Cary Street Partners Financial LLC Buys 15,448 Shares of Corteva, Inc. (NYSE:CTVA)

Key Points

• Cary Street Partners Financial LLC increased its stake in Corteva, Inc. by 20.7%, acquiring an additional 15,448 shares, bringing its total holdings to 90,206 shares valued at approximately $5.68 million.
• Corteva reported $1.13 earnings per share for the latest quarter, beating analysts' expectations of $0.88, despite a revenue decline of 1.7% compared to the previous year.
• The company has declared a quarterly dividend increase to $0.18 per share, reflecting a positive shift from the previous dividend of $0.17 and resulting in a 1.0% dividend yield.

Cary Street Partners Financial LLC raised its position in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 20.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 90,206 shares of the company's stock after acquiring an additional 15,448 shares during the period. Cary Street Partners Financial LLC's holdings in Corteva were worth $5,677,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Independent Franchise Partners LLP lifted its stake in shares of Corteva by 51.5% in the fourth quarter. Independent Franchise Partners LLP now owns 16,496,508 shares of the company's stock valued at $939,641,000 after buying an additional 5,604,838 shares during the period. Capital World Investors raised its holdings in Corteva by 2,874.6% in the 4th quarter. Capital World Investors now owns 12,812,151 shares of the company's stock valued at $729,780,000 after acquiring an additional 12,381,436 shares in the last quarter. Northern Trust Corp lifted its position in shares of Corteva by 5.5% in the 4th quarter. Northern Trust Corp now owns 11,648,890 shares of the company's stock worth $663,521,000 after acquiring an additional 608,898 shares during the period. Invesco Ltd. grew its holdings in shares of Corteva by 2.4% during the 4th quarter. Invesco Ltd. now owns 11,074,633 shares of the company's stock worth $630,811,000 after purchasing an additional 264,531 shares in the last quarter. Finally, WCM Investment Management LLC increased its position in shares of Corteva by 1.4% during the first quarter. WCM Investment Management LLC now owns 6,978,187 shares of the company's stock valued at $426,088,000 after purchasing an additional 98,770 shares during the period. 81.54% of the stock is owned by institutional investors and hedge funds.

Corteva Price Performance

NYSE:CTVA traded down $0.18 on Thursday, reaching $70.99. The stock had a trading volume of 7,322,789 shares, compared to its average volume of 3,795,724. The company has a market capitalization of $48.43 billion, a P/E ratio of 34.63, a price-to-earnings-growth ratio of 1.72 and a beta of 0.75. The stock has a fifty day moving average price of $73.29 and a 200-day moving average price of $66.46. The company has a quick ratio of 1.00, a current ratio of 1.44 and a debt-to-equity ratio of 0.07. Corteva, Inc. has a 1-year low of $50.78 and a 1-year high of $77.41.

Corteva (NYSE:CTVA - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $2.20 EPS for the quarter, topping the consensus estimate of $1.89 by $0.31. The business had revenue of $6.46 billion for the quarter, compared to the consensus estimate of $6.26 billion. Corteva had a return on equity of 8.83% and a net margin of 8.16%. Corteva's revenue was up 5.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.83 EPS. Research analysts forecast that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be given a dividend of $0.18 per share. This is a positive change from Corteva's previous quarterly dividend of $0.17. The ex-dividend date is Tuesday, September 2nd. This represents a $0.72 annualized dividend and a yield of 1.0%. Corteva's dividend payout ratio is currently 41.46%.

Wall Street Analyst Weigh In

CTVA has been the subject of several research reports. UBS Group lifted their price target on shares of Corteva from $90.00 to $91.00 and gave the stock a "buy" rating in a research note on Thursday. Morgan Stanley raised their price objective on shares of Corteva from $65.00 to $71.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. KeyCorp upped their target price on shares of Corteva from $72.00 to $84.00 and gave the company an "overweight" rating in a research note on Monday, July 14th. Wells Fargo & Company increased their price target on shares of Corteva from $79.00 to $82.00 and gave the stock an "overweight" rating in a research report on Monday, June 23rd. Finally, Oppenheimer set a $87.00 price objective on Corteva and gave the company an "outperform" rating in a report on Tuesday, July 15th. Two research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $79.33.

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.