JPMorgan Chase & Co. Has $315.22 Million Position in Corteva, Inc. (NYSE:CTVA)

Key Points

• JPMorgan Chase & Co. increased its holdings in Corteva, Inc. by 54.6% during the first quarter, owning a total of 5,009,038 shares worth approximately $315.2 million.
• Several institutional investors, including Vanguard Group Inc. and Capital World Investors, have also raised their stakes significantly in Corteva, with institutional ownership reaching 81.54%.
• Corteva's latest earnings report showed a notable increase in revenue to $6.46 billion for the quarter, alongside a dividend increase to $0.18 per share, reflecting a positive financial outlook.

JPMorgan Chase & Co. grew its holdings in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 54.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,009,038 shares of the company's stock after purchasing an additional 1,769,355 shares during the period. JPMorgan Chase & Co. owned approximately 0.73% of Corteva worth $315,219,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in CTVA. Brighton Jones LLC boosted its position in shares of Corteva by 307.2% during the 4th quarter. Brighton Jones LLC now owns 15,588 shares of the company's stock valued at $888,000 after purchasing an additional 11,760 shares in the last quarter. Scotia Capital Inc. boosted its position in shares of Corteva by 6.0% during the 4th quarter. Scotia Capital Inc. now owns 5,843 shares of the company's stock valued at $333,000 after purchasing an additional 329 shares in the last quarter. Townsquare Capital LLC boosted its position in shares of Corteva by 41.3% during the 4th quarter. Townsquare Capital LLC now owns 42,011 shares of the company's stock valued at $2,393,000 after purchasing an additional 12,272 shares in the last quarter. Sagespring Wealth Partners LLC bought a new position in shares of Corteva during the 4th quarter valued at about $313,000. Finally, Savvy Advisors Inc. acquired a new position in shares of Corteva in the fourth quarter worth about $405,000. Institutional investors own 81.54% of the company's stock.

Corteva Stock Down 0.2%

CTVA traded down $0.13 during midday trading on Friday, hitting $71.74. 2,649,620 shares of the company's stock traded hands, compared to its average volume of 4,202,978. Corteva, Inc. has a one year low of $52.59 and a one year high of $77.41. The company has a market cap of $48.72 billion, a PE ratio of 35.00, a price-to-earnings-growth ratio of 1.64 and a beta of 0.75. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.68 and a quick ratio of 1.23. The stock's fifty day simple moving average is $73.35 and its 200-day simple moving average is $66.80.

Corteva (NYSE:CTVA - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $2.20 EPS for the quarter, beating analysts' consensus estimates of $1.89 by $0.31. Corteva had a net margin of 8.16% and a return on equity of 8.68%. The company had revenue of $6.46 billion for the quarter, compared to analyst estimates of $6.26 billion. During the same quarter last year, the firm posted $1.83 earnings per share. The company's quarterly revenue was up 5.6% compared to the same quarter last year. As a group, equities analysts anticipate 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. Investors 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 yield of 1.0%. This is an increase from Corteva's previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Tuesday, September 2nd. Corteva's payout ratio is presently 33.17%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Wall Street Zen upgraded shares of Corteva from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Barclays upgraded shares of Corteva from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $75.00 to $84.00 in a report on Wednesday. Jefferies Financial Group reiterated a "buy" rating on shares of Corteva in a report on Friday, June 6th. UBS Group raised their target price on shares of Corteva from $90.00 to $91.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Finally, Oppenheimer set a $87.00 target price on shares of Corteva and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Corteva currently has an average rating of "Moderate Buy" and a consensus target price 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.