Canada Pension Plan Investment Board Has $25.90 Million Stock Position in Corteva, Inc. $CTVA

Key Points

• The Canada Pension Plan Investment Board has reduced its stake in Corteva, Inc. by 65.9% in the first quarter, now owning approximately 0.06%, valued at $25.9 million.
• Corteva recently declared a quarterly dividend of $0.18 per share, an increase from the previous dividend of $0.17, resulting in an annualized yield of 1.0%.
• The company reported a $2.20 EPS for the last quarter, surpassing analyst expectations, with a revenue of $6.46 billion, marking a 5.6% year-over-year increase.

Canada Pension Plan Investment Board lessened its position in Corteva, Inc. (NYSE:CTVA - Free Report) by 65.9% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 411,578 shares of the company's stock after selling 796,274 shares during the period. Canada Pension Plan Investment Board owned about 0.06% of Corteva worth $25,901,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in CTVA. Pinney & Scofield Inc. acquired a new position in Corteva during the 4th quarter worth about $27,000. Valley National Advisers Inc. raised its holdings in Corteva by 85.9% during the 1st 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 bought a new stake in Corteva during the 1st quarter worth about $37,000. von Borstel & Associates Inc. bought a new stake in Corteva during the 1st quarter worth about $44,000. Finally, Horizon Financial Services LLC raised its holdings in Corteva by 4,444.4% during the 1st quarter. Horizon Financial Services LLC now owns 818 shares of the company's stock worth $51,000 after purchasing an additional 800 shares during the last quarter. Institutional investors and hedge funds own 81.54% of the company's stock.

Insiders Place Their Bets

In other Corteva news, EVP Robert D. King sold 37,280 shares of the company'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 transaction of $2,766,176.00. Following the completion of the transaction, the executive vice president owned 49,262 shares of the company's stock, valued at $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 is available through this link. 0.15% of the stock is currently owned by company insiders.

Corteva Stock Up 0.3%

Shares of CTVA traded up $0.25 on Thursday, hitting $72.64. The company's stock had a trading volume of 2,810,597 shares, compared to its average volume of 3,799,748. 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's fifty day moving average price is $73.42 and its 200-day moving average price is $67.66. Corteva, Inc. has a fifty-two week low of $53.40 and a fifty-two week high of $77.41. The firm has a market capitalization of $49.33 billion, a price-to-earnings ratio of 35.43, a P/E/G ratio of 1.70 and a beta of 0.78.

Corteva (NYSE:CTVA - Get Free Report) last issued 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 business had revenue of $6.46 billion during the quarter, compared to analyst estimates of $6.26 billion. During the same period in the previous year, the firm earned $1.83 EPS. Corteva's quarterly revenue was up 5.6% compared to the same quarter last year. On average, equities research analysts expect that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders 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 dividend on an annualized basis and a yield of 1.0%. Corteva's payout ratio is currently 33.17%.

Analyst Ratings Changes

A number of brokerages have recently commented on CTVA. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Corteva in a research note on Monday, August 11th. BMO Capital Markets upped their price target on Corteva from $74.00 to $86.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Wall Street Zen raised Corteva from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Corteva in a research note on Friday, June 6th. Finally, Oppenheimer set a $87.00 price target on Corteva and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Thirteen analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $80.25.

Corteva 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.