Corteva, Inc. $CTVA is Independent Franchise Partners LLP's 3rd Largest Position

Key Points

• Independent Franchise Partners LLP increased its stake in Corteva, Inc. by 1.8%, owning approximately 16.8 million shares, and making it the firm’s third largest holding.
• Corteva announced a quarterly dividend increase from $0.17 to $0.18 per share, reflecting a payout ratio of 33.17%, with the dividend scheduled for payment on September 15th.
• Wall Street analysts have a consensus rating of "Moderate Buy" for Corteva, with an average price target of $80.25, indicating potential for growth.

Independent Franchise Partners LLP lifted its position in Corteva, Inc. (NYSE:CTVA - Free Report) by 1.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,785,300 shares of the company's stock after purchasing an additional 288,792 shares during the quarter. Corteva accounts for about 7.5% of Independent Franchise Partners LLP's holdings, making the stock its 3rd largest holding. Independent Franchise Partners LLP owned approximately 2.46% of Corteva worth $1,056,299,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of CTVA. Nuveen LLC bought a new stake in shares of Corteva in the 1st quarter valued at about $640,333,000. JPMorgan Chase & Co. lifted its stake in shares of Corteva by 54.6% in the 1st quarter. JPMorgan Chase & Co. now owns 5,009,038 shares of the company's stock valued at $315,219,000 after acquiring an additional 1,769,355 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Corteva by 65.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,251,449 shares of the company's stock valued at $204,615,000 after acquiring an additional 1,290,009 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Corteva by 7,135.6% in the 1st quarter. GAMMA Investing LLC now owns 947,789 shares of the company's stock valued at $59,644,000 after acquiring an additional 934,690 shares during the last quarter. Finally, Deutsche Bank AG lifted its stake in shares of Corteva by 21.0% in the 4th quarter. Deutsche Bank AG now owns 4,052,081 shares of the company's stock valued at $230,807,000 after acquiring an additional 703,761 shares during the last quarter. Institutional investors own 81.54% of the company's stock.

Corteva Stock Up 1.4%

Shares of Corteva stock traded up $1.06 during midday trading on Wednesday, hitting $75.00. The company had a trading volume of 6,016,443 shares, compared to its average volume of 4,297,734. 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 stock has a market capitalization of $50.93 billion, a P/E ratio of 23.40, a P/E/G ratio of 1.69 and a beta of 0.75. The company has a 50 day moving average of $73.40 and a 200 day moving average of $67.23. Corteva, Inc. has a 52-week low of $53.40 and a 52-week high of $77.41.

Corteva (NYSE:CTVA - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $2.20 earnings per share for the quarter, topping 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 return on equity of 8.68% and a net margin of 8.16%.The firm's quarterly revenue was up 5.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.83 EPS. On average, equities analysts predict that Corteva, Inc. will post 2.96 earnings per share for the current fiscal 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 paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Tuesday, September 2nd. This is an increase from Corteva's previous quarterly dividend of $0.17. Corteva's dividend payout ratio (DPR) is currently 33.17%.

Analyst Upgrades and Downgrades

CTVA has been the subject of a number of recent research reports. KeyCorp boosted their target price on Corteva from $84.00 to $85.00 and gave the company an "overweight" rating in a research note on Friday, August 8th. Royal Bank Of Canada reissued an "outperform" rating on shares of Corteva in a research note on Monday, August 11th. Zacks Research raised Corteva to a "hold" rating in a research report on Friday, August 8th. 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 report on Tuesday, July 8th. Finally, Wall Street Zen raised Corteva from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Thirteen analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, Corteva currently has a consensus 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.