Corteva, Inc. $CTVA Stock Position Decreased by Fjarde AP Fonden Fourth Swedish National Pension Fund

Key Points

• The Fjarde AP Fonden Fourth Swedish National Pension Fund reduced its holdings in Corteva, Inc. by 57.7%, selling 66,400 shares in the first quarter, leaving them with a remaining 48,701 shares valued at $3,065,000.
• Corteva has received several analyst upgrades, with targets raised; Oppenheimer set a target of $87.00 and UBS Group increased their price objective to $91.00, reflecting strong market confidence.
• The company announced a quarterly dividend increase to $0.18 per share, payable on September 15th, raising the annualized yield to 1.0%, signaling positive financial health.

Fjarde AP Fonden Fourth Swedish National Pension Fund reduced its position in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 57.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 48,701 shares of the company's stock after selling 66,400 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in Corteva were worth $3,065,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in CTVA. Neuberger Berman Group LLC raised its stake in Corteva by 1.5% during the 1st quarter. Neuberger Berman Group LLC now owns 1,141,670 shares of the company's stock valued at $71,845,000 after acquiring an additional 17,004 shares during the last quarter. William B. Walkup & Associates Inc. grew its position in Corteva by 9.1% during the first quarter. William B. Walkup & Associates Inc. now owns 4,457 shares of the company's stock worth $280,000 after buying an additional 373 shares during the period. Financial Network Wealth Advisors LLC lifted its position in shares of Corteva by 57.1% during the 1st quarter. Financial Network Wealth Advisors LLC now owns 1,588 shares of the company's stock valued at $100,000 after acquiring an additional 577 shares during the period. Tokio Marine Asset Management Co. Ltd. boosted its stake in shares of Corteva by 3.8% during the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 30,136 shares of the company's stock worth $1,896,000 after acquiring an additional 1,098 shares in the last quarter. Finally, National Pension Service grew its holdings in shares of Corteva by 8.7% in the 1st quarter. National Pension Service now owns 988,333 shares of the company's stock worth $62,196,000 after acquiring an additional 79,431 shares during the period. 81.54% of the stock is owned by hedge funds and other institutional investors.

Corteva Stock Performance

CTVA traded up $0.0190 during trading on Thursday, reaching $72.9790. 1,456,942 shares of the company were exchanged, compared to its average volume of 3,778,479. The firm has a 50 day moving average of $73.39 and a 200 day moving average of $66.93. The stock has a market cap of $49.56 billion, a P/E ratio of 35.62, a PEG ratio of 1.66 and a beta of 0.75. The company has a current ratio of 1.68, a quick ratio of 1.23 and a debt-to-equity ratio of 0.06. Corteva, Inc. has a 52 week low of $53.40 and a 52 week high of $77.41.

Corteva (NYSE:CTVA - Get Free Report) last posted its 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 firm had revenue of $6.46 billion during the quarter, compared to analysts' expectations of $6.26 billion. During the same quarter in the prior year, the firm earned $1.83 EPS. Corteva's quarterly revenue was up 5.6% on a year-over-year basis. On average, sell-side analysts forecast that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders 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 represents a $0.72 dividend on an annualized basis and a dividend yield of 1.0%. This is a boost from Corteva's previous quarterly dividend of $0.17. Corteva's dividend payout ratio (DPR) is presently 33.17%.

Analysts Set New Price Targets

A number of analysts have commented on the company. Zacks Research upgraded Corteva to a "hold" rating in a research report on Friday, August 8th. 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, August 8th. Wall Street Zen upgraded Corteva from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Royal Bank Of Canada restated an "outperform" rating on shares of Corteva in a report on Monday, August 11th. Finally, 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. Thirteen investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average 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.