ICONIQ Capital LLC Invests $233,000 in Corteva, Inc. $CTVA

Key Points

• ICONIQ Capital LLC has invested approximately $233,000 in Corteva, acquiring 3,704 shares, as disclosed in its Form 13F filing.
• Corteva has raised its quarterly dividend from $0.17 to $0.18, reflecting a dividend yield of 1.0%, with payment scheduled for September 15th.
• Brokerages have increased their price targets for Corteva, with the average target price now at $80.25 following several ratings upgrades.

ICONIQ Capital LLC bought a new position in Corteva, Inc. (NYSE:CTVA - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,704 shares of the company's stock, valued at approximately $233,000.

A number of other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of Corteva by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 79,814,646 shares of the company's stock worth $5,022,736,000 after buying an additional 639,799 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Corteva by 1.0% in the 1st quarter. Northern Trust Corp now owns 11,759,755 shares of the company's stock worth $740,041,000 after buying an additional 110,865 shares in the last quarter. Nuveen LLC acquired a new position in shares of Corteva in the 1st quarter worth approximately $640,333,000. WCM Investment Management LLC raised its holdings in shares of Corteva by 1.4% in the 1st quarter. WCM Investment Management LLC now owns 6,978,187 shares of the company's stock worth $426,088,000 after buying an additional 98,770 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Corteva by 54.6% in the 1st quarter. JPMorgan Chase & Co. now owns 5,009,038 shares of the company's stock worth $315,219,000 after buying an additional 1,769,355 shares in the last quarter. 81.54% of the stock is owned by institutional investors and hedge funds.

Corteva Stock Up 0.3%

NYSE CTVA opened at $73.62 on Tuesday. The stock has a fifty day moving average of $73.41 and a 200-day moving average of $67.18. The stock has a market capitalization of $50.00 billion, a P/E ratio of 35.91, a price-to-earnings-growth ratio of 1.68 and a beta of 0.75. Corteva, Inc. has a 52 week low of $53.40 and a 52 week high of $77.41. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.23 and a current ratio of 1.68.

Corteva (NYSE:CTVA - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $2.20 EPS for the quarter, beating the consensus estimate of $1.89 by $0.31. The company had revenue of $6.46 billion during the quarter, compared to analysts' expectations of $6.26 billion. Corteva had a return on equity of 8.68% and a net margin of 8.16%.The business's revenue for the quarter was up 5.6% on a year-over-year basis. During the same period last year, the firm earned $1.83 EPS. On average, equities research analysts forecast that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be given a $0.18 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $0.72 annualized dividend and a dividend yield of 1.0%. This is an increase from Corteva's previous quarterly dividend of $0.17. Corteva's dividend payout ratio is 33.17%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CTVA. Morgan Stanley increased their target price on Corteva from $65.00 to $71.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. Jefferies Financial Group reaffirmed 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. Wall Street Zen raised Corteva from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Finally, BMO Capital Markets raised their price target on Corteva from $74.00 to $86.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Thirteen research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $80.25.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.