King Luther Capital Management Corp Has $27.84 Million Stake in Corteva, Inc. (NYSE:CTVA)

Key Points

• King Luther Capital Management Corp has reduced its stake in Corteva, Inc. by selling 13,872 shares, which is a 3.0% decrease, leaving them with 442,390 shares valued at approximately $27.84 million.
• Several analysts have recently boosted their price targets for Corteva shares, with Royal Bank of Canada increasing it from $74.00 to $85.00 and others also projecting positive ratings and price increases.
• Corteva has announced a quarterly dividend increase from $0.17 to $0.18 per share, with payment scheduled for September 15th, reflecting a 1.0% yield on an annualized basis.

King Luther Capital Management Corp trimmed its position in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 3.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 442,390 shares of the company's stock after selling 13,872 shares during the quarter. King Luther Capital Management Corp owned approximately 0.06% of Corteva worth $27,840,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Capital World Investors grew its stake 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 valued at $729,780,000 after purchasing an additional 12,381,436 shares during the last quarter. Independent Franchise Partners LLP grew its stake 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 valued at $939,641,000 after purchasing an additional 5,604,838 shares during the last quarter. JPMorgan Chase & Co. grew its stake 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 valued at $315,219,000 after purchasing an additional 1,769,355 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake 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 valued at $111,726,000 after purchasing an additional 967,118 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in Corteva by 7,135.6% in the first quarter. GAMMA Investing LLC now owns 947,789 shares of the company's stock valued at $59,644,000 after acquiring an additional 934,690 shares during the last quarter. 81.54% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on CTVA shares. Jefferies Financial Group reaffirmed a "buy" rating on shares of Corteva in a research note on Friday, June 6th. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $83.00 price objective (up from $82.00) on shares of Corteva in a research note on Friday, August 8th. Zacks Research raised shares of Corteva to a "hold" rating in a research note on Friday, August 8th. Barclays raised shares of Corteva from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $75.00 to $84.00 in a research note on Wednesday. Finally, KeyCorp raised their price objective 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. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat, Corteva has a consensus rating of "Moderate Buy" and a consensus price target of $80.25.

Corteva Trading Down 0.1%

CTVA traded down $0.09 during mid-day trading on Friday, hitting $71.79. The stock had a trading volume of 756,629 shares, compared to its average volume of 3,799,617. Corteva, Inc. has a 1-year low of $52.59 and a 1-year high of $77.41. 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 $66.74. The firm has a market capitalization of $48.75 billion, a price-to-earnings ratio of 34.97, a price-to-earnings-growth ratio of 1.66 and a beta of 0.75.

Corteva (NYSE:CTVA - Get Free Report) last released its earnings results 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. Corteva had a return on equity of 8.68% and a net margin of 8.16%. The firm had revenue of $6.46 billion during the quarter, compared to analysts' expectations of $6.26 billion. During the same quarter in the prior year, the company earned $1.83 EPS. The company's revenue was up 5.6% on a year-over-year basis. As a group, research analysts forecast that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be paid a $0.18 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $0.72 annualized dividend and a dividend yield of 1.0%. This is a positive change from Corteva's previous quarterly dividend of $0.17. Corteva's dividend payout ratio (DPR) is 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.