 1-year low of $53.40 and a 1-year high of $77.41. The company has a market cap of $46.22 billion, a P/E ratio of 33.20, a PEG ratio of 1.53 and a beta of 0.78.

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 analysts' consensus estimates of $1.89 by $0.31. The firm had revenue of $6.46 billion during the quarter, compared to the consensus estimate of $6.26 billion. Corteva had a return on equity of 8.68% and a net margin of 8.16%.The business's revenue was up 5.6% compared to the same quarter last year. During the same period last year, the business posted $1.83 EPS. As a group, analysts anticipate that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.1%. This is a boost from Corteva's previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Tuesday, September 2nd. Corteva's payout ratio is 35.12%.

Insider Buying and Selling

In other Corteva news, EVP Robert D. King sold 37,280 shares of the firm'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 completion of the sale, the executive vice president owned 49,262 shares of the company's stock, valued at approximately $3,655,240.40. This trade represents a 43.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.14% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on CTVA shares. UBS Group raised their target price on Corteva from $90.00 to $91.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Citigroup lowered Corteva from a "neutral" rating to a "mixed" rating in a research report on Friday, September 5th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $83.00 target price (up from $82.00) on shares of Corteva in a research report on Friday, August 8th. Zacks Research raised Corteva to a "hold" rating in a research report on Friday, August 8th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Corteva in a research report on Monday, August 11th. Thirteen research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Corteva has an average rating of "Moderate Buy" and a consensus price target of $82.00.

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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