OMERS ADMINISTRATION Corp Buys 44,323 Shares of Corteva, Inc. $CTVA

Key Points

• OMERS ADMINISTRATION Corp significantly increased its stake in Corteva, Inc. by purchasing an additional 44,323 shares, resulting in a total holding of 73,638 shares valued at approximately $4.63 million.
• Corteva recently announced an increase in its quarterly dividend from $0.17 to $0.18 per share, with a current dividend yield of 1.0%.
• Equities research analysts have projected strong performance for Corteva, with numerous firms upgrading their target prices, including BMO Capital Markets, which raised its target from $74.00 to $86.00.

OMERS ADMINISTRATION Corp boosted its stake in Corteva, Inc. (NYSE:CTVA - Free Report) by 151.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 73,638 shares of the company's stock after purchasing an additional 44,323 shares during the quarter. OMERS ADMINISTRATION Corp's holdings in Corteva were worth $4,634,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of CTVA. Quadcap Wealth Management LLC grew its position in Corteva by 2.9% during the first quarter. Quadcap Wealth Management LLC now owns 10,614 shares of the company's stock valued at $668,000 after acquiring an additional 303 shares during the last quarter. FORA Capital LLC bought a new position in Corteva during the first quarter valued at approximately $2,971,000. Bank of Hawaii bought a new position in Corteva during the first quarter valued at approximately $346,000. Independent Franchise Partners LLP grew its position in Corteva by 1.8% during the first quarter. Independent Franchise Partners LLP now owns 16,785,300 shares of the company's stock valued at $1,056,299,000 after acquiring an additional 288,792 shares during the last quarter. Finally, ICONIQ Capital LLC bought a new position in Corteva during the first quarter valued at approximately $233,000. 81.54% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CTVA. Royal Bank Of Canada restated an "outperform" rating on shares of Corteva in a report on Monday, August 11th. Jefferies Financial Group restated a "buy" rating on shares of Corteva in a report on Friday, June 6th. Morgan Stanley raised their target price on shares of Corteva from $65.00 to $71.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. Citigroup lifted their price target on shares of Corteva from $75.00 to $78.00 and gave the company a "buy" rating in a report on Friday, May 9th. Finally, Wells Fargo & Company reiterated an "overweight" rating and issued a $83.00 price target (up previously from $82.00) on shares of Corteva in a report on Friday, August 8th. Thirteen analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $80.25.

Insider Activity

In related news, EVP Robert D. King sold 37,280 shares of the business's stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $74.20, for a total value of $2,766,176.00. Following the transaction, the executive vice president directly owned 49,262 shares of the company's stock, valued at approximately $3,655,240.40. The trade was a 43.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.15% of the company's stock.

Corteva Stock Performance

NYSE CTVA traded down $0.98 during trading hours on Wednesday, hitting $72.94. The company's stock had a trading volume of 565,875 shares, compared to its average volume of 3,789,331. Corteva, Inc. has a 12 month low of $53.40 and a 12 month high of $77.41. The company's 50 day simple moving average is $73.44 and its two-hundred day simple moving average is $67.63. The company has a market cap of $49.53 billion, a P/E ratio of 35.59, a price-to-earnings-growth ratio of 1.70 and a beta of 0.78. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.68 and a quick ratio of 1.23.

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

Corteva Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be paid a dividend of $0.18 per share. This is a boost from Corteva's previous quarterly dividend of $0.17. The ex-dividend date is Tuesday, September 2nd. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.0%. Corteva's dividend payout ratio is presently 33.17%.

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.