Invesco Ltd. Has $693.46 Million Stock Position in Corteva, Inc. (NYSE:CTVA)

Key Points

• Invesco Ltd. sold 55,049 shares of Corteva, Inc., resulting in a 0.5% reduction in its position, with a total of approximately 1.61% ownership valued at $693,462,000.
• Corteva recently reported $2.20 earnings per share for the quarter, surpassing analysts' expectations, and saw a year-over-year revenue increase of 5.6%.
• The company announced a quarterly dividend increase to $0.18 per share, effective September 15th, raising its annual yield to 1.0%.

Invesco Ltd. decreased its position in Corteva, Inc. (NYSE:CTVA - Free Report) by 0.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,019,584 shares of the company's stock after selling 55,049 shares during the period. Invesco Ltd. owned 1.61% of Corteva worth $693,462,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Capital World Investors raised its position in shares of Corteva by 2,874.6% during the fourth 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. Independent Franchise Partners LLP raised its position in shares of Corteva by 51.5% during the fourth quarter. Independent Franchise Partners LLP now owns 16,496,508 shares of the company's stock worth $939,641,000 after purchasing an additional 5,604,838 shares during the period. JPMorgan Chase & Co. raised its position in shares of Corteva by 54.6% during the first quarter. JPMorgan Chase & Co. now owns 5,009,038 shares of the company's stock worth $315,219,000 after purchasing an additional 1,769,355 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Corteva by 97.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,961,440 shares of the company's stock worth $111,726,000 after purchasing an additional 967,118 shares during the period. Finally, GAMMA Investing LLC raised its position in shares of Corteva by 7,135.6% during the first quarter. GAMMA Investing LLC now owns 947,789 shares of the company's stock worth $59,644,000 after purchasing an additional 934,690 shares during the period. Institutional investors own 81.54% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CTVA. Morgan Stanley raised their price target on Corteva from $65.00 to $71.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. UBS Group lifted their target price on Corteva from $90.00 to $91.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. KeyCorp lifted their target price on Corteva from $84.00 to $85.00 and gave the company an "overweight" rating in a research report on Friday, August 8th. Wells Fargo & Company reissued an "overweight" rating and issued a $83.00 target price (up previously from $82.00) on shares of Corteva in a research report on Friday, August 8th. Finally, Oppenheimer set a $87.00 target price on Corteva and gave the company an "outperform" rating in a research report on Tuesday, July 15th. One analyst has rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Corteva has a consensus rating of "Moderate Buy" and an average price target of $80.25.

Corteva Stock Down 0.6%

CTVA stock traded down $0.46 during mid-day trading on Thursday, reaching $71.87. The company had a trading volume of 3,242,750 shares, compared to its average volume of 4,175,249. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.68 and a quick ratio of 1.23. Corteva, Inc. has a 52 week low of $52.39 and a 52 week high of $77.41. The stock has a 50 day simple moving average of $73.35 and a two-hundred day simple moving average of $66.74. The company has a market capitalization of $48.81 billion, a price-to-earnings ratio of 35.06, a PEG ratio of 1.66 and a beta of 0.75.

Corteva (NYSE:CTVA - Get Free Report) last issued 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. The company had revenue of $6.46 billion during the quarter, compared to the consensus estimate of $6.26 billion. Corteva had a return on equity of 8.68% and a net margin of 8.16%. The firm's revenue for the quarter was up 5.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.83 EPS. As a group, equities analysts predict that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Increases Dividend

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

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.