Federation des caisses Desjardins du Quebec Boosts Stake in Corteva, Inc. $CTVA

Key Points

• Federation des caisses Desjardins du Quebec significantly increased its holdings in Corteva, Inc. by purchasing 21,193 shares, raising its total ownership to 41,874 shares valued at approximately $2.64 million.
• In recent insider transactions, EVP Robert D. King sold 37,280 shares of Corteva, marking a 43.08% decrease in his position, with the sale valued at around $2.77 million.
• Corteva recently announced a quarterly dividend increase to $0.18 per share and has received positive ratings from multiple analysts, with a consensus target price of $80.25.

Federation des caisses Desjardins du Quebec grew its stake in Corteva, Inc. (NYSE:CTVA - Free Report) by 102.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 41,874 shares of the company's stock after buying an additional 21,193 shares during the period. Federation des caisses Desjardins du Quebec's holdings in Corteva were worth $2,636,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the company. Legacy Financial Advisors Inc. raised its position in Corteva by 4.4% during the first quarter. Legacy Financial Advisors Inc. now owns 3,761 shares of the company's stock worth $237,000 after acquiring an additional 160 shares during the last quarter. One Wealth Capital Management LLC grew its holdings in shares of Corteva by 3.4% during the first quarter. One Wealth Capital Management LLC now owns 4,835 shares of the company's stock worth $304,000 after buying an additional 161 shares in the last quarter. Signaturefd LLC raised its position in shares of Corteva by 1.9% in 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 lifted its stake in shares of Corteva by 3.3% during the first quarter. NTV Asset Management LLC now owns 5,457 shares of the company's stock valued at $343,000 after buying an additional 173 shares during the period. Finally, Avantax Planning Partners Inc. boosted its position in Corteva by 4.1% during the first quarter. Avantax Planning Partners Inc. now owns 4,539 shares of the company's stock worth $286,000 after acquiring an additional 178 shares during the last quarter. Hedge funds and other institutional investors own 81.54% of the company's stock.

Analyst Ratings Changes

CTVA has been the subject of several analyst reports. Wells Fargo & Company reiterated an "overweight" rating and issued a $83.00 price target (up from $82.00) on shares of Corteva in a report on Friday, August 8th. BMO Capital Markets raised their price target on Corteva from $74.00 to $86.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Citigroup downgraded shares of Corteva from a "neutral" rating to a "mixed" rating in a report on Friday, September 5th. KeyCorp boosted 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, August 8th. Finally, Royal Bank Of Canada restated an "outperform" rating on shares of Corteva in a report on Monday, August 11th. Twelve investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, Corteva currently has an average rating of "Moderate Buy" and a consensus target price of $80.25.

Corteva Stock Up 1.8%

Corteva stock traded up $1.26 during trading on Thursday, reaching $73.04. 2,750,434 shares of the company's stock were exchanged, compared to its average volume of 3,393,673. Corteva, Inc. has a 52-week low of $53.40 and a 52-week high of $77.41. The firm has a market cap of $49.60 billion, a price-to-earnings ratio of 35.63, a PEG ratio of 1.64 and a beta of 0.78. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.23 and a current ratio of 1.68. The company's 50-day moving average is $73.07 and its two-hundred day moving average is $68.03.

Corteva (NYSE:CTVA - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $2.20 EPS for the quarter, beating the consensus estimate 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 last year, the company posted $1.83 earnings per share. The firm's revenue was up 5.6% compared to the same quarter last year. On average, analysts predict that Corteva, Inc. will post 2.96 earnings per share 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 issued a $0.18 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $0.72 dividend on an annualized basis and a yield of 1.0%. This is a boost from Corteva's previous quarterly dividend of $0.17. Corteva's dividend payout ratio (DPR) is currently 35.12%.

Insider Transactions at Corteva

In other news, EVP Robert D. King sold 37,280 shares of Corteva stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $74.20, for a total transaction of $2,766,176.00. Following the sale, the executive vice president owned 49,262 shares in the company, valued at $3,655,240.40. This trade represents a 43.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.14% of the stock is owned by company insiders.

Corteva 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.