Corteva, Inc. (NYSE:CTVA) Shares Sold by US Bancorp DE

Key Points

• US Bancorp DE reduced its stake in Corteva, Inc. by 21.4%, selling 70,212 shares during the first quarter, which left them with an ownership of 257,278 shares valued at approximately $16.19 million.
• Corteva announced a quarterly dividend increase from $0.17 to $0.18, payable on September 15th, reflecting a 1.0% yield and a payout ratio of 41.46%.
• Analysts have set new price targets for Corteva, with UBS Group raising theirs from $76.00 to $90.00, contributing to a consensus rating of “Moderate Buy” with an average target price of approximately $79.25.

US Bancorp DE reduced its stake in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 21.4% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 257,278 shares of the company's stock after selling 70,212 shares during the period. US Bancorp DE's holdings in Corteva were worth $16,191,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Pinney & Scofield Inc. acquired a new stake in Corteva during the 4th quarter worth about $27,000. LGT Financial Advisors LLC purchased a new stake in shares of Corteva during the 4th quarter worth about $31,000. Valley National Advisers Inc. boosted its stake in shares of Corteva by 85.9% during the 1st quarter. Valley National Advisers Inc. now owns 526 shares of the company's stock worth $33,000 after acquiring an additional 243 shares in the last quarter. Richardson Capital Management LLC purchased a new stake in shares of Corteva during the 1st quarter worth about $37,000. Finally, von Borstel & Associates Inc. purchased a new stake in shares of Corteva during the 1st quarter worth about $44,000. 81.54% of the stock is owned by institutional investors and hedge funds.

Corteva Trading Down 1.4%

CTVA opened at $71.14 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.44 and a quick ratio of 1.00. The company's 50 day simple moving average is $73.15 and its two-hundred day simple moving average is $66.23. Corteva, Inc. has a 1-year low of $50.30 and a 1-year high of $77.41. The firm has a market capitalization of $48.53 billion, a price-to-earnings ratio of 43.38, a price-to-earnings-growth ratio of 1.72 and a beta of 0.75.

Corteva (NYSE:CTVA - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $1.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.88 by $0.25. Corteva had a net margin of 6.77% and a return on equity of 7.84%. The business had revenue of $4.42 billion for the quarter, compared to analyst estimates of $4.56 billion. During the same period last year, the company posted $0.89 EPS. The business's revenue was down 1.7% on a year-over-year basis. Analysts expect that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Increases Dividend

The firm also recently announced 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. This is a positive change from Corteva's previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $0.72 dividend on an annualized basis and a yield of 1.0%. Corteva's dividend payout ratio is 41.46%.

Analysts Set New Price Targets

CTVA has been the topic of several recent analyst reports. UBS Group increased their target price on shares of Corteva from $76.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. BMO Capital Markets increased their target price 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. Oppenheimer set a $87.00 target price on shares of Corteva and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. Barclays increased their target price on shares of Corteva from $70.00 to $75.00 and gave the stock an "equal weight" rating in a research note on Monday, July 7th. Finally, Citigroup increased their target price on shares of Corteva from $75.00 to $78.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Two analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, Corteva has a consensus rating of "Moderate Buy" and an average price target of $79.25.

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.

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