MBB Public Markets I LLC Takes $322,000 Position in Corteva, Inc. $CTVA

Key Points

• MBB Public Markets I LLC has invested approximately $322,000 in Corteva, Inc. by acquiring 5,115 shares during the first quarter.
• Corteva reported $2.20 earnings per share for the last quarter, surpassing analysts' expectations of $1.89, with revenue up 5.6% year-over-year.
• The company has increased its quarterly dividend from $0.17 to $0.18 per share, reflecting a positive outlook as it prepares to distribute dividends on September 15th.

MBB Public Markets I LLC bought a new position in Corteva, Inc. (NYSE:CTVA - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 5,115 shares of the company's stock, valued at approximately $322,000.

Several other large investors have also recently made changes to their positions in CTVA. Nuveen LLC bought a new stake in shares of Corteva in the first quarter worth about $640,333,000. JPMorgan Chase & Co. increased its stake in 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 acquiring an additional 1,769,355 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in Corteva by 65.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,251,449 shares of the company's stock worth $204,615,000 after acquiring an additional 1,290,009 shares during the last quarter. GAMMA Investing LLC increased its stake in 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 acquiring an additional 934,690 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in Corteva by 0.8% during the first quarter. Vanguard Group Inc. now owns 79,814,646 shares of the company's stock worth $5,022,736,000 after acquiring an additional 639,799 shares during the last quarter. 81.54% of the stock is owned by institutional investors.

Corteva Trading Up 2.8%

NYSE:CTVA traded up $2.08 during midday trading on Friday, hitting $75.07. The stock had a trading volume of 6,598,066 shares, compared to its average volume of 3,369,057. Corteva, Inc. has a one year low of $53.40 and a one year high of $77.41. The company has a market capitalization of $50.98 billion, a price-to-earnings ratio of 36.62, a PEG ratio of 1.67 and a beta of 0.78. The stock has a 50-day moving average of $73.03 and a 200 day moving average of $68.11. The company has a quick ratio of 1.23, a current ratio of 1.68 and a debt-to-equity ratio of 0.06.

Corteva (NYSE:CTVA - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $2.20 earnings per share for the quarter, topping analysts' consensus estimates of $1.89 by $0.31. The company had revenue of $6.46 billion during the quarter, compared to analyst estimates of $6.26 billion. Corteva had a return on equity of 8.68% and a net margin of 8.16%.Corteva's revenue was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.83 earnings per share. As a group, sell-side analysts forecast that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be issued a dividend of $0.18 per share. This is an increase from Corteva's previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Tuesday, September 2nd. Corteva's dividend payout ratio (DPR) is currently 35.12%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CTVA. Royal Bank Of Canada reissued an "outperform" rating on shares of Corteva in a research note on Monday, August 11th. Wells Fargo & Company reissued an "overweight" rating and set a $83.00 price objective (up from $82.00) on shares of Corteva in a research note on Friday, August 8th. Barclays raised Corteva from an "equal weight" rating to an "overweight" rating and boosted their price objective for the stock from $75.00 to $84.00 in a research note on Wednesday, August 13th. Jefferies Financial Group reissued a "buy" rating on shares of Corteva in a research note on Friday, June 6th. Finally, BMO Capital Markets upped their target price on Corteva from $74.00 to $86.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Twelve research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $80.25.

Insiders Place Their Bets

In other Corteva news, EVP Robert D. King sold 37,280 shares of the company's stock in a transaction on Friday, August 29th. The stock was sold at an average price of $74.20, for a total transaction of $2,766,176.00. Following the completion of the sale, the executive vice president owned 49,262 shares in the company, valued at $3,655,240.40. This represents a 43.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.14% of the stock is currently owned by corporate insiders.

Corteva Company 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.