Corteva, Inc. (NYSE:CTVA) Shares Purchased by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Corteva, Inc. by 11.0%, bringing its total shares to 1,223,296, valued at approximately $76.98 million.
• Corteva delivered strong earnings, reporting $2.20 EPS for the last quarter, surpassing analysts' expectations of $1.89 and achieving a revenue of $6.46 billion.
• The company announced a quarterly dividend increase to $0.18 per share, up from $0.17, and the new annualized dividend yield stands at 1.0%.

Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Corteva, Inc. (NYSE:CTVA - Free Report) by 11.0% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,223,296 shares of the company's stock after purchasing an additional 121,604 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.18% of Corteva worth $76,982,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Allred Capital Management LLC boosted its holdings in Corteva by 3.2% in the 4th quarter. Allred Capital Management LLC now owns 5,447 shares of the company's stock valued at $310,000 after purchasing an additional 171 shares during the last quarter. Signaturefd LLC boosted its holdings in Corteva by 1.9% in the 1st quarter. Signaturefd LLC now owns 9,353 shares of the company's stock valued at $589,000 after purchasing an additional 172 shares during the last quarter. NTV Asset Management LLC boosted its holdings in Corteva by 3.3% in the 1st quarter. NTV Asset Management LLC now owns 5,457 shares of the company's stock valued at $343,000 after purchasing an additional 173 shares during the last quarter. Avantax Planning Partners Inc. boosted its holdings in Corteva by 4.1% in the 1st quarter. Avantax Planning Partners Inc. now owns 4,539 shares of the company's stock valued at $286,000 after purchasing an additional 178 shares during the last quarter. Finally, PFG Investments LLC boosted its holdings in Corteva by 1.4% in the 1st quarter. PFG Investments LLC now owns 12,867 shares of the company's stock valued at $810,000 after purchasing an additional 180 shares during the last quarter. 81.54% of the stock is owned by institutional investors and hedge funds.

Corteva Price Performance

Corteva stock opened at $70.87 on Friday. The firm has a market cap of $48.34 billion, a PE ratio of 34.57, a price-to-earnings-growth ratio of 1.72 and a beta of 0.75. Corteva, Inc. has a 52-week low of $50.78 and a 52-week high of $77.41. The company has a quick ratio of 1.00, a current ratio of 1.68 and a debt-to-equity ratio of 0.06. The company's 50 day moving average is $73.29 and its two-hundred day moving average is $66.51.

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, topping analysts' consensus estimates of $1.89 by $0.31. The company had revenue of $6.46 billion for the quarter, compared to analyst estimates of $6.26 billion. Corteva had a net margin of 8.16% and a return on equity of 8.68%. The firm's quarterly revenue was up 5.6% on a year-over-year basis. During the same period in the prior year, the business earned $1.83 EPS. On average, research analysts expect that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Increases Dividend

The company 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 $0.18 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.0%. This is a boost from Corteva's previous quarterly dividend of $0.17. Corteva's payout ratio is currently 41.46%.

Analysts Set New Price Targets

Several research firms have weighed in on CTVA. UBS Group boosted their target price on shares of Corteva from $90.00 to $91.00 and gave the company a "buy" rating in a report on Thursday. 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. Citigroup boosted their target price on shares of Corteva from $75.00 to $78.00 and gave the company a "buy" rating in a report on Friday, May 9th. Wells Fargo & Company upped their price objective on shares of Corteva from $82.00 to $83.00 and gave the stock an "overweight" rating in a report on Friday. Finally, Barclays upped their price objective on shares of Corteva from $70.00 to $75.00 and gave the stock an "equal weight" rating in a report on Monday, July 7th. Two analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, Corteva presently has a consensus rating of "Moderate Buy" and an average target price of $79.50.

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.

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