Zurcher Kantonalbank Zurich Cantonalbank Sells 10,314 Shares of Corteva, Inc. (NYSE:CTVA)

Key Points

• Zurcher Kantonalbank reduced its stake in Corteva, Inc. by 2.2% during the first quarter, holding approximately 448,940 shares valued at $28.25 million.
• Corteva recently reported quarterly earnings surpassing estimates, with earnings per share of $1.13 against an expected $0.88, while revenue was down 1.7% from the previous year.
• The company announced an increase in its quarterly dividend to $0.18, marking a 0.99% yield with a payout ratio of 41.46%.

Zurcher Kantonalbank Zurich Cantonalbank lessened its holdings in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 2.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 448,940 shares of the company's stock after selling 10,314 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.07% of Corteva worth $28,252,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of CTVA. Pinney & Scofield Inc. bought a new stake in Corteva in the 4th quarter worth about $27,000. LGT Financial Advisors LLC bought a new position in shares of Corteva during the 4th quarter valued at approximately $31,000. Valley National Advisers Inc. grew its position in shares of Corteva by 85.9% during the 1st quarter. Valley National Advisers Inc. now owns 526 shares of the company's stock valued at $33,000 after acquiring an additional 243 shares during the period. Richardson Capital Management LLC bought a new position in shares of Corteva during the 1st quarter valued at approximately $37,000. Finally, von Borstel & Associates Inc. bought a new position in shares of Corteva during the 1st quarter valued at approximately $44,000. Institutional investors and hedge funds own 81.54% of the company's stock.

Corteva Trading Down 2.0%

Shares of Corteva stock traded down $1.42 on Friday, reaching $70.71. 1,624,808 shares of the company were exchanged, compared to its average volume of 3,727,358. The firm has a market capitalization of $48.24 billion, a price-to-earnings ratio of 43.14, a price-to-earnings-growth ratio of 1.74 and a beta of 0.76. Corteva, Inc. has a fifty-two week low of $50.30 and a fifty-two week high of $77.41. The company has a current ratio of 1.44, a quick ratio of 1.00 and a debt-to-equity ratio of 0.07. The stock has a fifty day moving average price of $73.11 and a 200-day moving average price of $66.12.

Corteva (NYSE:CTVA - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.25. The company had revenue of $4.42 billion during the quarter, compared to the consensus estimate of $4.56 billion. Corteva had a return on equity of 7.84% and a net margin of 6.77%. The firm's revenue was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.89 EPS. On average, analysts expect that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Increases Dividend

The firm 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. This represents a $0.72 annualized dividend and a yield of 1.0%. The ex-dividend date is Tuesday, September 2nd. Corteva's dividend payout ratio is presently 41.46%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on CTVA shares. KeyCorp upped their price target on shares of Corteva from $72.00 to $84.00 and gave the company an "overweight" rating in a research note on Monday, July 14th. Wells Fargo & Company increased their target price on shares of Corteva from $79.00 to $82.00 and gave the company an "overweight" rating in a report on Monday, June 23rd. Citigroup raised their price target on shares of Corteva from $75.00 to $78.00 and gave the stock a "buy" rating in a report on Friday, May 9th. BMO Capital Markets raised 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. Finally, Oppenheimer set a $87.00 target price on shares of Corteva and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Three analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat.com, Corteva presently has a consensus rating of "Moderate Buy" and a consensus price target of $77.38.

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.