Panagora Asset Management Inc. Has $26.79 Million Stock Holdings in Corteva, Inc. $CTVA

Key Points

• Panagora Asset Management Inc. reduced its holdings in Corteva, Inc. by 36.7% during Q1, now owning approximately $26.79 million worth of stock after selling 246,394 shares.
• Institutional investors currently own 81.54% of Corteva's stock, with several hedge funds, including Nuveen LLC and JPMorgan Chase & Co., significantly increasing their stakes.
• Corteva recently declared a quarterly dividend increase from $0.17 to $0.18, representing an annualized yield of 1.0%.

Panagora Asset Management Inc. cut its position in Corteva, Inc. (NYSE:CTVA - Free Report) by 36.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 425,682 shares of the company's stock after selling 246,394 shares during the period. Panagora Asset Management Inc. owned about 0.06% of Corteva worth $26,788,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of CTVA. Nuveen LLC acquired a new stake in Corteva in the first quarter worth $640,333,000. JPMorgan Chase & Co. boosted its holdings in shares of Corteva by 54.6% in the first quarter. JPMorgan Chase & Co. now owns 5,009,038 shares of the company's stock valued at $315,219,000 after buying an additional 1,769,355 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Corteva by 65.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,251,449 shares of the company's stock valued at $204,615,000 after buying an additional 1,290,009 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Corteva by 7,135.6% in the first quarter. GAMMA Investing LLC now owns 947,789 shares of the company's stock valued at $59,644,000 after buying an additional 934,690 shares during the period. Finally, Deutsche Bank AG boosted its holdings in shares of Corteva by 21.0% in the fourth quarter. Deutsche Bank AG now owns 4,052,081 shares of the company's stock valued at $230,807,000 after buying an additional 703,761 shares during the period. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CTVA. Wall Street Zen upgraded shares of Corteva from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Citigroup upped 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. Barclays upgraded shares of Corteva from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $75.00 to $84.00 in a report on Wednesday, August 13th. Zacks Research upgraded shares of Corteva to a "hold" rating in a report on Friday, August 8th. Finally, Morgan Stanley boosted their price target on shares of Corteva from $65.00 to $71.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. Thirteen investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $80.25.

Corteva Stock Performance

Shares of CTVA stock opened at $74.22 on Friday. The stock has a market cap of $50.40 billion, a P/E ratio of 36.20, a P/E/G ratio of 1.70 and a beta of 0.75. 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 company has a fifty day moving average price of $73.43 and a two-hundred day moving average price of $67.48. Corteva, Inc. has a one year low of $53.40 and a one year high of $77.41.

Corteva (NYSE:CTVA - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $2.20 EPS for the quarter, beating analysts' consensus estimates of $1.89 by $0.31. The firm had revenue of $6.46 billion during the quarter, compared to analysts' expectations of $6.26 billion. Corteva had a net margin of 8.16% and a return on equity of 8.68%. The company's revenue for the quarter was up 5.6% compared to the same quarter last year. During the same quarter last year, the company posted $1.83 earnings per share. As a group, equities analysts predict that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders 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. This represents a $0.72 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Tuesday, September 2nd. Corteva's dividend payout ratio is 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.

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