Ontario Teachers Pension Plan Board Lowers Holdings in Corteva, Inc. (NYSE:CTVA)

Key Points

• The Ontario Teachers Pension Plan Board reduced its holdings in Corteva, Inc. by 30.3%, selling 15,373 shares and maintaining a total of 35,325 shares valued at approximately $2.22 million.
• Analysts have recently increased their price targets for Corteva, with Morgan Stanley's new target set at $71.00 and BMO Capital Markets at $86.00, reflecting a consensus "Moderate Buy" rating with a price target of $79.33.
• Corteva announced a quarterly dividend increase to $0.18 per share, which marks a rise from its previous quarterly dividend of $0.17, indicating a positive change in its financial strategy.

Ontario Teachers Pension Plan Board lessened its holdings in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 30.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 35,325 shares of the company's stock after selling 15,373 shares during the period. Ontario Teachers Pension Plan Board's holdings in Corteva were worth $2,223,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of CTVA. Cary Street Partners Financial LLC boosted its holdings in shares of Corteva by 20.7% in the first quarter. Cary Street Partners Financial LLC now owns 90,206 shares of the company's stock valued at $5,677,000 after purchasing an additional 15,448 shares during the period. Scissortail Wealth Management LLC boosted its holdings in shares of Corteva by 72,080.0% in the fourth quarter. Scissortail Wealth Management LLC now owns 3,609 shares of the company's stock valued at $206,000 after purchasing an additional 3,604 shares during the period. Allworth Financial LP boosted its holdings in shares of Corteva by 11.8% in the first quarter. Allworth Financial LP now owns 15,313 shares of the company's stock valued at $945,000 after purchasing an additional 1,614 shares during the period. Brighton Jones LLC boosted its holdings in shares of Corteva by 307.2% in the fourth 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. Finally, Farther Finance Advisors LLC boosted its holdings in shares of Corteva by 13.9% in the first quarter. Farther Finance Advisors LLC now owns 4,387 shares of the company's stock valued at $279,000 after purchasing an additional 536 shares during the period. Hedge funds and other institutional investors own 81.54% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CTVA. UBS Group boosted their price target on Corteva from $90.00 to $91.00 and gave the company a "buy" rating in a report on Thursday. Oppenheimer set a $87.00 price target on Corteva and gave the company an "outperform" rating in a report on Tuesday, July 15th. BMO Capital Markets boosted their price objective on shares of Corteva from $74.00 to $86.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Royal Bank Of Canada boosted their price objective on shares of Corteva from $74.00 to $85.00 and gave the stock an "outperform" rating in a research note on Thursday, July 10th. Finally, Morgan Stanley boosted their price objective on shares of Corteva from $65.00 to $71.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. Two analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $79.50.

Corteva Stock Down 0.3%

Shares of CTVA stock traded down $0.19 during trading hours on Friday, reaching $70.87. 5,568,025 shares of the company's stock were exchanged, compared to its average volume of 3,940,977. The stock's 50 day moving average is $73.29 and its 200-day moving average is $66.54. The company has a market cap of $48.34 billion, a price-to-earnings ratio of 34.57, a P/E/G ratio of 1.71 and a beta of 0.75. The company has a current ratio of 1.68, a quick ratio of 1.00 and a debt-to-equity ratio of 0.06. Corteva, Inc. has a fifty-two week low of $50.78 and a fifty-two week high of $77.41.

Corteva (NYSE:CTVA - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $6.46 billion for 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 business's quarterly revenue was up 5.6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.83 earnings per share. Analysts predict that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Increases Dividend

The business 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. 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. The ex-dividend date of this dividend is Tuesday, September 2nd. Corteva's dividend payout ratio is presently 41.46%.

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.