Nuveen LLC Invests $640.33 Million in Corteva, Inc. (NYSE:CTVA)

Key Points

• Nuveen LLC acquired approximately 10.2 million shares of Corteva, valued at about $640 million, increasing its stake to 1.49%.
• Corteva recently reported a quarterly EPS of $2.20, exceeding analysts' expectations, with revenue rising by 5.6% year-over-year.
• The company declared a quarterly dividend of $0.18, marking an increase from the previous dividend of $0.17, with a current dividend yield of 1.0%.

Nuveen LLC bought a new position in Corteva, Inc. (NYSE:CTVA - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 10,175,323 shares of the company's stock, valued at approximately $640,333,000. Nuveen LLC owned approximately 1.49% of Corteva at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. Brighton Jones LLC boosted its position in 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 during the period. Scotia Capital Inc. boosted its position in 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 during the period. Legacy Financial Advisors Inc. acquired a new position in Corteva during the 4th quarter valued at approximately $205,000. Treasurer of the State of North Carolina boosted its position in Corteva by 0.5% during the 4th quarter. Treasurer of the State of North Carolina now owns 315,768 shares of the company's stock valued at $17,986,000 after purchasing an additional 1,510 shares during the period. Finally, Townsquare Capital LLC boosted its position in 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 during the period. Institutional investors and hedge funds own 81.54% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Barclays upgraded Corteva from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $75.00 to $84.00 in a research report on Wednesday. Wells Fargo & Company restated an "overweight" rating and set a $83.00 price objective (up previously from $82.00) on shares of Corteva in a research report on Friday, August 8th. UBS Group lifted their target price on Corteva from $90.00 to $91.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Citigroup lifted their target price on Corteva from $75.00 to $78.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Finally, Morgan Stanley lifted their target price on Corteva from $65.00 to $71.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. One research analyst has rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $80.25.

Corteva Price Performance

Shares of CTVA traded down $0.46 during midday trading on Thursday, reaching $71.87. The stock had a trading volume of 3,242,750 shares, compared to its average volume of 4,175,249. Corteva, Inc. has a 52 week low of $52.39 and a 52 week 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 firm's 50 day moving average price is $73.35 and its 200-day moving average price is $66.74. The company has a market capitalization of $48.81 billion, a P/E ratio of 35.06, a P/E/G ratio of 1.66 and a beta of 0.75.

Corteva (NYSE:CTVA - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $2.20 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 company had revenue of $6.46 billion for the quarter, compared to the consensus estimate of $6.26 billion. During the same quarter in the previous year, the business earned $1.83 EPS. The company's quarterly revenue was up 5.6% compared to the same quarter last year. On average, analysts forecast that Corteva, Inc. will post 2.96 earnings per share 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 paid a $0.18 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.0%. This is a boost from Corteva's previous quarterly dividend of $0.17. Corteva's dividend payout ratio (DPR) is presently 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.