Pacer Advisors Inc. grew its position in Corteva, Inc. (NYSE:CTVA – Get Rating) by 35.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 74,738 shares of the company’s stock after acquiring an additional 19,433 shares during the period. Pacer Advisors Inc.’s holdings in Corteva were worth $4,296,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently made changes to their positions in CTVA. Norges Bank bought a new position in shares of Corteva in the 4th quarter valued at about $465,952,000. BlackRock Inc. boosted its holdings in shares of Corteva by 2.0% during the 4th quarter. BlackRock Inc. now owns 59,759,589 shares of the company’s stock worth $2,825,433,000 after buying an additional 1,191,785 shares during the period. Lazard Asset Management LLC boosted its holdings in shares of Corteva by 553.0% during the 4th quarter. Lazard Asset Management LLC now owns 1,044,481 shares of the company’s stock worth $49,382,000 after buying an additional 884,537 shares during the period. Millennium Management LLC boosted its holdings in shares of Corteva by 154.3% during the 4th quarter. Millennium Management LLC now owns 1,154,398 shares of the company’s stock worth $54,580,000 after buying an additional 700,433 shares during the period. Finally, Boston Partners boosted its holdings in shares of Corteva by 10.3% during the 4th quarter. Boston Partners now owns 7,259,368 shares of the company’s stock worth $343,236,000 after buying an additional 678,522 shares during the period. 79.46% of the stock is owned by institutional investors.
Several analysts recently commented on the stock. Barclays assumed coverage on shares of Corteva in a report on Wednesday, June 1st. They set an “overweight” rating and a $71.00 target price for the company. Vertical Research downgraded shares of Corteva from a “buy” rating to a “hold” rating and set a $58.00 target price for the company. in a report on Thursday, April 14th. Loop Capital upgraded shares of Corteva from a “hold” rating to a “buy” rating and set a $69.00 price objective for the company in a research note on Thursday, April 14th. Argus lifted their price objective on shares of Corteva from $61.00 to $69.00 and gave the stock a “buy” rating in a research note on Monday, May 23rd. Finally, KeyCorp lifted their price objective on shares of Corteva from $58.00 to $63.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 5th. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $62.92.
Corteva (NYSE:CTVA – Get Rating) last released its quarterly earnings data on Wednesday, May 4th. The company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.16. The business had revenue of $4.60 billion during the quarter, compared to analysts’ expectations of $4.47 billion. Corteva had a net margin of 10.72% and a return on equity of 6.70%. The firm’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.79 EPS. On average, research analysts predict that Corteva, Inc. will post 2.53 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 15th. Investors of record on Friday, May 13th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date was Thursday, May 12th. Corteva’s dividend payout ratio is 23.83%.
Corteva Company Profile (Get Rating)
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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