Concentric Capital Strategies LP Takes $16.92 Million Position in Corteva, Inc. $CTVA

Key Points

• Concentric Capital Strategies LP acquired 268,849 shares of Corteva, Inc., valued at approximately $16.9 million, making it the tenth largest holding in their portfolio.
• Corteva recently announced a quarterly dividend increase from $0.17 to $0.18, with a yield of 1.0%, reflecting solid financial performance and a manageable payout ratio of 33.17%.
• Research analysts have shown optimism for Corteva, upgrading it to a "Buy" rating and setting a consensus price target of $80.25, indicating potential growth in its stock value.

Concentric Capital Strategies LP bought a new position in Corteva, Inc. (NYSE:CTVA - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 268,849 shares of the company's stock, valued at approximately $16,919,000. Corteva makes up approximately 1.6% of Concentric Capital Strategies LP's investment portfolio, making the stock its 10th biggest position.

A number of other large investors have also added to or reduced their stakes in CTVA. Brighton Jones LLC raised its holdings in Corteva by 307.2% in the fourth quarter. Brighton Jones LLC now owns 15,588 shares of the company's stock worth $888,000 after purchasing an additional 11,760 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Corteva by 0.6% during the fourth quarter. AQR Capital Management LLC now owns 103,720 shares of the company's stock valued at $5,908,000 after acquiring an additional 640 shares in the last quarter. Schonfeld Strategic Advisors LLC acquired a new position in shares of Corteva during the fourth quarter valued at about $287,000. AXA S.A. increased its holdings in shares of Corteva by 57.9% during the fourth quarter. AXA S.A. now owns 60,728 shares of the company's stock valued at $3,459,000 after acquiring an additional 22,276 shares in the last quarter. Finally, Aptus Capital Advisors LLC increased its holdings in shares of Corteva by 58.1% during the fourth quarter. Aptus Capital Advisors LLC now owns 7,117 shares of the company's stock valued at $405,000 after acquiring an additional 2,614 shares in the last quarter. 81.54% of the stock is currently owned by institutional investors.

Corteva Stock Performance

NYSE:CTVA traded down $0.64 during midday trading on Tuesday, hitting $72.31. The company's stock had a trading volume of 691,821 shares, compared to its average volume of 3,785,074. 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, Inc. has a fifty-two week low of $53.40 and a fifty-two week high of $77.41. The firm's 50 day moving average is $73.31 and its 200-day moving average is $67.90. The firm has a market cap of $49.11 billion, a P/E ratio of 35.26, a P/E/G ratio of 1.65 and a beta of 0.78.

Corteva (NYSE:CTVA - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $2.20 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $6.26 billion. During the same quarter in the prior year, the firm posted $1.83 EPS. The business's quarterly revenue was up 5.6% compared to the same quarter last year. Equities analysts anticipate that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be given a $0.18 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $0.72 annualized dividend and a yield of 1.0%. This is a boost from Corteva's previous quarterly dividend of $0.17. Corteva's payout ratio is currently 35.12%.

Insider Buying and Selling

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 value of $2,766,176.00. Following the sale, the executive vice president owned 49,262 shares in the company, valued at approximately $3,655,240.40. This represents a 43.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.15% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on CTVA shares. Oppenheimer set a $87.00 price objective on shares of Corteva and gave the company an "outperform" rating in a report on Tuesday, July 15th. Barclays upgraded shares of Corteva from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $75.00 to $84.00 in a report on Wednesday, August 13th. Zacks Research upgraded shares of Corteva to a "hold" rating in a report on Friday, August 8th. KeyCorp increased their price target on shares of Corteva from $84.00 to $85.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. Finally, BMO Capital Markets increased their price target on shares of Corteva from $74.00 to $86.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Twelve analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $80.25.

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.