Raiffeisen Bank International AG Sells 4,988 Shares of Corteva, Inc. (NYSE:CTVA)

Key Points

• Raiffeisen Bank International AG reduced its holdings in Corteva, Inc. by 27%, selling 4,988 shares and owning 13,479 shares worth approximately $823,000.
• Corteva reported $1.13 EPS for its latest quarter, exceeding analysts' expectations, but its revenue of $4.42 billion fell short of the projected $4.56 billion.
• The company declared a quarterly dividend of $0.18, an increase from the previous $0.17, with a payout ratio of 41.46% and a dividend yield of 1.0%.

Raiffeisen Bank International AG reduced its holdings in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 27.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,479 shares of the company's stock after selling 4,988 shares during the period. Raiffeisen Bank International AG's holdings in Corteva were worth $823,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Pinney & Scofield Inc. bought a new stake in Corteva in the fourth quarter valued at approximately $27,000. LGT Financial Advisors LLC bought a new stake in Corteva in the fourth quarter valued at approximately $31,000. Valley National Advisers Inc. lifted its position in Corteva by 85.9% in the first quarter. Valley National Advisers Inc. now owns 526 shares of the company's stock valued at $33,000 after purchasing an additional 243 shares during the last quarter. Richardson Capital Management LLC bought a new stake in Corteva in the first quarter valued at approximately $37,000. Finally, von Borstel & Associates Inc. bought a new stake in Corteva in the first quarter valued at approximately $44,000. Institutional investors own 81.54% of the company's stock.

Corteva Stock Performance

Shares of CTVA opened at $71.90 on Tuesday. The company has a quick ratio of 1.00, a current ratio of 1.44 and a debt-to-equity ratio of 0.07. The business's 50 day moving average price is $73.21 and its 200-day moving average price is $66.33. Corteva, Inc. has a 52 week low of $50.30 and a 52 week high of $77.41. The stock has a market cap of $49.05 billion, a P/E ratio of 43.84, a P/E/G ratio of 1.72 and a beta of 0.75.

Corteva (NYSE:CTVA - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $1.13 EPS for the quarter, topping analysts' consensus estimates of $0.88 by $0.25. Corteva had a return on equity of 7.84% and a net margin of 6.77%. The firm had revenue of $4.42 billion for the quarter, compared to analysts' expectations of $4.56 billion. During the same period in the previous year, the firm posted $0.89 EPS. The business's revenue for the quarter was down 1.7% compared to the same quarter last year. Equities research analysts anticipate that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be given a $0.18 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.0%. This is an increase from Corteva's previous quarterly dividend of $0.17. Corteva's payout ratio is presently 41.46%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CTVA. Citigroup boosted their price objective on Corteva from $75.00 to $78.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Royal Bank Of Canada lifted their price objective on Corteva from $74.00 to $85.00 and gave the stock an "outperform" rating in a research report on Thursday, July 10th. Wells Fargo & Company lifted their price objective on Corteva from $79.00 to $82.00 and gave the stock an "overweight" rating in a research report on Monday, June 23rd. KeyCorp lifted their price objective on Corteva from $72.00 to $84.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Finally, BMO Capital Markets lifted their price objective on Corteva from $74.00 to $86.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Two equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, Corteva has an average rating of "Moderate Buy" and a consensus price target of $79.25.

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.

Want to see what other hedge funds are holding CTVA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corteva, Inc. (NYSE:CTVA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.