Resona Asset Management Co. Ltd. Increases Stock Holdings in Corteva, Inc. $CTVA

Key Points

• Resona Asset Management Co. Ltd. increased its position in Corteva, Inc. by 7.3%, acquiring additional shares to hold a total of 217,978 shares valued at approximately $13.66 million.
• Several analysts have set new price targets for Corteva, with Citigroup raising its target to $78.00 and UBS increasing it to $91.00, indicating a general consensus of a "buy" rating.
• Corteva recently reported earnings of $2.20 per share, exceeding estimates and showing a 5.6% increase in revenue year-over-year, alongside a new quarterly dividend of $0.18 per share.

Resona Asset Management Co. Ltd. raised its stake in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 7.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 217,978 shares of the company's stock after buying an additional 14,785 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Corteva were worth $13,658,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Pinney & Scofield Inc. purchased a new stake in Corteva in the 4th quarter worth approximately $27,000. LGT Financial Advisors LLC bought a new stake in shares of Corteva in the fourth quarter worth about $31,000. Valley National Advisers Inc. grew its stake in shares of Corteva by 85.9% in 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 in the last quarter. Richardson Capital Management LLC purchased a new position in Corteva in the first quarter worth about $37,000. Finally, von Borstel & Associates Inc. bought a new stake in Corteva during the first quarter worth approximately $44,000. 81.54% of the stock is owned by institutional investors.

Corteva Stock Up 0.9%

Shares of Corteva stock traded up $0.64 on Monday, reaching $72.40. The stock had a trading volume of 993,121 shares, compared to its average volume of 3,793,747. The company has a quick ratio of 1.23, a current ratio of 1.68 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $49.17 billion, a P/E ratio of 35.32, a P/E/G ratio of 1.64 and a beta of 0.75. The company has a 50 day moving average price of $73.35 and a 200 day moving average price of $66.81. Corteva, Inc. has a 1 year low of $53.40 and a 1 year high of $77.41.

Corteva (NYSE:CTVA - Get Free Report) last released 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 net margin of 8.16% and a return on equity of 8.68%. The business had revenue of $6.46 billion for the quarter, compared to analyst estimates of $6.26 billion. During the same period in the previous year, the company earned $1.83 earnings per share. The business's revenue for the quarter was up 5.6% on a year-over-year basis. As a group, equities research analysts forecast 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. Stockholders of record on Tuesday, September 2nd will be given 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 dividend yield of 1.0%. The ex-dividend date of this dividend is Tuesday, September 2nd. Corteva's dividend payout ratio is currently 33.17%.

Wall Street Analysts Forecast Growth

CTVA has been the subject of a number of analyst reports. Royal Bank Of Canada restated an "outperform" rating on shares of Corteva in a research report on Monday, August 11th. UBS Group lifted their target price on Corteva from $90.00 to $91.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Wall Street Zen upgraded Corteva from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Morgan Stanley lifted their price objective on Corteva from $65.00 to $71.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Finally, Citigroup increased their target price on shares of Corteva from $75.00 to $78.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Two analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $80.25.

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.