1832 Asset Management L.P. Sells 66,542 Shares of Corteva, Inc. $CTVA

Key Points

• 1832 Asset Management L.P. significantly reduced its stake in Corteva, Inc. by 70.2%, selling 66,542 shares in the first quarter, leaving them with 28,221 shares valued at $1.776 million.
• Corteva reported earnings of $2.20 per share for the latest quarter, which exceeded analysts' expectations of $1.89, alongside a revenue increase of 5.6% year-over-year.
• The company has announced a dividend increase to $0.18 per share, up from $0.17, with a dividend yield of 1.0% and a payout ratio of 33.17%.

1832 Asset Management L.P. trimmed its holdings in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 70.2% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 28,221 shares of the company's stock after selling 66,542 shares during the quarter. 1832 Asset Management L.P.'s holdings in Corteva were worth $1,776,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of the business. Compound Planning Inc. increased its stake in Corteva by 30.9% during the 1st quarter. Compound Planning Inc. now owns 7,718 shares of the company's stock worth $486,000 after purchasing an additional 1,820 shares in the last quarter. Bragg Financial Advisors Inc bought a new stake in Corteva during the 1st quarter worth approximately $203,000. Norinchukin Bank The increased its stake in Corteva by 17.6% during the 1st quarter. Norinchukin Bank The now owns 41,825 shares of the company's stock worth $2,632,000 after purchasing an additional 6,267 shares in the last quarter. CW Advisors LLC increased its stake in Corteva by 12.6% during the 1st quarter. CW Advisors LLC now owns 123,065 shares of the company's stock worth $7,743,000 after purchasing an additional 13,801 shares in the last quarter. Finally, Summit Financial LLC increased its stake in Corteva by 3.0% during the 1st quarter. Summit Financial LLC now owns 8,458 shares of the company's stock worth $532,000 after purchasing an additional 250 shares in the last quarter. 81.54% of the stock is owned by institutional investors.

Corteva Stock Down 0.1%

Shares of NYSE:CTVA traded down $0.11 during midday trading on Friday, hitting $74.22. The stock had a trading volume of 4,034,989 shares, compared to its average volume of 4,303,558. Corteva, Inc. has a 12 month low of $53.40 and a 12 month high of $77.41. The company has a quick ratio of 1.23, a current ratio of 1.68 and a debt-to-equity ratio of 0.06. The business's 50-day simple moving average is $73.43 and its 200-day simple moving average is $67.48. The company has a market cap of $50.40 billion, a P/E ratio of 36.20, a PEG ratio of 1.70 and a beta of 0.75.

Corteva (NYSE:CTVA - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $2.20 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.31. Corteva had a net margin of 8.16% and a return on equity of 8.68%. The business had revenue of $6.46 billion during the quarter, compared to analysts' expectations of $6.26 billion. During the same period last year, the business earned $1.83 earnings per share. The firm's revenue was up 5.6% on a year-over-year basis. On average, sell-side analysts forecast 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 dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.0%. This is a positive change from Corteva's previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Tuesday, September 2nd. Corteva's dividend payout ratio (DPR) is presently 33.17%.

Analyst Ratings Changes

A number of equities analysts have weighed in on CTVA shares. Jefferies Financial Group reaffirmed a "buy" rating on shares of Corteva in a research report on Friday, June 6th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $83.00 price target (up from $82.00) on shares of Corteva in a research note on Friday, August 8th. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Corteva in a research note on Monday, August 11th. Wall Street Zen raised shares of Corteva from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Finally, UBS Group raised their price target on shares of Corteva from $90.00 to $91.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Thirteen investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Corteva 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.