Vident Advisory LLC Has $2.15 Million Stock Position in Corteva, Inc. $CTVA

Key Points

• Vident Advisory LLC increased its holdings in Corteva, Inc. by 55.3%, owning 34,077 shares valued at $2.145 million after acquiring an additional 12,137 shares.
• Corteva reported a quarterly earnings per share (EPS) of $2.20, exceeding analysts' expectations of $1.89, and experienced a 5.6% year-over-year revenue growth to $6.46 billion.
• The company declared an increased quarterly dividend of $0.18 set to be paid on September 15th, reflecting a 1.0% dividend yield on an annualized basis.

Vident Advisory LLC boosted its holdings in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 55.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 34,077 shares of the company's stock after acquiring an additional 12,137 shares during the quarter. Vident Advisory LLC's holdings in Corteva were worth $2,145,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Legacy Financial Advisors Inc. raised its position in Corteva by 4.4% during the first quarter. Legacy Financial Advisors Inc. now owns 3,761 shares of the company's stock valued at $237,000 after acquiring an additional 160 shares in the last quarter. Signaturefd LLC raised its position in shares of Corteva by 1.9% in the first quarter. Signaturefd LLC now owns 9,353 shares of the company's stock valued at $589,000 after purchasing an additional 172 shares during the period. NTV Asset Management LLC raised its position in shares of Corteva by 3.3% in the first quarter. NTV Asset Management LLC now owns 5,457 shares of the company's stock valued at $343,000 after purchasing an additional 173 shares during the period. Avantax Planning Partners Inc. raised its position in shares of Corteva by 4.1% in the first quarter. Avantax Planning Partners Inc. now owns 4,539 shares of the company's stock valued at $286,000 after purchasing an additional 178 shares during the period. Finally, PFG Investments LLC raised its position in shares of Corteva by 1.4% in the first quarter. PFG Investments LLC now owns 12,867 shares of the company's stock valued at $810,000 after purchasing an additional 180 shares during the period. Institutional investors own 81.54% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on CTVA. Zacks Research raised shares of Corteva to a "hold" rating in a research report on Friday, August 8th. Wells Fargo & Company restated an "overweight" rating and issued a $83.00 price objective (up previously from $82.00) on shares of Corteva in a research note on Friday, August 8th. BMO Capital Markets raised their price objective on shares of Corteva from $74.00 to $86.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Morgan Stanley raised their price objective on shares of Corteva from $65.00 to $71.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. Finally, Wall Street Zen upgraded shares of Corteva from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Thirteen research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $80.25.

Corteva Price Performance

Shares of CTVA traded down $0.41 during trading hours on Friday, hitting $72.24. The stock had a trading volume of 3,173,079 shares, compared to its average volume of 3,770,626. The company's fifty day moving average is $73.34 and its two-hundred day moving average is $67.77. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.68 and a quick ratio of 1.23. Corteva, Inc. has a 52 week low of $53.40 and a 52 week high of $77.41. The stock has a market capitalization of $49.06 billion, a price-to-earnings ratio of 35.24, a P/E/G ratio of 1.66 and a beta of 0.78.

Corteva (NYSE:CTVA - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $2.20 earnings per share for the quarter, topping 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 business had revenue of $6.46 billion for the quarter, compared to analyst estimates of $6.26 billion. During the same quarter in the prior year, the firm earned $1.83 EPS. The firm's quarterly revenue was up 5.6% compared to the same quarter last year. On average, analysts anticipate that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Increases Dividend

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

Insider Buying and Selling at Corteva

In other 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 value of $2,766,176.00. Following the sale, the executive vice president owned 49,262 shares of the company's stock, valued at approximately $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 through the SEC website. Insiders own 0.14% of the company's stock.

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.