Northern Trust Corp Has $740.04 Million Stock Position in Corteva, Inc. $CTVA

Key Points

• Northern Trust Corp increased its stake in Corteva, Inc. by 1.0%, owning over 11.7 million shares worth approximately $740 million as of its latest SEC filing.
• Corteva's recent quarterly earnings exceeded expectations, with earnings per share of $2.20 against a forecast of $1.89, and revenue rising to $6.46 billion, a 5.6% increase year-over-year.
• The company declared a quarterly dividend boost to $0.18 per share, reflecting a 1.0% yield and a payout ratio of 33.17%.

Northern Trust Corp raised its position in Corteva, Inc. (NYSE:CTVA - Free Report) by 1.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,759,755 shares of the company's stock after acquiring an additional 110,865 shares during the period. Northern Trust Corp owned about 1.72% of Corteva worth $740,041,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of CTVA. Brighton Jones LLC lifted 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 worth $888,000 after buying an additional 11,760 shares during the period. XTX Topco Ltd bought a new position in shares of Corteva during the 4th quarter worth approximately $404,000. Jump Financial LLC bought a new position in shares of Corteva during the 4th quarter worth approximately $821,000. NewEdge Advisors LLC lifted its position in shares of Corteva by 10.2% during the 4th quarter. NewEdge Advisors LLC now owns 31,303 shares of the company's stock worth $1,783,000 after buying an additional 2,896 shares during the period. Finally, Marshall Wace LLP lifted its position in shares of Corteva by 659.4% during the 4th quarter. Marshall Wace LLP now owns 31,600 shares of the company's stock worth $1,800,000 after buying an additional 27,439 shares during the period. 81.54% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CTVA has been the subject of several analyst reports. KeyCorp raised their target price on Corteva from $84.00 to $85.00 and gave the stock an "overweight" rating in a research report on Friday, August 8th. Royal Bank Of Canada restated an "outperform" rating on shares of Corteva in a research report on Monday, August 11th. Oppenheimer set a $87.00 target price on Corteva and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Barclays upgraded 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 research report on Wednesday, August 13th. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and set a $83.00 price target (up from $82.00) on shares of Corteva in a report on Friday, August 8th. Thirteen investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, Corteva currently has a consensus rating of "Moderate Buy" and a consensus price target of $80.25.

Corteva Price Performance

CTVA stock traded up $0.3350 during midday trading on Friday, reaching $73.3150. 2,664,002 shares of the company's stock traded hands, compared to its average volume of 4,041,995. The company has a 50-day simple moving average of $73.42 and a two-hundred day simple moving average of $67.10. Corteva, Inc. has a 1-year low of $53.40 and a 1-year high of $77.41. The company has a market cap of $49.79 billion, a price-to-earnings ratio of 35.76, a PEG ratio of 1.68 and a beta of 0.75. 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 released its quarterly earnings results on Wednesday, August 6th. The company reported $2.20 earnings per share for the quarter, beating 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 period last year, the firm posted $1.83 EPS. The business's revenue was up 5.6% on a year-over-year basis. On average, analysts anticipate that Corteva, Inc. will post 2.96 earnings per share for the current year.

Corteva Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be paid a $0.18 dividend. This is an increase from Corteva's previous quarterly dividend of $0.17. 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%. Corteva's payout ratio is 33.17%.

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.