Corteva, Inc. (NYSE:CTVA) Shares Sold by Primecap Management Co. CA

Key Points

• Primecap Management Co. CA has reduced its stake in Corteva, Inc. by 5.5%, ending the 1st quarter with approximately 1.3 million shares valued at $82.2 million.
• Corteva recently announced an increase in its quarterly dividend to $0.18 per share, representing an annualized yield of 1.0% and a payout ratio of 43.90%.
• Analysts have raised their price targets for Corteva, with a consensus rating of "Moderate Buy" and an average target price of $79.25.

Primecap Management Co. CA decreased its position in Corteva, Inc. (NYSE:CTVA - Free Report) by 5.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,306,708 shares of the company's stock after selling 75,373 shares during the quarter. Primecap Management Co. CA owned approximately 0.19% of Corteva worth $82,231,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of CTVA. Capital World Investors increased its holdings in Corteva by 2,874.6% in the 4th quarter. Capital World Investors now owns 12,812,151 shares of the company's stock valued at $729,780,000 after buying an additional 12,381,436 shares during the period. Independent Franchise Partners LLP raised its holdings in Corteva by 51.5% during the 4th quarter. Independent Franchise Partners LLP now owns 16,496,508 shares of the company's stock worth $939,641,000 after purchasing an additional 5,604,838 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Corteva by 97.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,961,440 shares of the company's stock worth $111,726,000 after purchasing an additional 967,118 shares during the last quarter. Bessemer Group Inc. raised its holdings in Corteva by 44.8% during the 4th quarter. Bessemer Group Inc. now owns 3,090,839 shares of the company's stock worth $176,053,000 after purchasing an additional 956,775 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of Corteva by 7,135.6% in 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 last quarter. Institutional investors own 81.54% of the company's stock.

Corteva Price Performance

NYSE CTVA traded down $0.19 during trading on Friday, reaching $70.87. The company's stock had a trading volume of 5,568,025 shares, compared to its average volume of 3,940,977. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.68 and a quick ratio of 1.00. The stock has a market capitalization of $48.34 billion, a PE ratio of 34.57, a P/E/G ratio of 1.72 and a beta of 0.75. The firm has a fifty day moving average of $73.29 and a 200 day moving average of $66.51. Corteva, Inc. has a one year low of $50.78 and a one year high of $77.41.

Corteva (NYSE:CTVA - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $2.20 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.31. The business had revenue of $6.46 billion during the quarter, compared to analysts' expectations of $6.26 billion. Corteva had a return on equity of 8.68% and a net margin of 8.16%. The business's revenue was up 5.6% on a year-over-year basis. During the same quarter last year, the business posted $1.83 EPS. Analysts expect that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Increases Dividend

The business 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 dividend of $0.18 per share. This is a boost from Corteva's previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Tuesday, September 2nd. Corteva's dividend payout ratio is presently 41.46%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on CTVA shares. BMO Capital Markets upped their price target on Corteva from $74.00 to $86.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Barclays increased their price objective on Corteva from $70.00 to $75.00 and gave the company an "equal weight" rating in a report on Monday, July 7th. Oppenheimer set a $87.00 price objective on Corteva and gave the company an "outperform" rating in a report on Tuesday, July 15th. Wall Street Zen raised Corteva from a "hold" rating to a "buy" rating in a report on Saturday. Finally, UBS Group increased their price objective on Corteva from $90.00 to $91.00 and gave the stock a "buy" rating in a research report on Thursday. Two research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $79.50.

Corteva 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.