Neuberger Berman Group LLC boosted its position in shares of Corteva, Inc. (NYSE:CTVA – Get Rating) by 2.2% during the 1st quarter, HoldingsChannel reports. The fund owned 1,074,854 shares of the company’s stock after buying an additional 22,685 shares during the quarter. Neuberger Berman Group LLC’s holdings in Corteva were worth $61,782,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Landmark Wealth Management LLC bought a new position in Corteva during the first quarter valued at about $47,000. Carl Stuart Investment Advisor Inc. bought a new position in Corteva during the first quarter valued at about $28,000. CKW Financial Group increased its stake in Corteva by 1,083.7% during the first quarter. CKW Financial Group now owns 509 shares of the company’s stock valued at $30,000 after acquiring an additional 466 shares during the period. Hazlett Burt & Watson Inc. bought a new position in Corteva during the first quarter valued at about $31,000. Finally, Fieldpoint Private Securities LLC grew its stake in shares of Corteva by 106.0% in the 1st quarter. Fieldpoint Private Securities LLC now owns 546 shares of the company’s stock valued at $31,000 after purchasing an additional 281 shares during the period. 79.02% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several research firms have recently weighed in on CTVA. Barclays began coverage on Corteva in a research note on Wednesday, June 1st. They issued an “overweight” rating and a $71.00 price objective on the stock. UBS Group lowered their price objective on Corteva from $68.00 to $64.00 in a research note on Wednesday, July 13th. Citigroup upped their price objective on Corteva from $63.00 to $69.00 and gave the company a “buy” rating in a research note on Monday, August 8th. JPMorgan Chase & Co. upgraded Corteva from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $58.00 to $63.00 in a research note on Monday, August 8th. Finally, Argus upped their price objective on Corteva from $61.00 to $69.00 and gave the company a “buy” rating in a research note on Monday, May 23rd. One analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $68.60.
Corteva Stock Performance
Corteva (NYSE:CTVA – Get Rating) last released its earnings results on Thursday, August 4th. The company reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.47 by $0.17. The firm had revenue of $6.25 billion during the quarter, compared to analysts’ expectations of $6.09 billion. Corteva had a return on equity of 7.26% and a net margin of 10.31%. The company’s revenue was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.40 EPS. On average, research analysts predict that Corteva, Inc. will post 2.6 EPS for the current year.
Corteva Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Friday, August 12th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 0.98%. The ex-dividend date of this dividend was Thursday, August 11th. This is a boost from Corteva’s previous quarterly dividend of $0.14. Corteva’s dividend payout ratio is 25.32%.
Corteva declared that its Board of Directors has authorized a stock buyback plan on Tuesday, September 13th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to buy up to 4.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
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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