Swedbank AB Decreases Stock Holdings in Corteva, Inc. $CTVA

Key Points

• Swedbank AB reduced its stake in Corteva, Inc. by 1.8% during Q2, after selling 13,499 shares, leaving it with a total of 717,180 shares valued at approximately $53.45 million.
• Corteva recently increased its quarterly dividend to $0.18 per share, up from $0.17, resulting in an annualized dividend yield of 1.0% with a payout ratio of 35.12%.
• The stock has shown strong performance with a quarterly revenue increase of 5.6% year-over-year, reporting $6.46 billion in revenue and an earnings per share (EPS) of $2.20, exceeding analyst expectations.

Swedbank AB lessened its stake in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 1.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 717,180 shares of the company's stock after selling 13,499 shares during the quarter. Swedbank AB owned about 0.11% of Corteva worth $53,451,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CTVA. Pinney & Scofield Inc. purchased a new stake in shares of Corteva in the 4th quarter worth about $27,000. Valley National Advisers Inc. grew its holdings in Corteva by 85.9% during the first quarter. Valley National Advisers Inc. now owns 526 shares of the company's stock worth $33,000 after acquiring an additional 243 shares during the period. Richardson Capital Management LLC purchased a new stake in Corteva during the first quarter valued at about $37,000. von Borstel & Associates Inc. acquired a new stake in Corteva during the 1st quarter worth about $44,000. Finally, Horizon Financial Services LLC lifted its holdings in shares of Corteva by 4,444.4% during the 1st quarter. Horizon Financial Services LLC now owns 818 shares of the company's stock valued at $51,000 after buying an additional 800 shares during the last quarter. 81.54% of the stock is owned by institutional investors and hedge funds.

Corteva Stock Performance

Shares of NYSE:CTVA traded up $0.18 during midday trading on Friday, hitting $70.84. The company had a trading volume of 12,447,631 shares, compared to its average volume of 4,129,035. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.68 and a quick ratio of 1.23. The company has a market cap of $48.11 billion, a price-to-earnings ratio of 34.56, a PEG ratio of 1.62 and a beta of 0.78. Corteva, Inc. has a 12-month low of $53.40 and a 12-month high of $77.41. The company has a fifty day moving average of $72.52 and a two-hundred day moving average of $68.46.

Corteva (NYSE:CTVA - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $2.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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%.Corteva's revenue for the quarter was up 5.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.83 EPS. On average, equities research analysts expect 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 was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.0%. This is a boost from Corteva's previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Tuesday, September 2nd. Corteva's dividend payout ratio is presently 35.12%.

Insider Transactions at Corteva

In related news, EVP Robert D. King sold 37,280 shares of the company's stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $74.20, for a total transaction of $2,766,176.00. Following the completion of the transaction, the executive vice president owned 49,262 shares in the company, valued at $3,655,240.40. This represents a 43.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.14% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CTVA. Wall Street Zen upgraded Corteva from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Morgan Stanley set a $84.00 target price on Corteva in a report on Monday, September 15th. Royal Bank Of Canada reissued an "outperform" rating on shares of Corteva in a research report on Monday, August 11th. Citigroup cut Corteva from a "neutral" rating to a "mixed" rating in a research note on Friday, September 5th. Finally, Barclays upgraded Corteva from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $75.00 to $84.00 in a research note on Wednesday, August 13th. Thirteen equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $82.00.

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.