Jennison Associates LLC Purchases 32,371 Shares of Corteva, Inc. (NYSE:CTVA)

Jennison Associates LLC boosted its stake in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 13.2% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 276,779 shares of the company's stock after buying an additional 32,371 shares during the period. Jennison Associates LLC's holdings in Corteva were worth $17,418,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in CTVA. Capital World Investors grew its position in Corteva by 2,874.6% during the fourth quarter. Capital World Investors now owns 12,812,151 shares of the company's stock valued at $729,780,000 after acquiring an additional 12,381,436 shares during the last quarter. Independent Franchise Partners LLP boosted its position in Corteva by 51.5% during the fourth quarter. Independent Franchise Partners LLP now owns 16,496,508 shares of the company's stock valued at $939,641,000 after purchasing an additional 5,604,838 shares in the last quarter. Norges Bank purchased a new stake in Corteva in the fourth quarter valued at about $251,892,000. Franklin Resources Inc. raised its position in Corteva by 9.2% during the fourth quarter. Franklin Resources Inc. now owns 16,143,025 shares of the company's stock valued at $919,507,000 after acquiring an additional 1,354,418 shares in the last quarter. Finally, B. Metzler seel. Sohn & Co. AG boosted its stake in shares of Corteva by 69.0% in the fourth quarter. B. Metzler seel. Sohn & Co. AG now owns 2,870,859 shares of the company's stock worth $163,181,000 after acquiring an additional 1,172,110 shares during the last quarter. 81.54% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on CTVA shares. Oppenheimer set a $87.00 price objective on Corteva and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Jefferies Financial Group restated a "buy" rating on shares of Corteva in a research report on Friday, June 6th. Barclays boosted their target price on shares of Corteva from $70.00 to $75.00 and gave the company an "equal weight" rating in a research note on Monday, July 7th. Wells Fargo & Company boosted their price target on Corteva from $79.00 to $82.00 and gave the company an "overweight" rating in a research note on Monday, June 23rd. Finally, Morgan Stanley raised their price target on shares of Corteva from $65.00 to $71.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $77.38.

Corteva Trading Down 0.6%

Shares of Corteva stock traded down $0.43 on Thursday, reaching $73.47. 848,260 shares of the company were exchanged, compared to its average volume of 3,732,717. The company has a current ratio of 1.44, a quick ratio of 1.00 and a debt-to-equity ratio of 0.07. Corteva, Inc. has a fifty-two week low of $50.30 and a fifty-two week high of $77.41. The stock has a fifty day moving average price of $72.64 and a 200-day moving average price of $65.49. The firm has a market capitalization of $50.12 billion, a price-to-earnings ratio of 44.80, a price-to-earnings-growth ratio of 1.78 and a beta of 0.76.

Corteva (NYSE:CTVA - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.25. The firm had revenue of $4.42 billion for the quarter, compared to the consensus estimate of $4.56 billion. Corteva had a return on equity of 7.84% and a net margin of 6.77%. The company's revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter last year, the business posted $0.89 EPS. On average, analysts expect that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Friday, May 2nd were paid a $0.17 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $0.68 annualized dividend and a yield of 0.93%. Corteva's payout ratio is 41.46%.

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.