Royal Bank of Canada Boosts Stake in Corteva, Inc. (NYSE:CTVA)

Royal Bank of Canada grew its holdings in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 13.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,986,315 shares of the company's stock after purchasing an additional 348,585 shares during the quarter. Royal Bank of Canada owned approximately 0.43% of Corteva worth $170,101,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Chicago Partners Investment Group LLC increased its stake in Corteva by 1.2% in the 4th quarter. Chicago Partners Investment Group LLC now owns 13,282 shares of the company's stock worth $759,000 after purchasing an additional 156 shares during the period. Avidian Wealth Enterprises LLC increased its stake in shares of Corteva by 3.6% during the fourth quarter. Avidian Wealth Enterprises LLC now owns 4,521 shares of the company's stock valued at $258,000 after buying an additional 157 shares during the period. Beacon Capital Management LLC increased its stake in shares of Corteva by 13.4% during the fourth quarter. Beacon Capital Management LLC now owns 1,341 shares of the company's stock valued at $76,000 after buying an additional 158 shares during the period. Lake Street Advisors Group LLC increased its stake in shares of Corteva by 3.7% during the fourth quarter. Lake Street Advisors Group LLC now owns 4,514 shares of the company's stock valued at $257,000 after buying an additional 160 shares during the period. Finally, Sepio Capital LP increased its stake in shares of Corteva by 3.2% during the fourth quarter. Sepio Capital LP now owns 5,361 shares of the company's stock valued at $305,000 after buying an additional 166 shares during the period. 81.54% of the stock is currently owned by institutional investors.

Corteva Stock Up 0.7%

Corteva stock traded up $0.48 during mid-day trading on Friday, hitting $69.07. The company had a trading volume of 2,541,502 shares, compared to its average volume of 3,295,948. The company has a current ratio of 1.45, a quick ratio of 0.93 and a debt-to-equity ratio of 0.08. The stock's 50 day moving average price is $62.49 and its two-hundred day moving average price is $61.25. Corteva, Inc. has a 12 month low of $50.01 and a 12 month high of $69.42. The company has a market capitalization of $47.11 billion, a PE ratio of 53.54, a price-to-earnings-growth ratio of 1.68 and a beta of 0.72.

Corteva (NYSE:CTVA - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $1.13 EPS for the quarter, topping the consensus estimate of $0.88 by $0.25. Corteva had a return on equity of 7.19% and a net margin of 5.36%. The business had revenue of $4.42 billion for the quarter, compared to the consensus estimate of $4.56 billion. During the same period in the previous year, the company posted $0.89 earnings per share. The company's revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 2nd will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 0.98%. The ex-dividend date of this dividend is Monday, June 2nd. Corteva's dividend payout ratio (DPR) is 41.46%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on CTVA shares. KeyCorp boosted their target price on Corteva from $71.00 to $72.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Barclays boosted their target price on Corteva from $64.00 to $70.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 14th. Argus raised Corteva from a "hold" rating to a "buy" rating and set a $69.00 target price on the stock in a research note on Monday, March 31st. Morgan Stanley lifted their price target on Corteva from $65.00 to $71.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. Finally, Citigroup lifted their price target on Corteva from $75.00 to $78.00 and gave the company a "buy" rating in a research report on Friday, May 9th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $70.50.

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.