Corteva, Inc. $CTVA Shares Bought by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs Group Inc. increased its stake in Corteva, Inc. by 28.6% during the 1st quarter, acquiring an additional 634,938 shares to own approximately 2.85 million shares valued at $179 million.
• Corteva recently reported earnings of $2.20 per share, exceeding estimates, with revenue of $6.46 billion for the quarter, marking a 5.6% year-over-year increase.
• The company announced a quarterly dividend increase to $0.18 per share, up from $0.17, representing a 1.0% yield and a payout ratio of 35.12%.

Goldman Sachs Group Inc. increased its stake in Corteva, Inc. (NYSE:CTVA - Free Report) by 28.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,851,993 shares of the company's stock after purchasing an additional 634,938 shares during the quarter. Goldman Sachs Group Inc. owned about 0.42% of Corteva worth $179,476,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Cary Street Partners Financial LLC boosted its holdings in shares of Corteva by 20.7% in the first quarter. Cary Street Partners Financial LLC now owns 90,206 shares of the company's stock valued at $5,677,000 after acquiring an additional 15,448 shares in the last quarter. Scissortail Wealth Management LLC lifted its position in Corteva by 72,080.0% in the fourth quarter. Scissortail Wealth Management LLC now owns 3,609 shares of the company's stock worth $206,000 after purchasing an additional 3,604 shares during the period. Allworth Financial LP boosted its stake in Corteva by 11.8% during the 1st quarter. Allworth Financial LP now owns 15,313 shares of the company's stock valued at $945,000 after purchasing an additional 1,614 shares in the last quarter. Brighton Jones LLC increased its position in shares of Corteva by 307.2% during the 4th quarter. Brighton Jones LLC now owns 15,588 shares of the company's stock valued at $888,000 after purchasing an additional 11,760 shares during the period. Finally, Farther Finance Advisors LLC lifted its holdings in shares of Corteva by 13.9% in the first quarter. Farther Finance Advisors LLC now owns 4,387 shares of the company's stock valued at $279,000 after buying an additional 536 shares during the period. Institutional investors and hedge funds own 81.54% of the company's stock.

Corteva Trading Down 1.0%

Corteva stock opened at $71.79 on Thursday. Corteva, Inc. has a 52 week low of $53.40 and a 52 week high of $77.41. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.23 and a current ratio of 1.68. The firm has a market capitalization of $48.75 billion, a price-to-earnings ratio of 35.02, a P/E/G ratio of 1.66 and a beta of 0.78. The company has a 50 day moving average price of $73.16 and a 200 day moving average price of $67.96.

Corteva (NYSE:CTVA - Get Free Report) last announced its earnings results 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. The company had revenue of $6.46 billion for 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 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 firm 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 dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Tuesday, September 2nd. This is a boost from Corteva's previous quarterly dividend of $0.17. Corteva's dividend payout ratio is 35.12%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Oppenheimer set a $87.00 target price on Corteva and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Wells Fargo & Company reiterated an "overweight" rating and issued a $83.00 target price (up from $82.00) on shares of Corteva in a report on Friday, August 8th. Barclays upgraded shares of Corteva from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $75.00 to $84.00 in a report on Wednesday, August 13th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Corteva in a report on Friday, June 6th. Finally, Citigroup lowered Corteva from a "neutral" rating to a "mixed" rating in a research note on Friday, September 5th. Twelve equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $80.25.

Insiders Place Their Bets

In other news, EVP Robert D. King sold 37,280 shares of the company's stock in a transaction dated 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 transaction, the executive vice president owned 49,262 shares in the company, valued at $3,655,240.40. This represents a 43.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.14% of the stock is currently owned by company insiders.

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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