Public Sector Pension Investment Board Has $5.86 Million Position in Corteva, Inc. $CTVA

Key Points

• The Public Sector Pension Investment Board increased its stake in Corteva, Inc. by 9.0% in Q1, acquiring an additional 7,719 shares, bringing its total holdings to 93,110 shares valued at approximately $5.86 million.
• Corteva's recent quarterly earnings revealed a net revenue of $6.46 billion and $2.20 earnings per share, exceeding analyst expectations and showing a 5.6% year-over-year revenue increase.
• The company announced a dividend increase from $0.17 to $0.18 per share, reflecting a 1.0% dividend yield and a payout ratio of 33.17%.

Public Sector Pension Investment Board raised its position in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 9.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 93,110 shares of the company's stock after purchasing an additional 7,719 shares during the quarter. Public Sector Pension Investment Board's holdings in Corteva were worth $5,859,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the stock. Allred Capital Management LLC raised its position in shares of Corteva by 3.2% during the fourth quarter. Allred Capital Management LLC now owns 5,447 shares of the company's stock valued at $310,000 after buying an additional 171 shares during the last quarter. Signaturefd LLC raised its position in shares of Corteva by 1.9% during the first quarter. Signaturefd LLC now owns 9,353 shares of the company's stock valued at $589,000 after buying an additional 172 shares during the last quarter. NTV Asset Management LLC raised its position in Corteva by 3.3% in the first quarter. NTV Asset Management LLC now owns 5,457 shares of the company's stock worth $343,000 after purchasing an additional 173 shares in the last quarter. Avantax Planning Partners Inc. raised its position in Corteva by 4.1% in the first quarter. Avantax Planning Partners Inc. now owns 4,539 shares of the company's stock worth $286,000 after purchasing an additional 178 shares in the last quarter. Finally, PFG Investments LLC raised its position in Corteva by 1.4% in the first quarter. PFG Investments LLC now owns 12,867 shares of the company's stock worth $810,000 after purchasing an additional 180 shares in the last quarter. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Corteva Price Performance

Shares of NYSE CTVA traded up $0.0150 during mid-day trading on Thursday, hitting $72.9750. 2,815,363 shares of the stock were exchanged, compared to its average volume of 4,071,404. The company has a market cap of $49.56 billion, a P/E ratio of 35.60, a PEG ratio of 1.67 and a beta of 0.75. The stock's fifty day simple moving average is $73.40 and its two-hundred day simple moving average is $66.99. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.23 and a current ratio of 1.68. Corteva, Inc. has a twelve month low of $53.40 and a twelve month high of $77.41.

Corteva (NYSE:CTVA - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $2.20 earnings per share for the quarter, beating analysts' consensus estimates of $1.89 by $0.31. The business had revenue of $6.46 billion during 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%. Corteva's revenue for the quarter was up 5.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.83 earnings per share. As a group, analysts forecast that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be issued a $0.18 dividend. 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%. The ex-dividend date of this dividend is Tuesday, September 2nd. Corteva's dividend payout ratio (DPR) is 33.17%.

Analyst Ratings Changes

CTVA has been the subject of several recent research reports. UBS Group increased their price target on shares of Corteva from $90.00 to $91.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. KeyCorp raised their price objective on shares of Corteva from $84.00 to $85.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. Oppenheimer set a $87.00 price objective on shares of Corteva and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Morgan Stanley raised their price objective on shares of Corteva from $65.00 to $71.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. Finally, Barclays raised shares of Corteva from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $75.00 to $84.00 in a report on Wednesday, August 13th. Thirteen research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently 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.