Woodline Partners LP Makes New Investment in Corteva, Inc. (NYSE:CTVA)

Woodline Partners LP purchased a new stake in shares of Corteva, Inc. (NYSE:CTVA - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 41,275 shares of the company's stock, valued at approximately $2,351,000.

A number of other hedge funds have also added to or reduced their stakes in CTVA. Capital World Investors increased its position in Corteva by 2,874.6% during the 4th quarter. Capital World Investors now owns 12,812,151 shares of the company's stock valued at $729,780,000 after purchasing an additional 12,381,436 shares during the period. Independent Franchise Partners LLP grew its position in shares of Corteva by 51.5% in the 4th quarter. Independent Franchise Partners LLP now owns 16,496,508 shares of the company's stock worth $939,641,000 after buying an additional 5,604,838 shares during the period. Norges Bank purchased a new stake in shares of Corteva in the 4th quarter worth about $251,892,000. Raymond James Financial Inc. purchased a new stake in shares of Corteva in the 4th quarter worth about $161,052,000. Finally, Franklin Resources Inc. grew its position in shares of Corteva by 9.2% in the 4th quarter. Franklin Resources Inc. now owns 16,143,025 shares of the company's stock worth $919,507,000 after buying an additional 1,354,418 shares during the period. 81.54% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CTVA has been the topic of several recent analyst reports. Royal Bank of Canada increased their price objective on shares of Corteva from $72.00 to $73.00 and gave the company an "outperform" rating in a research report on Friday, February 7th. 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. BNP Paribas upgraded shares of Corteva to a "hold" rating in a research note on Monday, February 10th. Argus upgraded shares of Corteva from a "hold" rating to a "buy" rating and set a $69.00 target price on the stock in a research note on Monday, March 31st. Finally, The Goldman Sachs Group initiated coverage on shares of Corteva in a research note on Thursday, March 13th. They set a "buy" rating and a $71.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $70.50.

Corteva Trading Up 0.4%

CTVA stock traded up $0.26 during mid-day trading on Friday, reaching $69.97. 658,241 shares of the stock traded hands, compared to its average volume of 3,286,351. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.93 and a current ratio of 1.45. Corteva, Inc. has a one year low of $50.01 and a one year high of $70.71. The stock has a market capitalization of $47.73 billion, a PE ratio of 54.22, a PEG ratio of 1.68 and a beta of 0.72. The business has a 50-day moving average price of $63.12 and a two-hundred day moving average price of $61.54.

Corteva (NYSE:CTVA - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $1.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.88 by $0.25. The firm had revenue of $4.42 billion during the quarter, compared to analyst estimates of $4.56 billion. Corteva had a net margin of 5.36% and a return on equity of 7.19%. The business's revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.89 earnings per share. Equities research analysts expect that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 2nd will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.97%. The ex-dividend date of this dividend is Monday, June 2nd. Corteva's dividend payout ratio is currently 41.46%.

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.