GAMMA Investing LLC Purchases 934,690 Shares of Corteva, Inc. (NYSE:CTVA)

GAMMA Investing LLC increased its holdings in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 7,135.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 947,789 shares of the company's stock after purchasing an additional 934,690 shares during the quarter. GAMMA Investing LLC owned 0.14% of Corteva worth $59,644,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of CTVA. Capital World Investors raised its stake in Corteva by 2,874.6% during the 4th quarter. Capital World Investors now owns 12,812,151 shares of the company's stock valued at $729,780,000 after buying an additional 12,381,436 shares during the last quarter. Independent Franchise Partners LLP grew its holdings in shares of Corteva by 51.5% in the fourth quarter. Independent Franchise Partners LLP now owns 16,496,508 shares of the company's stock worth $939,641,000 after acquiring an additional 5,604,838 shares during the period. Norges Bank purchased a new stake in Corteva during the fourth quarter valued at $251,892,000. Raymond James Financial Inc. bought a new position in Corteva in the fourth quarter valued at about $161,052,000. Finally, Franklin Resources Inc. boosted its position in Corteva by 9.2% in the fourth quarter. Franklin Resources Inc. now owns 16,143,025 shares of the company's stock worth $919,507,000 after purchasing an additional 1,354,418 shares during the last quarter. 81.54% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CTVA. KeyCorp increased their price objective on shares of Corteva from $71.00 to $72.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. Wells Fargo & Company upped their target price on shares of Corteva from $73.00 to $79.00 and gave the company an "overweight" rating in a report on Monday, May 12th. The Goldman Sachs Group initiated coverage on shares of Corteva in a research report on Thursday, March 13th. They set a "buy" rating and a $71.00 price objective for the company. BNP Paribas upgraded Corteva to a "hold" rating in a research note on Monday, February 10th. Finally, Bank of America lifted their target price on Corteva from $69.00 to $73.00 and gave the company a "buy" rating in a research report on Tuesday, February 11th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $70.50.

Corteva Price Performance

Shares of NYSE CTVA traded down $0.13 during mid-day trading on Thursday, reaching $71.25. The company's stock had a trading volume of 2,978,173 shares, compared to its average volume of 3,313,317. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.45 and a quick ratio of 0.93. Corteva, Inc. has a 52 week low of $50.01 and a 52 week high of $71.88. The stock has a fifty day moving average of $63.84 and a two-hundred day moving average of $61.94. The firm has a market capitalization of $48.61 billion, a PE ratio of 55.23, a P/E/G ratio of 1.68 and a beta of 0.72.

Corteva (NYSE:CTVA - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $1.13 EPS for the quarter, topping analysts' consensus estimates of $0.88 by $0.25. Corteva had a return on equity of 7.19% and a net margin of 5.36%. The company had revenue of $4.42 billion for the quarter, compared to analysts' expectations of $4.56 billion. During the same period in the previous year, the firm earned $0.89 EPS. The firm's revenue was down 1.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 2nd will be issued a $0.17 dividend. The ex-dividend date is Monday, June 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 0.95%. Corteva's dividend payout ratio is currently 41.46%.

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.