Corteva, Inc. (NYSE:CTVA) Stake Decreased by Swiss National Bank

Key Points

• The Swiss National Bank reduced its stake in Corteva, Inc. by 0.9% during Q1, now holding 1.94 million shares valued at approximately $122 million.
• Corteva's recent earnings report showed a 5.6% year-over-year revenue increase, with an EPS of $2.20, surpassing analysts' expectations.
• The company announced an increase in its quarterly dividend from $0.17 to $0.18, yielding 1.0% annually, set to be paid on September 15th.

Swiss National Bank lessened its holdings in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 0.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,938,483 shares of the company's stock after selling 17,100 shares during the period. Swiss National Bank owned 0.28% of Corteva worth $121,989,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in Corteva by 0.8% during the first quarter. Vanguard Group Inc. now owns 79,814,646 shares of the company's stock valued at $5,022,736,000 after purchasing an additional 639,799 shares during the last quarter. Independent Franchise Partners LLP lifted its position in shares of Corteva by 51.5% in the 4th quarter. Independent Franchise Partners LLP now owns 16,496,508 shares of the company's stock valued at $939,641,000 after acquiring an additional 5,604,838 shares in the last quarter. Capital World Investors lifted its position in shares of Corteva by 2,874.6% in the 4th quarter. Capital World Investors now owns 12,812,151 shares of the company's stock valued at $729,780,000 after acquiring an additional 12,381,436 shares in the last quarter. Northern Trust Corp lifted its position in shares of Corteva by 5.5% in the 4th quarter. Northern Trust Corp now owns 11,648,890 shares of the company's stock valued at $663,521,000 after acquiring an additional 608,898 shares in the last quarter. Finally, WCM Investment Management LLC lifted its position in shares of Corteva by 1.4% in the 1st quarter. WCM Investment Management LLC now owns 6,978,187 shares of the company's stock valued at $426,088,000 after acquiring an additional 98,770 shares in the last quarter. 81.54% of the stock is currently owned by institutional investors.

Corteva Stock Performance

Shares of CTVA opened at $70.87 on Friday. The company's fifty day moving average is $73.29 and its 200-day moving average is $66.51. Corteva, Inc. has a 12 month low of $50.78 and a 12 month high of $77.41. The firm has a market cap of $48.34 billion, a price-to-earnings ratio of 34.57, a price-to-earnings-growth ratio of 1.72 and a beta of 0.75. The company has a quick ratio of 1.00, a current ratio of 1.68 and a debt-to-equity ratio of 0.06.

Corteva (NYSE:CTVA - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $2.20 EPS for the quarter, topping the consensus estimate of $1.89 by $0.31. Corteva had a net margin of 8.16% and a return on equity of 8.68%. The company had revenue of $6.46 billion for the quarter, compared to analyst estimates of $6.26 billion. During the same quarter in the prior year, the business posted $1.83 EPS. Corteva's quarterly revenue was up 5.6% on a year-over-year basis. Equities analysts expect that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Tuesday, September 2nd. This is a boost from Corteva's previous quarterly dividend of $0.17. Corteva's dividend payout ratio (DPR) is 41.46%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on CTVA shares. Wells Fargo & Company upped their price target on shares of Corteva from $82.00 to $83.00 and gave the company an "overweight" rating in a research report on Friday. Jefferies Financial Group reiterated a "buy" rating on shares of Corteva in a research note on Friday, June 6th. Morgan Stanley upped their price objective on shares of Corteva from $65.00 to $71.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. KeyCorp upped their price objective on shares of Corteva from $84.00 to $85.00 and gave the company an "overweight" rating in a research note on Friday. Finally, Citigroup upped their price objective on shares of Corteva from $75.00 to $78.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Two analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, 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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