Corteva, Inc. (NYSE:CTVA) Shares Purchased by National Pension Service

Key Points

• The National Pension Service increased its stake in Corteva, Inc. by 8.7% during the first quarter, owning approximately 0.14% of the company valued at $62.2 million post-purchase.
• Corteva recently reported positive earnings, with an EPS of $2.20 exceeding analysts' expectations and a quarterly revenue of $6.46 billion, marking a 5.6% year-over-year increase.
• The company has declared a quarterly dividend of $0.18, up from $0.17, with an annual dividend yield of 1.0%, effective September 15th.

National Pension Service grew its position in Corteva, Inc. (NYSE:CTVA - Free Report) by 8.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 988,333 shares of the company's stock after purchasing an additional 79,431 shares during the period. National Pension Service owned approximately 0.14% of Corteva worth $62,196,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Pinney & Scofield Inc. acquired a new position in shares of Corteva in the 4th quarter valued at about $27,000. LGT Financial Advisors LLC acquired a new position in shares of Corteva in the 4th quarter valued at about $31,000. Valley National Advisers Inc. lifted its stake in shares of Corteva by 85.9% in the 1st quarter. Valley National Advisers Inc. now owns 526 shares of the company's stock valued at $33,000 after purchasing an additional 243 shares in the last quarter. Richardson Capital Management LLC acquired a new position in shares of Corteva in the 1st quarter valued at about $37,000. Finally, von Borstel & Associates Inc. acquired a new position in shares of Corteva in the 1st quarter valued at about $44,000. 81.54% of the stock is owned by institutional investors and hedge funds.

Corteva Stock Performance

Shares of CTVA opened at $71.87 on Friday. The business's 50 day moving average is $73.35 and its two-hundred day moving average is $66.74. Corteva, Inc. has a 52-week low of $52.39 and a 52-week high of $77.41. The firm has a market cap of $48.81 billion, a price-to-earnings ratio of 35.06, a PEG ratio of 1.66 and a beta of 0.75. The company has a quick ratio of 1.23, a current ratio of 1.68 and a debt-to-equity ratio of 0.06.

Corteva (NYSE:CTVA - Get Free Report) last announced 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 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 analyst estimates of $6.26 billion. During the same period in the prior year, the company posted $1.83 EPS. Corteva's quarterly revenue was up 5.6% on a year-over-year basis. Analysts forecast that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be issued a $0.18 dividend. This is a positive change from Corteva's previous quarterly dividend of $0.17. The ex-dividend date is Tuesday, September 2nd. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.0%. Corteva's dividend payout ratio (DPR) is presently 33.17%.

Analyst Ratings Changes

Several research firms have recently weighed in on CTVA. UBS Group lifted their price objective on Corteva from $90.00 to $91.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Barclays raised Corteva from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $75.00 to $84.00 in a research report on Wednesday. Oppenheimer set a $87.00 price target on Corteva and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. KeyCorp boosted their price target on Corteva from $84.00 to $85.00 and gave the stock an "overweight" rating in a research report on Friday, August 8th. Finally, BMO Capital Markets boosted their price target on Corteva from $74.00 to $86.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. One investment analyst has rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, Corteva currently has a consensus rating of "Moderate Buy" and an average price target of $80.25.

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.

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