UniSuper Management Pty Ltd Grows Position in Corteva, Inc. $CTVA

Key Points

• UniSuper Management Pty Ltd significantly increased its holdings in Corteva, Inc. by 71.7% during the first quarter, owning a total of 101,886 shares valued at approximately $6.4 million.
• Corteva's recent quarterly earnings surpassed expectations, reporting an EPS of $2.20, exceeding the consensus estimate of $1.89, with revenue of $6.46 billion.
• The company recently declared a quarterly dividend increase to $0.18 per share, up from $0.17, reflecting a commitment to returning value to shareholders.

UniSuper Management Pty Ltd increased its holdings in Corteva, Inc. (NYSE:CTVA - Free Report) by 71.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 101,886 shares of the company's stock after acquiring an additional 42,535 shares during the quarter. UniSuper Management Pty Ltd's holdings in Corteva were worth $6,412,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Plancorp LLC lifted its stake in Corteva by 2.3% in the first quarter. Plancorp LLC now owns 7,156 shares of the company's stock worth $450,000 after acquiring an additional 158 shares during the period. Nissay Asset Management Corp Japan ADV raised its holdings in Corteva by 0.5% in the first quarter. Nissay Asset Management Corp Japan ADV now owns 85,495 shares of the company's stock worth $5,380,000 after purchasing an additional 460 shares in the last quarter. NewEdge Advisors LLC raised its holdings in Corteva by 0.5% in the first quarter. NewEdge Advisors LLC now owns 31,455 shares of the company's stock worth $1,979,000 after purchasing an additional 152 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Corteva by 14.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 93,145 shares of the company's stock worth $5,862,000 after purchasing an additional 12,078 shares in the last quarter. Finally, Integrated Wealth Concepts LLC raised its holdings in Corteva by 6.2% in the first quarter. Integrated Wealth Concepts LLC now owns 22,110 shares of the company's stock worth $1,391,000 after purchasing an additional 1,290 shares in the last quarter. 81.54% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Robert D. King sold 37,280 shares of the stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $74.20, for a total value of $2,766,176.00. Following the transaction, 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 Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.15% of the company's stock.

Corteva Stock Performance

CTVA opened at $72.24 on Monday. Corteva, Inc. has a 52-week low of $53.40 and a 52-week high of $77.41. 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 company has a market cap of $49.06 billion, a P/E ratio of 35.24, a price-to-earnings-growth ratio of 1.65 and a beta of 0.78. The firm's 50-day moving average price is $73.34 and its 200-day moving average price is $67.83.

Corteva (NYSE:CTVA - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $2.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.31. Corteva had a net margin of 8.16% and a return on equity of 8.68%. The firm had revenue of $6.46 billion for the quarter, compared to the consensus estimate of $6.26 billion. During the same quarter in the prior year, the company posted $1.83 earnings per share. The company's revenue for the quarter was up 5.6% compared to the same quarter last year. As a group, equities analysts anticipate that Corteva, Inc. will post 2.96 EPS for the current fiscal 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 issued a $0.18 dividend. This is a boost from Corteva's previous quarterly dividend of $0.17. The ex-dividend date is Tuesday, September 2nd. This represents a $0.72 annualized dividend and a yield of 1.0%. Corteva's dividend payout ratio is currently 35.12%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CTVA. Zacks Research upgraded shares of Corteva to a "hold" rating in a report on Friday, August 8th. Oppenheimer set a $87.00 target price on shares of Corteva and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Jefferies Financial Group reiterated a "buy" rating on shares of Corteva in a report on Friday, June 6th. Barclays upgraded shares of Corteva from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $75.00 to $84.00 in a report on Wednesday, August 13th. Finally, UBS Group boosted their target price on shares of Corteva from $90.00 to $91.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Thirteen research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $80.25.

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.

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