Swedbank AB Raises Holdings in Corteva, Inc. $CTVA

Key Points

• Swedbank AB increased its stake in Corteva, Inc. by 5.0% in the 1st quarter, owning approximately $45.98 million worth of shares.
• Corteva recently declared a quarterly dividend of $0.18, marking an increase from the previous $0.17 per share, with a dividend yield of 1.0%.
• The company reported $2.20 EPS for the last quarter, exceeding analyst estimates of $1.89 EPS, alongside a revenue of $6.46 billion.

Swedbank AB boosted its holdings in Corteva, Inc. (NYSE:CTVA - Free Report) by 5.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 730,679 shares of the company's stock after acquiring an additional 35,038 shares during the quarter. Swedbank AB owned 0.11% of Corteva worth $45,982,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Pinney & Scofield Inc. bought a new position in Corteva in the 4th quarter valued at approximately $27,000. Valley National Advisers Inc. lifted its position in Corteva by 85.9% in the 1st quarter. Valley National Advisers Inc. now owns 526 shares of the company's stock valued at $33,000 after acquiring an additional 243 shares in the last quarter. Richardson Capital Management LLC bought a new position in Corteva in the 1st quarter valued at approximately $37,000. von Borstel & Associates Inc. bought a new position in Corteva in the 1st quarter valued at approximately $44,000. Finally, Horizon Financial Services LLC lifted its position in Corteva by 4,444.4% in the 1st quarter. Horizon Financial Services LLC now owns 818 shares of the company's stock valued at $51,000 after acquiring an additional 800 shares in the last quarter. 81.54% of the stock is owned by institutional investors.

Insider Transactions at Corteva

In other Corteva news, EVP Robert D. King sold 37,280 shares of the stock in a transaction 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 sale, the executive vice president owned 49,262 shares in the company, valued at approximately $3,655,240.40. This represents a 43.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.14% of the company's stock.

Corteva Stock Performance

Corteva stock traded down $4.20 during trading on Monday, reaching $70.09. The company had a trading volume of 8,800,521 shares, compared to its average volume of 3,566,568. Corteva, Inc. has a 52 week low of $53.40 and a 52 week high of $77.41. The firm's 50-day simple moving average is $72.90 and its 200 day simple moving average is $68.24. The firm has a market capitalization of $47.60 billion, a price-to-earnings ratio of 34.19, a price-to-earnings-growth ratio of 1.70 and a beta of 0.78. The company has a current ratio of 1.68, a quick ratio of 1.23 and a debt-to-equity ratio of 0.06.

Corteva (NYSE:CTVA - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $2.20 EPS for the quarter, topping analysts' consensus estimates of $1.89 by $0.31. Corteva had a return on equity of 8.68% and a net margin of 8.16%.The company had revenue of $6.46 billion for the quarter, compared to analysts' expectations of $6.26 billion. During the same period last year, the firm earned $1.83 EPS. Corteva's revenue for the quarter was up 5.6% compared to the same quarter last year. Sell-side analysts forecast that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Tuesday, September 2nd. This is a boost from Corteva's previous quarterly dividend of $0.17. Corteva's dividend payout ratio (DPR) is currently 35.12%.

Analyst Ratings Changes

CTVA has been the topic of several research analyst reports. Barclays raised Corteva from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $75.00 to $84.00 in a report on Wednesday, August 13th. Oppenheimer set a $87.00 price target on Corteva and gave the company an "outperform" rating in a report on Tuesday, July 15th. BMO Capital Markets set a $86.00 price target on Corteva in a report on Monday. Morgan Stanley set a $84.00 price target on Corteva in a report on Monday. Finally, Zacks Research raised Corteva to a "hold" rating in a report on Friday, August 8th. Twelve research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Corteva currently has an average rating of "Moderate Buy" and an average price target of $81.33.

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.