Price T Rowe Associates Inc. MD Purchases 1,290,009 Shares of Corteva, Inc. $CTVA

Key Points

• Price T Rowe Associates Inc. has increased its stake in Corteva, Inc. by 65.8%, owning 3,251,449 shares worth $204.6 million following the purchase of 1,290,009 shares.
• Corteva's quarterly earnings of $2.20 EPS surpassed estimates, and the company reported a 5.6% year-over-year revenue increase to $6.46 billion.
• Corteva has announced a quarterly dividend increase to $0.18, reflecting a 1.0% yield and a payout ratio of 33.17%, with the dividend scheduled for distribution on September 15th.

Price T Rowe Associates Inc. MD increased its position in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 65.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,251,449 shares of the company's stock after purchasing an additional 1,290,009 shares during the period. Price T Rowe Associates Inc. MD owned about 0.48% of Corteva worth $204,615,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Legacy Financial Advisors Inc. increased its position in shares of Corteva by 4.4% during the first quarter. Legacy Financial Advisors Inc. now owns 3,761 shares of the company's stock valued at $237,000 after purchasing an additional 160 shares during the period. Signaturefd LLC lifted its stake in shares of Corteva by 1.9% during the first quarter. Signaturefd LLC now owns 9,353 shares of the company's stock valued at $589,000 after acquiring an additional 172 shares during the period. NTV Asset Management LLC lifted its stake in shares of Corteva by 3.3% during the first quarter. NTV Asset Management LLC now owns 5,457 shares of the company's stock valued at $343,000 after acquiring an additional 173 shares during the period. Avantax Planning Partners Inc. lifted its stake in shares of Corteva by 4.1% during the first quarter. Avantax Planning Partners Inc. now owns 4,539 shares of the company's stock valued at $286,000 after acquiring an additional 178 shares during the period. Finally, PFG Investments LLC lifted its stake in shares of Corteva by 1.4% during the first quarter. PFG Investments LLC now owns 12,867 shares of the company's stock valued at $810,000 after acquiring an additional 180 shares during the period. 81.54% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CTVA has been the topic of several research reports. Wells Fargo & Company reaffirmed an "overweight" rating and set a $83.00 price target (up previously from $82.00) on shares of Corteva in a research note on Friday, August 8th. Wall Street Zen upgraded Corteva from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Royal Bank Of Canada reiterated an "outperform" rating on shares of Corteva in a report on Monday, August 11th. Oppenheimer set a $87.00 price objective on Corteva and gave the company an "outperform" rating in a report on Tuesday, July 15th. Finally, Citigroup upped their price objective on Corteva from $75.00 to $78.00 and gave the company a "buy" rating in a report on Friday, May 9th. Thirteen equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $80.25.

Corteva Stock Up 0.5%

Shares of Corteva stock opened at $73.3150 on Friday. Corteva, Inc. has a 1 year low of $53.40 and a 1 year high of $77.41. The business has a 50-day moving average of $73.42 and a two-hundred day moving average of $67.07. The company has a market capitalization of $49.79 billion, a P/E ratio of 35.76, a price-to-earnings-growth ratio of 1.68 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.

Corteva (NYSE:CTVA - Get Free Report) last announced its quarterly 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 company had revenue of $6.46 billion during the quarter, compared to the consensus estimate of $6.26 billion. During the same period in the prior year, the company earned $1.83 earnings per share. The company's revenue for the quarter was up 5.6% compared to the same quarter last year. As a group, equities analysts predict that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.0%. This is an increase from Corteva's previous quarterly dividend of $0.17. The ex-dividend date is Tuesday, September 2nd. Corteva's dividend payout ratio is currently 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.

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