Wolverine Asset Management LLC Boosts Stock Position in Corteva, Inc. (NYSE:CTVA)

Key Points

• Wolverine Asset Management LLC increased its holdings in Corteva, Inc. by 76.5%, acquiring an additional 6,500 shares during the 1st quarter, bringing its total to 15,000 shares valued at $944,000.
• Several analysts have raised their price targets for Corteva, with Barclays increasing it from $70 to $75 and Oppenheimer setting a target of $87, reflecting a consensus rating of "Moderate Buy."
• Corteva recently announced a quarterly dividend of $0.18, an increase from the previous $0.17, representing a 1.0% yield on an annualized basis.

Wolverine Asset Management LLC lifted its holdings in Corteva, Inc. (NYSE:CTVA - Free Report) by 76.5% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 15,000 shares of the company's stock after acquiring an additional 6,500 shares during the quarter. Wolverine Asset Management LLC's holdings in Corteva were worth $944,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Brighton Jones LLC raised its holdings in Corteva by 307.2% in the 4th quarter. Brighton Jones LLC now owns 15,588 shares of the company's stock worth $888,000 after purchasing an additional 11,760 shares in the last quarter. Scotia Capital Inc. raised its holdings in Corteva by 6.0% in the 4th quarter. Scotia Capital Inc. now owns 5,843 shares of the company's stock worth $333,000 after purchasing an additional 329 shares in the last quarter. Legacy Financial Advisors Inc. bought a new position in Corteva in the 4th quarter worth $205,000. Treasurer of the State of North Carolina raised its holdings in Corteva by 0.5% in the 4th quarter. Treasurer of the State of North Carolina now owns 315,768 shares of the company's stock worth $17,986,000 after purchasing an additional 1,510 shares in the last quarter. Finally, Townsquare Capital LLC raised its holdings in Corteva by 41.3% in the 4th quarter. Townsquare Capital LLC now owns 42,011 shares of the company's stock worth $2,393,000 after purchasing an additional 12,272 shares in the last quarter. 81.54% of the stock is currently owned by institutional investors.

Corteva Stock Performance

NYSE CTVA traded down $0.46 on Thursday, reaching $71.87. 3,242,750 shares of the stock were exchanged, compared to its average volume of 4,175,249. Corteva, Inc. has a one year low of $52.39 and a one year high of $77.41. The firm has a market capitalization of $48.81 billion, a PE ratio of 35.06, a PEG ratio of 1.66 and a beta of 0.75. The company's 50-day simple moving average is $73.35 and its two-hundred day simple moving average is $66.74. The company has a current ratio of 1.68, a quick ratio of 1.23 and a debt-to-equity ratio of 0.06.

Corteva (NYSE:CTVA - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $2.20 earnings per share (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 analyst estimates of $6.26 billion. During the same period last year, the firm posted $1.83 EPS. The company's revenue was up 5.6% on a year-over-year basis. Analysts expect that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Increases Dividend

The business also recently disclosed 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 an increase from Corteva's previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $0.72 dividend on an annualized basis and a yield of 1.0%. Corteva's payout ratio is 33.17%.

Wall Street Analysts Forecast Growth

CTVA has been the topic of a number of recent research reports. BMO Capital Markets upped their target price on shares of Corteva from $74.00 to $86.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Wall Street Zen upgraded shares of Corteva from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Jefferies Financial Group restated a "buy" rating on shares of Corteva in a research note on Friday, June 6th. Citigroup upped their target price on shares of Corteva from $75.00 to $78.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Finally, Barclays upgraded shares of Corteva from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $75.00 to $84.00 in a research note on Wednesday. One investment analyst has rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target 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.