PGGM Investments Purchases 497,200 Shares of Corteva, Inc. $CTVA

Key Points

• PGGM Investments increased its stake in Corteva, Inc. by 68.5%, acquiring 497,200 shares during Q2, which now constitutes 1.6% of its investment portfolio.
• Recent analyst ratings for Corteva show significant movement, with Barclays upgrading the stock to "overweight" and setting a price target of $84.00, while Citigroup downgraded it to a "mixed" rating.
• Corteva recently announced an increase in its quarterly dividend from $0.17 to $0.18, representing a dividend yield of 1.1% and a payout ratio of 35.12%.

PGGM Investments grew its position in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 68.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,223,444 shares of the company's stock after purchasing an additional 497,200 shares during the quarter. Corteva makes up about 1.6% of PGGM Investments' investment portfolio, making the stock its 23rd largest position. PGGM Investments owned 0.18% of Corteva worth $91,183,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CTVA. Nuveen LLC purchased a new stake in Corteva during the 1st quarter valued at about $640,333,000. Assenagon Asset Management S.A. boosted its holdings in Corteva by 4,769.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,924,419 shares of the company's stock valued at $143,427,000 after acquiring an additional 1,884,897 shares during the period. JPMorgan Chase & Co. boosted its holdings in Corteva by 54.6% during the 1st quarter. JPMorgan Chase & Co. now owns 5,009,038 shares of the company's stock valued at $315,219,000 after acquiring an additional 1,769,355 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in Corteva by 65.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,251,449 shares of the company's stock valued at $204,615,000 after acquiring an additional 1,290,009 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in Corteva by 7,135.6% during the 1st quarter. GAMMA Investing LLC now owns 947,789 shares of the company's stock valued at $59,644,000 after acquiring an additional 934,690 shares during the period. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on CTVA shares. Citigroup cut Corteva from a "neutral" rating to a "mixed" rating in a report on Friday, September 5th. Barclays upgraded Corteva from an "equal weight" rating to an "overweight" rating and increased their target price for the company from $75.00 to $84.00 in a report on Wednesday, August 13th. UBS Group increased their price objective on Corteva from $90.00 to $91.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Oppenheimer set a $87.00 price objective on Corteva and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Finally, Zacks Research upgraded Corteva to a "hold" rating in a report on Friday, August 8th. Thirteen equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $82.00.

Insider Activity

In other news, EVP Robert D. King sold 37,280 shares of the 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 completion of the transaction, the executive vice president owned 49,262 shares of the company's stock, valued at approximately $3,655,240.40. This represents a 43.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.15% of the company's stock.

Corteva Stock Down 0.2%

Shares of NYSE:CTVA opened at $67.63 on Wednesday. Corteva, Inc. has a 52-week low of $53.40 and a 52-week high of $77.41. The firm has a market capitalization of $45.93 billion, a P/E ratio of 32.99, a P/E/G ratio of 1.55 and a beta of 0.78. The stock has a 50 day moving average price of $71.89 and a 200-day moving average price of $68.88. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.23 and a current ratio of 1.68.

Corteva (NYSE:CTVA - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $2.20 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $6.26 billion. During the same quarter in the prior year, the company earned $1.83 EPS. The business's revenue was up 5.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were given a $0.18 dividend. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $0.72 annualized dividend and a dividend yield of 1.1%. This is an increase from Corteva's previous quarterly dividend of $0.17. Corteva's dividend payout ratio is currently 35.12%.

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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