SCS Capital Management LLC Invests $525,000 in Corteva, Inc. $CTVA

Key Points

• SCS Capital Management LLC invested $525,000 in Corteva, Inc., acquiring 8,343 shares during the first quarter.
• Corteva’s dividend increased from $0.17 to $0.18 per share, with a dividend yield of 1.0%, to be paid on September 15th.
• The company's recent quarterly earnings report showed $2.20 earnings per share, exceeding estimates and reflecting a 5.6% revenue growth compared to the previous year.

SCS Capital Management LLC purchased a new position in shares of Corteva, Inc. (NYSE:CTVA - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 8,343 shares of the company's stock, valued at approximately $525,000.

A number of other institutional investors and hedge funds have also made changes to their positions in CTVA. Nuveen LLC acquired a new stake in shares of Corteva during the 1st quarter worth approximately $640,333,000. JPMorgan Chase & Co. raised its position in shares of Corteva by 54.6% during the 1st quarter. JPMorgan Chase & Co. now owns 5,009,038 shares of the company's stock worth $315,219,000 after purchasing an additional 1,769,355 shares during the period. Price T Rowe Associates Inc. MD increased its position in Corteva by 65.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,251,449 shares of the company's stock valued at $204,615,000 after acquiring an additional 1,290,009 shares during the period. GAMMA Investing LLC increased its position in 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 period. Finally, Vanguard Group Inc. increased its position in Corteva by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 79,814,646 shares of the company's stock valued at $5,022,736,000 after acquiring an additional 639,799 shares during the period. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CTVA has been the topic of several analyst reports. Wall Street Zen upgraded Corteva from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Wells Fargo & Company restated an "overweight" rating and issued a $83.00 target price (up from $82.00) on shares of Corteva in a research report on Friday, August 8th. Jefferies Financial Group restated a "buy" rating on shares of Corteva in a research report on Friday, June 6th. Royal Bank Of Canada restated an "outperform" rating on shares of Corteva in a research report on Monday, August 11th. Finally, Zacks Research upgraded Corteva to a "hold" rating in a research report on Friday, August 8th. Twelve equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, Corteva has a consensus rating of "Moderate Buy" and a consensus target price of $80.25.

Corteva Stock Performance

Shares of NYSE CTVA opened at $73.04 on Friday. The stock has a fifty day moving average price of $73.07 and a two-hundred day moving average price of $68.03. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.23 and a current ratio of 1.68. The firm has a market cap of $49.60 billion, a P/E ratio of 35.63, a PEG ratio of 1.64 and a beta of 0.78. 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 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 analyst estimates of $6.26 billion. Corteva had a return on equity of 8.68% and a net margin of 8.16%.The company's revenue was up 5.6% compared to the same quarter last year. During the same period last year, the company posted $1.83 EPS. Research analysts forecast that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $0.72 annualized dividend and a dividend yield of 1.0%. This is a boost from Corteva's previous quarterly dividend of $0.17. Corteva's dividend payout ratio is 35.12%.

Insider Buying and Selling at Corteva

In other news, EVP Robert D. King sold 37,280 shares of the firm's stock in a transaction on Friday, August 29th. The stock was sold at an average price of $74.20, for a total transaction of $2,766,176.00. Following the completion of the sale, the executive vice president directly owned 49,262 shares of the company's stock, valued at $3,655,240.40. This trade represents a 43.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.14% of the stock is currently owned by corporate insiders.

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.

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.