Hayek Kallen Investment Management Takes $215,000 Position in Corteva, Inc. $CTVA

Key Points

• Hayek Kallen Investment Management acquired a new position in Corteva, Inc. amounting to $215,000, purchasing 3,419 shares during the first quarter.
• Corteva recently declared an increased quarterly dividend of $0.18 per share, up from the previous $0.17, with a dividend yield of 1.0%.
• Research reports have shown a revision in Corteva’s stock ratings, with Barclays raising its rating to "overweight" and targeting a price of $84.00.

Hayek Kallen Investment Management acquired a new stake in Corteva, Inc. (NYSE:CTVA - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 3,419 shares of the company's stock, valued at approximately $215,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of 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 grew its holdings in shares of Corteva by 1.8% during the first quarter. Independent Franchise Partners LLP now owns 16,785,300 shares of the company's stock valued at $1,056,299,000 after purchasing an additional 288,792 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Corteva by 1.0% during the first quarter. Northern Trust Corp now owns 11,759,755 shares of the company's stock valued at $740,041,000 after purchasing an additional 110,865 shares during the last quarter. Nuveen LLC bought a new position in shares of Corteva during the first quarter valued at approximately $640,333,000. Finally, WCM Investment Management LLC grew its holdings in shares of Corteva by 1.4% during the first quarter. WCM Investment Management LLC now owns 6,978,187 shares of the company's stock valued at $426,088,000 after purchasing an additional 98,770 shares during the last quarter. 81.54% of the stock is owned by institutional investors.

Insider Activity

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

Corteva Price Performance

NYSE CTVA traded down $1.53 on Wednesday, reaching $72.39. 3,099,745 shares of the stock traded hands, compared to its average volume of 3,804,802. The firm's fifty day simple moving average is $73.44 and its 200 day simple moving average is $67.63. The company has a quick ratio of 1.23, a current ratio of 1.68 and a debt-to-equity ratio of 0.06. The company has a market cap of $49.16 billion, a price-to-earnings ratio of 35.31, a P/E/G ratio of 1.70 and a beta of 0.78. Corteva, Inc. has a 12 month low of $53.40 and a 12 month high of $77.41.

Corteva (NYSE:CTVA - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $2.20 earnings per share (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 firm had revenue of $6.46 billion during the quarter, compared to analyst estimates of $6.26 billion. During the same period last year, the company posted $1.83 EPS. The firm's quarterly revenue was up 5.6% on a year-over-year basis. As a group, research analysts predict 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. Stockholders of record on Tuesday, September 2nd will be issued a $0.18 dividend. The ex-dividend date is Tuesday, September 2nd. This is an increase from Corteva's previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.0%. Corteva's dividend payout ratio is currently 35.12%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CTVA. Wells Fargo & Company reissued an "overweight" rating and issued a $83.00 price objective (up from $82.00) on shares of Corteva in a report on Friday, August 8th. Jefferies Financial Group reissued a "buy" rating on shares of Corteva in a report on Friday, June 6th. Zacks Research raised Corteva to a "hold" rating in a report on Friday, August 8th. Morgan Stanley increased their price objective on Corteva from $65.00 to $71.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. Finally, Royal Bank Of Canada reissued an "outperform" rating on shares of Corteva in a report on Monday, August 11th. Thirteen investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus 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.