Strs Ohio Acquires New Stake in Corteva, Inc. $CTVA

Key Points

• Strs Ohio has acquired a new stake in Corteva, Inc., purchasing 332,743 shares valued at approximately $20.94 million.
• Analysts have shown a positive outlook for Corteva, with many recommending a "buy" rating and setting a consensus target price of $80.25.
• Corteva recently announced an increase in its quarterly dividend from $0.17 to $0.18, reflecting a 1.0% dividend yield for shareholders.

Strs Ohio acquired a new stake in shares of Corteva, Inc. (NYSE:CTVA - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 332,743 shares of the company's stock, valued at approximately $20,940,000.

Other large investors have also made changes to their positions in the company. Brighton Jones LLC lifted its position in Corteva by 307.2% during the fourth quarter. Brighton Jones LLC now owns 15,588 shares of the company's stock worth $888,000 after buying an additional 11,760 shares during the period. Focus Partners Wealth lifted its position in Corteva by 5.3% during the fourth quarter. Focus Partners Wealth now owns 60,453 shares of the company's stock worth $3,429,000 after buying an additional 3,047 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Corteva by 1.4% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 81,067 shares of the company's stock worth $4,618,000 after buying an additional 1,128 shares during the period. OMERS ADMINISTRATION Corp lifted its position in Corteva by 20.0% during the fourth quarter. OMERS ADMINISTRATION Corp now owns 29,315 shares of the company's stock worth $1,670,000 after buying an additional 4,884 shares during the period. Finally, NorthRock Partners LLC purchased a new position in Corteva during the fourth quarter worth about $360,000. Institutional investors and hedge funds own 81.54% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CTVA shares. Royal Bank Of Canada reiterated an "outperform" rating on shares of Corteva in a research report on Monday, August 11th. Wall Street Zen upgraded Corteva from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Zacks Research upgraded Corteva to a "hold" rating in a report on Friday, August 8th. Wells Fargo & Company restated an "overweight" rating and issued a $83.00 price objective (up from $82.00) on shares of Corteva in a report on Friday, August 8th. Finally, Jefferies Financial Group restated a "buy" rating on shares of Corteva in a report on Friday, June 6th. Twelve analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Corteva currently has an average rating of "Moderate Buy" and a consensus target price of $80.25.

Corteva Price Performance

Shares of NYSE CTVA opened at $75.07 on Friday. Corteva, Inc. has a fifty-two week low of $53.40 and a fifty-two week high of $77.41. The business has a 50 day moving average price of $73.03 and a two-hundred day moving average price of $68.11. 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 firm has a market cap of $50.98 billion, a PE ratio of 36.62, a price-to-earnings-growth ratio of 1.67 and a beta of 0.78.

Corteva (NYSE:CTVA - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $2.20 earnings per share for the quarter, beating analysts' consensus estimates of $1.89 by $0.31. The firm 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%.Corteva's quarterly revenue was up 5.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.83 EPS. Sell-side analysts expect that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Increases Dividend

The company also recently announced 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. This represents a $0.72 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Tuesday, September 2nd. This is a positive change from Corteva's previous quarterly dividend of $0.17. Corteva's payout ratio is 35.12%.

Insider Activity at Corteva

In other news, EVP Robert D. King sold 37,280 shares of Corteva stock in a transaction that occurred on 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 in the company, valued at approximately $3,655,240.40. This trade represents a 43.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.14% of the company's stock.

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.