Vanguard Group Inc. Has $5.02 Billion Stock Holdings in Corteva, Inc. (NYSE:CTVA)

Key Points

• Vanguard Group Inc. increased its stake in Corteva, Inc. by 0.8%, holding approximately 11.69% of the company, valued at $5.02 billion.
• Corteva’s recent quarterly earnings surpassed expectations, reporting an EPS of $2.20 and revenue of $6.46 billion, marking a year-over-year revenue increase of 5.6%.
• The company declared a quarterly dividend increase to $0.18, reflecting a payout ratio of 41.46% and an annualized yield of approximately 1.0%.

Vanguard Group Inc. lifted its holdings in Corteva, Inc. (NYSE:CTVA - Free Report) by 0.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 79,814,646 shares of the company's stock after buying an additional 639,799 shares during the period. Vanguard Group Inc. owned about 11.69% of Corteva worth $5,022,736,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of CTVA. Pinney & Scofield Inc. acquired a new stake in Corteva during the fourth quarter valued at $27,000. Valley National Advisers Inc. boosted its position in Corteva by 85.9% during the first quarter. Valley National Advisers Inc. now owns 526 shares of the company's stock valued at $33,000 after purchasing an additional 243 shares during the last quarter. LGT Financial Advisors LLC acquired a new stake in Corteva during the fourth quarter valued at $31,000. Richardson Capital Management LLC acquired a new stake in Corteva during the first quarter valued at $37,000. Finally, von Borstel & Associates Inc. acquired a new stake in Corteva during the first quarter valued at $44,000. Institutional investors and hedge funds own 81.54% of the company's stock.

Analysts Set New Price Targets

CTVA has been the subject of a number of research reports. Royal Bank Of Canada lifted their price objective on Corteva from $74.00 to $85.00 and gave the company an "outperform" rating in a research report on Thursday, July 10th. Morgan Stanley lifted their price objective on Corteva from $65.00 to $71.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. BMO Capital Markets lifted their price objective on Corteva from $74.00 to $86.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Wells Fargo & Company lifted their price objective on Corteva from $82.00 to $83.00 and gave the company an "overweight" rating in a report on Friday. Finally, Wall Street Zen upgraded shares of Corteva from a "hold" rating to a "buy" rating in a research report on Saturday. Two equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $79.50.

Corteva Trading Down 0.3%

Shares of CTVA traded down $0.19 during trading hours on Friday, reaching $70.87. The stock had a trading volume of 5,568,025 shares, compared to its average volume of 3,940,977. The company has a quick ratio of 1.00, a current ratio of 1.68 and a debt-to-equity ratio of 0.06. Corteva, Inc. has a 52 week low of $50.78 and a 52 week high of $77.41. The firm has a 50-day moving average of $73.29 and a 200 day moving average of $66.54. The company has a market cap of $48.34 billion, a P/E ratio of 34.57, a P/E/G ratio of 1.71 and a beta of 0.75.

Corteva (NYSE:CTVA - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $2.20 EPS for the quarter, beating analysts' consensus estimates of $1.89 by $0.31. Corteva had a net margin of 8.16% and a return on equity of 8.68%. The business had revenue of $6.46 billion during the quarter, compared to analysts' expectations of $6.26 billion. During the same quarter in the prior year, the company earned $1.83 EPS. The firm's quarterly revenue was up 5.6% on a year-over-year basis. On average, sell-side analysts expect that Corteva, Inc. will post 2.96 earnings per share for the current fiscal year.

Corteva Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be issued a dividend of $0.18 per share. 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 dividend on an annualized basis and a yield of 1.0%. Corteva's dividend payout ratio is currently 41.46%.

About Corteva

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.