15,050 Shares in Corteva, Inc. $CTVA Acquired by Teza Capital Management LLC

Key Points

• Teza Capital Management LLC has acquired a new position in Corteva, Inc., purchasing 15,050 shares worth approximately $947,000 during the first quarter.
• Corteva's quarterly earnings reported an EPS of $2.20, exceeding the consensus estimate of $1.89, with revenues of $6.46 billion.
• The company has announced a quarterly dividend increase to $0.18 per share, up from the previous $0.17, boosting its annualized dividend yield to 1.0%.

Teza Capital Management LLC purchased a new position in shares of Corteva, Inc. (NYSE:CTVA - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 15,050 shares of the company's stock, valued at approximately $947,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Pinney & Scofield Inc. purchased a new position in Corteva during the fourth quarter worth about $27,000. Valley National Advisers Inc. boosted 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 purchasing an additional 243 shares during the last quarter. Richardson Capital Management LLC purchased a new position in Corteva during the first quarter worth about $37,000. von Borstel & Associates Inc. purchased a new position in Corteva during the first quarter worth about $44,000. Finally, Horizon Financial Services LLC boosted its holdings in Corteva by 4,444.4% during the first quarter. Horizon Financial Services LLC now owns 818 shares of the company's stock worth $51,000 after purchasing an additional 800 shares during the last quarter. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Corteva Stock Performance

Shares of CTVA stock traded up $1.26 during trading on Thursday, reaching $73.04. 2,733,362 shares of the company's stock traded hands, compared to its average volume of 3,784,121. The company has a market capitalization of $49.60 billion, a P/E ratio of 35.63, a PEG ratio of 1.66 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. The firm's 50-day moving average is $73.16 and its 200 day moving average is $67.96. 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 announced its quarterly earnings results on Wednesday, August 6th. The company reported $2.20 EPS for the quarter, beating analysts' consensus estimates of $1.89 by $0.31. The company had revenue of $6.46 billion for the quarter, compared to analysts' expectations of $6.26 billion. Corteva had a net margin of 8.16% and a return on equity of 8.68%. Corteva's revenue was up 5.6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.83 EPS. Equities research analysts expect that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Increases Dividend

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

Wall Street Analysts Forecast Growth

CTVA has been the topic of several analyst reports. Wells Fargo & Company restated an "overweight" rating and set a $83.00 price target (up from $82.00) on shares of Corteva in a report on Friday, August 8th. Wall Street Zen upgraded shares of Corteva from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. KeyCorp boosted their target price on shares of Corteva from $84.00 to $85.00 and gave the company an "overweight" rating in a research note on Friday, August 8th. Citigroup cut shares of Corteva from a "neutral" rating to a "mixed" rating in a research note on Friday, September 5th. Finally, Zacks Research upgraded shares of Corteva to a "hold" rating in a research note on Friday, August 8th. Twelve investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $80.25.

Insider Activity at Corteva

In related news, EVP Robert D. King sold 37,280 shares of the company's stock in a transaction that occurred on 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 sale, the executive vice president directly 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 can be accessed through this hyperlink. Insiders own 0.14% of the company's stock.

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.