Corteva, Inc. (NYSE:CTVA) Stake Increased by Neuberger Berman Group LLC

Key Points

• Neuberger Berman Group LLC increased its stake in Corteva, Inc. by 1.5%, acquiring a total of 1,141,670 shares worth approximately $71.8 million by the end of the recent quarter.
• Corteva announced a quarterly dividend increase to $0.18 per share, reflecting a positive change from the previous $0.17, with an annualized yield of 1.0%.
• The company reported earnings per share (EPS) of $2.20 for the last quarter, exceeding analysts' expectations of $1.89, alongside a revenue increase of 5.6% year-over-year.

Neuberger Berman Group LLC lifted its position in Corteva, Inc. (NYSE:CTVA - Free Report) by 1.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,141,670 shares of the company's stock after purchasing an additional 17,004 shares during the quarter. Neuberger Berman Group LLC owned about 0.17% of Corteva worth $71,845,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in CTVA. Brighton Jones LLC lifted its holdings in Corteva by 307.2% in the fourth quarter. Brighton Jones LLC now owns 15,588 shares of the company's stock worth $888,000 after buying an additional 11,760 shares during the period. Townsquare Capital LLC lifted its holdings in shares of Corteva by 41.3% in the 4th quarter. Townsquare Capital LLC now owns 42,011 shares of the company's stock valued at $2,393,000 after acquiring an additional 12,272 shares during the last quarter. Sagespring Wealth Partners LLC purchased a new position in shares of Corteva during the fourth quarter worth approximately $313,000. Mariner LLC boosted its stake in shares of Corteva by 10.6% during the fourth quarter. Mariner LLC now owns 118,966 shares of the company's stock valued at $6,776,000 after purchasing an additional 11,399 shares in the last quarter. Finally, XTX Topco Ltd acquired a new stake in Corteva in the fourth quarter valued at approximately $404,000. Institutional investors own 81.54% of the company's stock.

Corteva Price Performance

NYSE:CTVA traded down $0.13 during mid-day trading on Friday, hitting $71.74. 2,649,620 shares of the company's stock traded hands, compared to its average volume of 4,202,978. 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's 50 day simple moving average is $73.35 and its 200 day simple moving average is $66.80. Corteva, Inc. has a 1 year low of $52.59 and a 1 year high of $77.41. The company has a market cap of $48.72 billion, a PE ratio of 35.00, a price-to-earnings-growth ratio of 1.64 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 (EPS) for the quarter, beating analysts' consensus estimates of $1.89 by $0.31. Corteva had a net margin of 8.16% and a return on equity of 8.68%. The firm had revenue of $6.46 billion during the quarter, compared to the consensus estimate of $6.26 billion. During the same period in the previous year, the firm earned $1.83 earnings per share. Corteva's revenue was up 5.6% compared to the same quarter last year. Sell-side analysts expect that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. 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%. Corteva's dividend payout ratio is presently 33.17%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CTVA. Oppenheimer set a $87.00 target price on shares of Corteva and gave the stock an "outperform" rating in a report on Tuesday, July 15th. KeyCorp boosted their target price on shares of Corteva from $84.00 to $85.00 and gave the company an "overweight" rating in a report on Friday, August 8th. BMO Capital Markets upped their price objective on shares of Corteva from $74.00 to $86.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Barclays raised shares of Corteva from an "equal weight" rating to an "overweight" rating and increased their price objective for the company from $75.00 to $84.00 in a research report on Wednesday. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and issued a $83.00 target price (up from $82.00) on shares of Corteva in a research report on Friday, August 8th. Two equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the company 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.