Corteva, Inc. $CTVA Shares Sold by BNP Paribas Financial Markets

Key Points

• BNP Paribas Financial Markets reduced its stake in Corteva, Inc. by 14.0%, selling 204,791 shares, and now owns approximately 0.18% of the company worth $79 million.
• Corteva reported $2.20 earnings per share for the last quarter, exceeding the forecast of $1.89, with revenues up 5.6% year-over-year at $6.46 billion.
• The company announced an increase in its quarterly dividend to $0.18 per share, reflecting a boost from the previous $0.17, alongside a 1.0% dividend yield.

BNP Paribas Financial Markets cut its holdings in Corteva, Inc. (NYSE:CTVA - Free Report) by 14.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,256,107 shares of the company's stock after selling 204,791 shares during the period. BNP Paribas Financial Markets owned about 0.18% of Corteva worth $79,047,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Pinney & Scofield Inc. purchased a new stake in shares of Corteva in the 4th quarter worth about $27,000. Valley National Advisers Inc. raised its stake in Corteva by 85.9% in the 1st quarter. Valley National Advisers Inc. now owns 526 shares of the company's stock valued at $33,000 after purchasing an additional 243 shares during the last quarter. Richardson Capital Management LLC acquired a new position in Corteva in the 1st quarter valued at about $37,000. von Borstel & Associates Inc. acquired a new position in Corteva in the 1st quarter valued at about $44,000. Finally, Horizon Financial Services LLC raised its stake in Corteva by 4,444.4% in the 1st quarter. Horizon Financial Services LLC now owns 818 shares of the company's stock valued at $51,000 after purchasing an additional 800 shares during the last quarter. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CTVA has been the subject of several analyst reports. Jefferies Financial Group reissued a "buy" rating on shares of Corteva in a research note on Friday, June 6th. Wall Street Zen raised shares of Corteva from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Wells Fargo & Company reissued an "overweight" rating and issued a $83.00 target price (up previously from $82.00) on shares of Corteva in a research note on Friday, August 8th. BMO Capital Markets boosted their target price on shares of Corteva from $74.00 to $86.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Finally, Oppenheimer set a $87.00 target price on shares of Corteva and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Thirteen investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $80.25.

Insider Transactions at Corteva

In related news, EVP Robert D. King sold 37,280 shares of the stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $74.20, for a total transaction 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 represents a 43.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.14% of the company's stock.

Corteva Trading Up 0.3%

Shares of NYSE CTVA traded up $0.25 on Thursday, reaching $72.64. 2,810,597 shares of the company traded hands, compared to its average volume of 3,979,402. The company has a 50 day moving average of $73.39 and a 200 day moving average of $67.72. The stock has a market capitalization of $49.33 billion, a PE ratio of 35.43, a P/E/G ratio of 1.66 and a beta of 0.78. Corteva, Inc. has a fifty-two week low of $53.40 and a fifty-two week high of $77.41. The company has a current ratio of 1.68, a quick ratio of 1.23 and a debt-to-equity ratio of 0.06.

Corteva (NYSE:CTVA - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $2.20 earnings per share (EPS) 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 net margin of 8.16% and a return on equity of 8.68%. The company's revenue was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.83 EPS. On average, equities research analysts forecast that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Increases Dividend

The firm also recently announced 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 boost 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 dividend payout ratio is currently 35.12%.

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.