WCM Investment Management LLC Has $672.84 Million Position in Corteva, Inc. $CTVA

Key Points

• WCM Investment Management LLC increased its stake in Corteva, Inc. by 29.6%, now holding approximately $672.84 million worth of shares, marking Corteva as its 25th largest position.
• Analysts have mixed views on Corteva, with Barclays upgrading the stock to an "overweight" rating and raising the price target to $84.00, while Citigroup lowered their rating to "neutral" with a price target of $70.00.
• Corteva recently declared a quarterly dividend of $0.18, an increase from the previous quarter's dividend of $0.17, reflecting a 1.2% dividend yield.

WCM Investment Management LLC lifted its stake in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 29.6% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 9,044,706 shares of the company's stock after acquiring an additional 2,066,519 shares during the period. Corteva accounts for about 1.5% of WCM Investment Management LLC's portfolio, making the stock its 25th largest position. WCM Investment Management LLC owned approximately 1.33% of Corteva worth $672,836,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of CTVA. Nuveen LLC acquired a new position in shares of Corteva during the 1st quarter valued at $640,333,000. Assenagon Asset Management S.A. lifted its position in shares of Corteva by 4,769.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,924,419 shares of the company's stock valued at $143,427,000 after acquiring an additional 1,884,897 shares during the period. JPMorgan Chase & Co. increased its stake in Corteva by 54.6% during the 1st quarter. JPMorgan Chase & Co. now owns 5,009,038 shares of the company's stock valued at $315,219,000 after purchasing an additional 1,769,355 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in Corteva by 65.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,251,449 shares of the company's stock valued at $204,615,000 after purchasing an additional 1,290,009 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Corteva by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 79,814,646 shares of the company's stock valued at $5,022,736,000 after purchasing an additional 639,799 shares in the last quarter. Institutional investors and hedge funds own 81.54% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on the stock. Barclays upgraded shares of Corteva from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $75.00 to $84.00 in a research note on Wednesday, August 13th. Citigroup lowered shares of Corteva from a "buy" rating to a "neutral" rating and decreased their price target for the company from $83.00 to $70.00 in a research note on Thursday, October 2nd. Weiss Ratings lowered shares of Corteva from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, October 8th. Mizuho decreased their price target on shares of Corteva from $85.00 to $78.00 and set an "outperform" rating for the company in a research note on Wednesday, October 8th. Finally, Wall Street Zen upgraded shares of Corteva from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $80.81.

Insider Buying and Selling at Corteva

In related news, EVP Robert D. King sold 37,280 shares of the business'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 transaction, the executive vice president directly 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.14% of the company's stock.

Corteva Stock Performance

NYSE CTVA opened at $61.94 on Thursday. Corteva, Inc. has a 1 year low of $53.40 and a 1 year high of $77.41. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.68 and a quick ratio of 1.23. The firm has a market cap of $42.06 billion, a price-to-earnings ratio of 30.22, a PEG ratio of 1.42 and a beta of 0.76. The company has a fifty day moving average price of $69.82 and a 200-day moving average price of $68.91.

Corteva (NYSE:CTVA - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $2.20 earnings per share for the quarter, topping analysts' consensus estimates of $1.89 by $0.31. The company had revenue of $6.46 billion for the quarter, compared to the consensus estimate of $6.26 billion. Corteva had a net margin of 8.16% and a return on equity of 8.68%. The firm's quarterly revenue was up 5.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.83 EPS. As a group, equities research analysts predict that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were issued a $0.18 dividend. This is an increase from Corteva's previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.2%. Corteva's payout ratio is presently 35.12%.

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.

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