Amundi Increases Stock Holdings in Corteva, Inc. $CTVA

Key Points

• Amundi increased its ownership in Corteva, Inc. by 29.4%, holding a total of 1,750,877 shares valued at approximately $107.3 million as of the end of the first quarter.
• Corteva reported a $2.20 EPS for the last quarter, surpassing analysts' expectations by $0.31, with total revenue reaching $6.46 billion.
• The company has announced a dividend increase from $0.17 to $0.18 per share, which will be paid on September 15th, representing a 1.0% yield.

Amundi increased its position in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 29.4% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,750,877 shares of the company's stock after acquiring an additional 397,858 shares during the period. Amundi owned about 0.26% of Corteva worth $107,329,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Nuveen LLC bought a new stake in shares of Corteva during the first quarter worth about $640,333,000. JPMorgan Chase & Co. boosted its position in Corteva by 54.6% during the 1st quarter. JPMorgan Chase & Co. now owns 5,009,038 shares of the company's stock worth $315,219,000 after buying an additional 1,769,355 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Corteva by 65.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,251,449 shares of the company's stock worth $204,615,000 after buying an additional 1,290,009 shares during the period. GAMMA Investing LLC grew its holdings in Corteva by 7,135.6% during the 1st quarter. GAMMA Investing LLC now owns 947,789 shares of the company's stock worth $59,644,000 after acquiring an additional 934,690 shares during the last quarter. Finally, Deutsche Bank AG increased its position in 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 period. 81.54% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Citigroup cut shares of Corteva from a "neutral" rating to a "mixed" rating in a research note on Friday, September 5th. 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. Barclays raised Corteva from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $75.00 to $84.00 in a research note on Wednesday, August 13th. Wall Street Zen raised Corteva from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Finally, Oppenheimer set a $87.00 target price on Corteva and gave the company an "outperform" rating in a report on Tuesday, July 15th. Twelve research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, Corteva currently has an average rating of "Moderate Buy" and a consensus target price of $80.25.

Corteva Stock Up 1.8%

Corteva stock traded up $1.26 during mid-day trading on Thursday, reaching $73.04. The stock had a trading volume of 2,750,434 shares, compared to its average volume of 3,393,673. The firm has a market capitalization of $49.60 billion, a PE ratio of 35.63, a price-to-earnings-growth ratio of 1.64 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 stock's 50-day simple moving average is $73.07 and its 200-day simple moving average is $68.03. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.23 and a current ratio of 1.68.

Corteva (NYSE:CTVA - Get Free Report) last issued 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. Corteva had a return on equity of 8.68% and a net margin of 8.16%.The company had revenue of $6.46 billion for the quarter, compared to analysts' expectations of $6.26 billion. During the same period last year, the business earned $1.83 EPS. Corteva's quarterly revenue was up 5.6% compared to the same quarter last year. On average, sell-side analysts forecast that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be issued a dividend of $0.18 per share. This is an increase from Corteva's previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Tuesday, September 2nd. Corteva's dividend payout ratio is 35.12%.

Insider Activity at Corteva

In other news, EVP Robert D. King sold 37,280 shares of the business's stock in a transaction dated 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 directly owned 49,262 shares of the company's stock, valued at $3,655,240.40. The trade was a 43.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.14% of the stock is currently owned by insiders.

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.