Forsta AP Fonden Has $8.34 Million Stake in Corteva, Inc. (NYSE:CTVA)

Key Points

• Forsta AP Fonden has reduced its stake in Corteva, Inc. by 5.4%, owning 132,500 shares after selling 7,500 shares, with a total value of approximately $8.34 million.
• Several large investors increased their holdings in Corteva during the last quarter, with Brighton Jones LLC raising its stake by 307.2%, now owning about 15,588 shares.
• Corteva has recently declared an increase in its quarterly dividend from $0.17 to $0.18 per share, representing a 1.0% dividend yield with a payout ratio of 35.12%.

Forsta AP Fonden lessened its stake in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 5.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 132,500 shares of the company's stock after selling 7,500 shares during the quarter. Forsta AP Fonden's holdings in Corteva were worth $8,338,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Corteva by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 79,814,646 shares of the company's stock valued at $5,022,736,000 after acquiring an additional 639,799 shares during the last quarter. Independent Franchise Partners LLP increased its stake in shares of Corteva by 51.5% during 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 during the last quarter. Capital World Investors grew its holdings 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 purchasing an additional 12,381,436 shares during the period. Northern Trust Corp grew its holdings in shares of Corteva by 5.5% during the 4th quarter. Northern Trust Corp now owns 11,648,890 shares of the company's stock worth $663,521,000 after purchasing an additional 608,898 shares during the period. Finally, WCM Investment Management LLC grew its holdings in shares of Corteva by 1.4% during the 1st quarter. WCM Investment Management LLC now owns 6,978,187 shares of the company's stock worth $426,088,000 after purchasing an additional 98,770 shares during the period. Hedge funds and other institutional investors own 81.54% of the company's stock.

Corteva Trading Down 0.6%

Shares of Corteva stock traded down $0.46 during trading on Thursday, reaching $71.87. 3,242,750 shares of the company were exchanged, compared to its average volume of 4,175,249. The company has a quick ratio of 1.23, a current ratio of 1.68 and a debt-to-equity ratio of 0.06. Corteva, Inc. has a twelve month low of $52.39 and a twelve month high of $77.41. The business has a 50-day moving average price of $73.35 and a 200-day moving average price of $66.74. The firm has a market capitalization of $48.81 billion, a price-to-earnings ratio of 35.06, a P/E/G ratio of 1.66 and a beta of 0.75.

Corteva (NYSE:CTVA - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $2.20 EPS for the quarter, beating analysts' consensus estimates 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 in the previous year, the company posted $1.83 earnings per share. The company's quarterly revenue was up 5.6% compared to the same quarter last year. Sell-side analysts anticipate 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. Stockholders of record on Tuesday, September 2nd will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.0%. This is an increase from Corteva's previous quarterly dividend of $0.17. The ex-dividend date is Tuesday, September 2nd. Corteva's dividend payout ratio is 33.17%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Barclays upgraded Corteva from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $75.00 to $84.00 in a report on Wednesday. Wall Street Zen upgraded Corteva from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Wells Fargo & Company reiterated an "overweight" rating and set a $83.00 target price (up previously from $82.00) on shares of Corteva in a report on Friday, August 8th. UBS Group boosted their target price on Corteva from $90.00 to $91.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Finally, BMO Capital Markets upped their price target on Corteva from $74.00 to $86.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. One investment analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $80.25.

About Corteva

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.