Public Employees Retirement System of Ohio Grows Stock Holdings in Corteva, Inc. $CTVA

Key Points

• The Public Employees Retirement System of Ohio increased its holdings in Corteva, Inc. by 9.1%, totaling 231,078 shares valued at approximately $17.22 million as of its latest SEC filing.
• Corteva recently reported earnings of $2.20 per share, exceeding analyst expectations of $1.89, and had a revenue of $6.46 billion for the quarter, marking a 5.6% increase from the previous year.
• The company declared a quarterly dividend increase from $0.17 to $0.18 per share, resulting in an annualized dividend yield of 1.1%.

Public Employees Retirement System of Ohio lifted its position in Corteva, Inc. (NYSE:CTVA - Free Report) by 9.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 231,078 shares of the company's stock after buying an additional 19,218 shares during the period. Public Employees Retirement System of Ohio's holdings in Corteva were worth $17,222,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of CTVA. Maryland Capital Advisors Inc. acquired a new position in shares of Corteva during the second quarter worth $29,000. Valley National Advisers Inc. grew its stake in Corteva by 85.9% during the 1st quarter. Valley National Advisers Inc. now owns 526 shares of the company's stock worth $33,000 after buying an additional 243 shares during the last quarter. Richardson Capital Management LLC purchased a new position in Corteva during the 1st quarter worth $37,000. von Borstel & Associates Inc. acquired a new position in Corteva during the 1st quarter valued at about $44,000. Finally, Horizon Financial Services LLC raised its stake in Corteva by 4,444.4% in the first quarter. Horizon Financial Services LLC now owns 818 shares of the company's stock valued at $51,000 after buying an additional 800 shares during the last quarter. Institutional investors own 81.54% of the company's stock.

Corteva Stock Performance

CTVA opened at $67.08 on Friday. The company has a current ratio of 1.68, a quick ratio of 1.23 and a debt-to-equity ratio of 0.06. Corteva, Inc. has a 12-month low of $53.40 and a 12-month high of $77.41. The firm has a 50 day moving average of $72.21 and a two-hundred day moving average of $68.64. The firm has a market capitalization of $45.55 billion, a PE ratio of 32.72, a P/E/G ratio of 1.59 and a beta of 0.78.

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 analysts' consensus estimates of $1.89 by $0.31. Corteva had a net margin of 8.16% and a return on equity of 8.68%. The firm had revenue of $6.46 billion for the quarter, compared to analyst estimates of $6.26 billion. During the same quarter in the prior year, the business earned $1.83 earnings per share. The business's quarterly revenue was up 5.6% compared to the same quarter last year. On average, analysts anticipate that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Tuesday, September 2nd. This is an increase from Corteva's previous quarterly dividend of $0.17. Corteva's dividend payout ratio (DPR) is 35.12%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on CTVA shares. Zacks Research upgraded Corteva to a "hold" rating in a research note on Friday, August 8th. Royal Bank Of Canada reiterated an "outperform" rating on shares of Corteva in a research note on Monday, August 11th. 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 research note on Wednesday, August 13th. UBS Group raised their price target on shares of Corteva from $90.00 to $91.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Finally, Morgan Stanley set a $84.00 price objective on shares of Corteva in a report on Monday, September 15th. Thirteen 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, Corteva has a consensus 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 business's stock in a transaction dated 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 $3,655,240.40. The trade was a 43.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.14% of the stock is currently owned by company insiders.

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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