Cambiar Investors LLC Sells 123,845 Shares of Corteva, Inc. $CTVA

Key Points

• Cambiar Investors LLC reduced its stake in Corteva, Inc. by 16.8%, holding 611,335 shares after selling 123,845 shares in the first quarter, making Corteva about 1.6% of its portfolio.
• Corteva's recent earnings report showed an EPS of $2.20, exceeding estimates by $0.31, with revenues of $6.46 billion, up 5.6% year-over-year.
• The company announced an increase in its quarterly dividend to $0.18 per share, with a payout ratio currently at 33.17%, reflecting ongoing positive financial performance.

Cambiar Investors LLC lessened its stake in Corteva, Inc. (NYSE:CTVA - Free Report) by 16.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 611,335 shares of the company's stock after selling 123,845 shares during the quarter. Corteva comprises approximately 1.6% of Cambiar Investors LLC's investment portfolio, making the stock its 27th biggest holding. Cambiar Investors LLC owned approximately 0.09% of Corteva worth $38,471,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Capital World Investors grew its position in shares of Corteva by 2,874.6% during the 4th quarter. Capital World Investors now owns 12,812,151 shares of the company's stock worth $729,780,000 after buying an additional 12,381,436 shares during the period. Nuveen LLC acquired a new stake in shares of Corteva during the 1st quarter worth approximately $640,333,000. JPMorgan Chase & Co. grew its position in shares of Corteva by 54.6% during the 1st quarter. JPMorgan Chase & Co. now owns 5,009,038 shares of the company's stock worth $315,219,000 after buying an additional 1,769,355 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Corteva by 97.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,961,440 shares of the company's stock worth $111,726,000 after buying an additional 967,118 shares during the period. Finally, GAMMA Investing LLC grew its position in shares of Corteva by 7,135.6% during the 1st quarter. GAMMA Investing LLC now owns 947,789 shares of the company's stock worth $59,644,000 after buying an additional 934,690 shares during the period. Institutional investors and hedge funds own 81.54% of the company's stock.

Corteva Stock Up 0.3%

CTVA traded up $0.1850 during trading on Friday, reaching $73.1650. The company had a trading volume of 939,009 shares, compared to its average volume of 3,769,838. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.68 and a quick ratio of 1.23. Corteva, Inc. has a 12 month low of $53.40 and a 12 month high of $77.41. The business's fifty day moving average price is $73.40 and its 200 day moving average price is $66.99. The company has a market cap of $49.69 billion, a P/E ratio of 35.69, a PEG ratio of 1.67 and a beta of 0.75.

Corteva (NYSE:CTVA - Get Free Report) last announced 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. Corteva had a net margin of 8.16% and a return on equity of 8.68%. The firm had revenue of $6.46 billion for the quarter, compared to analyst estimates of $6.26 billion. During the same quarter in the previous year, the firm posted $1.83 earnings per share. The business's revenue was up 5.6% on a year-over-year basis. Equities analysts anticipate that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be paid a $0.18 dividend. 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 yield of 1.0%. Corteva's payout ratio is presently 35.12%.

Analysts Set New Price Targets

Several brokerages have recently commented on CTVA. Jefferies Financial Group reiterated a "buy" rating on shares of Corteva in a research report on Friday, June 6th. Barclays raised shares of Corteva from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $75.00 to $84.00 in a research note on Wednesday, August 13th. Oppenheimer set a $87.00 price objective on shares of Corteva and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. KeyCorp lifted their price objective on shares of Corteva from $84.00 to $85.00 and gave the stock an "overweight" rating in a research note on Friday, August 8th. Finally, BMO Capital Markets lifted their price objective on shares of Corteva from $74.00 to $86.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Thirteen analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $80.25.

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.