Hsbc Holdings PLC Sells 232,110 Shares of Corteva, Inc. $CTVA

Key Points

• Hsbc Holdings PLC reduced its stake in Corteva, Inc. by 16.7%, owning now 1,161,848 shares valued at approximately $72.91 million.
• Corteva reported strong earnings, posting $2.20 earnings per share for the last quarter, exceeding analyst expectations of $1.89 and showing a 5.6% increase in revenue year-over-year.
• The company announced a quarterly dividend increase to $0.18 per share, reflecting a dividend yield of 1.0%, with the payment date set for September 15th.

Hsbc Holdings PLC trimmed its position in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 16.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,161,848 shares of the company's stock after selling 232,110 shares during the period. Hsbc Holdings PLC owned 0.17% of Corteva worth $72,909,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Signaturefd LLC increased its holdings in Corteva by 1.9% during the first quarter. Signaturefd LLC now owns 9,353 shares of the company's stock worth $589,000 after buying an additional 172 shares during the last quarter. NTV Asset Management LLC increased its holdings in Corteva by 3.3% during the first quarter. NTV Asset Management LLC now owns 5,457 shares of the company's stock worth $343,000 after buying an additional 173 shares during the last quarter. Avantax Planning Partners Inc. increased its holdings in shares of Corteva by 4.1% in the first quarter. Avantax Planning Partners Inc. now owns 4,539 shares of the company's stock valued at $286,000 after purchasing an additional 178 shares during the last quarter. PFG Investments LLC increased its holdings in shares of Corteva by 1.4% in the first quarter. PFG Investments LLC now owns 12,867 shares of the company's stock valued at $810,000 after purchasing an additional 180 shares during the last quarter. Finally, Legacy Advisors LLC increased its holdings in shares of Corteva by 2.2% in the first quarter. Legacy Advisors LLC now owns 8,697 shares of the company's stock valued at $547,000 after purchasing an additional 188 shares during the last quarter. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CTVA has been the topic of several research reports. UBS Group upped their price objective on shares of Corteva from $90.00 to $91.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Zacks Research upgraded shares of Corteva to a "hold" rating in a report on Friday, August 8th. Wall Street Zen upgraded shares of Corteva from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Wells Fargo & Company reiterated 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. Finally, KeyCorp upped their price target 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. Thirteen research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $80.25.

Corteva Price Performance

Corteva stock traded up $0.3350 during trading hours on Friday, reaching $73.3150. 2,664,002 shares of the stock were exchanged, compared to its average volume of 4,042,217. The company has a market cap of $49.79 billion, a P/E ratio of 35.76, a price-to-earnings-growth ratio of 1.68 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 twelve month low of $53.40 and a twelve month high of $77.41. The stock has a 50 day moving average of $73.42 and a two-hundred day moving average of $67.07.

Corteva (NYSE:CTVA - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $2.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.89 by $0.31. The firm had revenue of $6.46 billion for the quarter, compared to the consensus estimate of $6.26 billion. Corteva had a net margin of 8.16% and a return on equity of 8.68%. The business's revenue for the quarter was up 5.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.83 earnings per share. Equities analysts expect 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. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $0.18 per share. The ex-dividend date is Tuesday, September 2nd. This is a positive change from Corteva's previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a yield of 1.0%. Corteva's dividend payout ratio is currently 33.17%.

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.