Corteva, Inc. $CTVA Position Cut by USS Investment Management Ltd

Key Points

• USS Investment Management Ltd has reduced its stake in Corteva, Inc. by 14.6%, now owning 129,128 shares valued at approximately $8.13 million.
• Several institutional investors increased their stakes in Corteva during the first quarter, with Nuveen LLC acquiring a new stake worth $640,333,000, and others like JPMorgan Chase & Co. and Price T Rowe Associates Inc. making significant increases as well.
• Corteva recently announced an increase in its quarterly dividend from $0.17 to $0.18 per share, with an ex-dividend date of September 2nd, reflecting a payout ratio of 35.12%.

USS Investment Management Ltd cut its holdings in Corteva, Inc. (NYSE:CTVA - Free Report) by 14.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 129,128 shares of the company's stock after selling 22,000 shares during the period. USS Investment Management Ltd's holdings in Corteva were worth $8,127,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Ancora Advisors LLC increased its stake in Corteva by 0.8% during the 1st quarter. Ancora Advisors LLC now owns 18,567 shares of the company's stock worth $1,168,000 after buying an additional 150 shares during the period. NewEdge Advisors LLC grew its stake in shares of Corteva by 0.5% during the first quarter. NewEdge Advisors LLC now owns 31,455 shares of the company's stock valued at $1,979,000 after acquiring an additional 152 shares in the last quarter. Plancorp LLC grew its stake in shares of Corteva by 2.3% during the first quarter. Plancorp LLC now owns 7,156 shares of the company's stock valued at $450,000 after acquiring an additional 158 shares in the last quarter. Legacy Financial Advisors Inc. increased its position in shares of Corteva by 4.4% during the first quarter. Legacy Financial Advisors Inc. now owns 3,761 shares of the company's stock worth $237,000 after acquiring an additional 160 shares during the last quarter. Finally, One Wealth Capital Management LLC lifted its stake in shares of Corteva by 3.4% in the first quarter. One Wealth Capital Management LLC now owns 4,835 shares of the company's stock worth $304,000 after acquiring an additional 161 shares in the last quarter. Hedge funds and other institutional investors own 81.54% of the company's stock.

Insider Transactions at Corteva

In other news, EVP Robert D. King sold 37,280 shares of the business's stock in a transaction 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 completion of the transaction, the executive vice president owned 49,262 shares of the company's stock, valued at approximately $3,655,240.40. The trade was a 43.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.14% of the company's stock.

Corteva Stock Performance

CTVA traded up $1.26 on Thursday, hitting $73.04. 2,750,434 shares of the company's stock were exchanged, compared to its average volume of 3,789,705. 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 stock has a fifty day moving average of $73.16 and a two-hundred day moving average of $67.96. Corteva, Inc. has a twelve month low of $53.40 and a twelve month high of $77.41. The firm has a market cap of $49.60 billion, a PE ratio of 35.63, a P/E/G ratio of 1.66 and a beta of 0.78.

Corteva (NYSE:CTVA - Get Free Report) last issued its 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 during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.83 earnings per share. On average, research analysts anticipate that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be given a $0.18 dividend. This is a boost from Corteva's previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Tuesday, September 2nd. Corteva's dividend payout ratio is 35.12%.

Wall Street Analyst Weigh In

Several research firms have issued reports on CTVA. Barclays upgraded Corteva from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $75.00 to $84.00 in a report on Wednesday, August 13th. Jefferies Financial Group restated a "buy" rating on shares of Corteva in a research note on Friday, June 6th. Citigroup cut shares of Corteva from a "neutral" rating to a "mixed" rating in a report on Friday, September 5th. Zacks Research upgraded shares of Corteva to a "hold" rating in a research note on Friday, August 8th. Finally, UBS Group raised their price objective on shares of Corteva from $90.00 to $91.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Twelve analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Corteva has a consensus rating of "Moderate Buy" and an average price target of $80.25.

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.