National Bank of Canada FI Buys 190,791 Shares of Corteva, Inc. (NYSE:CTVA)

Key Points

• National Bank of Canada FI increased its stake in Corteva, Inc. by 52.4% during the first quarter, now owning 555,193 shares valued at approximately $34.9 million.
• Corteva recently announced a quarterly dividend increase to $0.18 per share, up from $0.17, with an ex-dividend date on September 2nd.
• The company reported earnings of $2.20 per share for the last quarter, exceeding analyst expectations and marking a 5.6% revenue increase compared to the previous year.

National Bank of Canada FI raised its position in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 52.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 555,193 shares of the company's stock after acquiring an additional 190,791 shares during the period. National Bank of Canada FI owned approximately 0.08% of Corteva worth $34,938,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of CTVA. Wambolt & Associates LLC lifted its stake in shares of Corteva by 4.0% in the first quarter. Wambolt & Associates LLC now owns 32,207 shares of the company's stock valued at $2,047,000 after buying an additional 1,225 shares during the period. AlphaCore Capital LLC bought a new stake in shares of Corteva in the first quarter valued at about $279,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Corteva by 11.0% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,223,296 shares of the company's stock valued at $76,982,000 after buying an additional 121,604 shares during the period. Ironwood Investment Counsel LLC lifted its stake in shares of Corteva by 4.8% in the first quarter. Ironwood Investment Counsel LLC now owns 67,762 shares of the company's stock valued at $4,264,000 after buying an additional 3,121 shares during the period. Finally, Headlands Technologies LLC lifted its stake in shares of Corteva by 7,500.0% in the first quarter. Headlands Technologies LLC now owns 2,204 shares of the company's stock valued at $139,000 after buying an additional 2,175 shares during the period. 81.54% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CTVA shares. Royal Bank Of Canada reiterated an "outperform" rating on shares of Corteva in a research note on Monday. Wells Fargo & Company reiterated an "overweight" rating and issued a $83.00 target price (up previously from $82.00) on shares of Corteva in a research note on Friday, August 8th. BMO Capital Markets increased their target price on shares of Corteva from $74.00 to $86.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. KeyCorp increased their price target on shares of Corteva from $84.00 to $85.00 and gave the stock an "overweight" rating in a research report on Friday, August 8th. Finally, Citigroup increased their price target on shares of Corteva from $75.00 to $78.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. One analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $80.25.

Corteva Price Performance

Shares of NYSE CTVA traded down $0.46 during mid-day trading on Thursday, hitting $71.87. 3,242,750 shares of the stock were exchanged, compared to its average volume of 4,175,249. The company has a market cap of $48.81 billion, a P/E ratio of 35.06, a PEG ratio of 1.66 and a beta of 0.75. The stock's fifty day simple moving average is $73.35 and its two-hundred day simple moving average is $66.74. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.23 and a current ratio of 1.68. Corteva, Inc. has a twelve month low of $52.39 and a twelve month high of $77.41.

Corteva (NYSE:CTVA - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $2.20 earnings per share 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 analyst estimates of $6.26 billion. Corteva had a net margin of 8.16% and a return on equity of 8.68%. The company's revenue was up 5.6% on a year-over-year basis. During the same quarter last year, the business posted $1.83 earnings per share. As a group, analysts forecast that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This is a positive change from Corteva's previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a dividend yield of 1.0%. 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.