Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Corteva, Inc. (NYSE:CTVA – Get Rating) by 65.3% during the 1st quarter, HoldingsChannel.com reports. The fund owned 114,715 shares of the company’s stock after acquiring an additional 45,302 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Corteva were worth $6,594,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also bought and sold shares of CTVA. Norges Bank bought a new stake in Corteva during the fourth quarter worth about $465,952,000. First Trust Advisors LP raised its holdings in Corteva by 294.8% during the first quarter. First Trust Advisors LP now owns 5,194,288 shares of the company’s stock worth $298,568,000 after acquiring an additional 3,878,590 shares in the last quarter. 1832 Asset Management L.P. bought a new stake in Corteva during the first quarter worth about $152,193,000. Arrowstreet Capital Limited Partnership raised its holdings in Corteva by 244.0% during the first quarter. Arrowstreet Capital Limited Partnership now owns 2,133,182 shares of the company’s stock worth $122,615,000 after acquiring an additional 1,513,063 shares in the last quarter. Finally, BlackRock Inc. raised its holdings in Corteva by 2.5% during the first quarter. BlackRock Inc. now owns 61,242,962 shares of the company’s stock worth $3,520,247,000 after acquiring an additional 1,483,373 shares in the last quarter. Institutional investors own 79.02% of the company’s stock.
Analyst Upgrades and Downgrades
Several analysts recently issued reports on CTVA shares. Mizuho upped their target price on Corteva from $68.00 to $69.00 and gave the stock a “buy” rating in a report on Monday, August 8th. BMO Capital Markets upped their price objective on Corteva from $66.00 to $72.00 and gave the company an “outperform” rating in a research note on Wednesday, September 14th. Barclays initiated 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. 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, UBS Group dropped their price objective on Corteva from $68.00 to $64.00 in a research note on Wednesday, July 13th. One investment analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, Corteva currently has a consensus rating of “Moderate Buy” and an average price target of $68.60.
Insider Buying and Selling at Corteva
Corteva Trading Down 3.5 %
Shares of NYSE:CTVA opened at $59.23 on Thursday. The company has a market capitalization of $42.86 billion, a P/E ratio of 24.99, a P/E/G ratio of 1.55 and a beta of 0.68. Corteva, Inc. has a 1 year low of $41.37 and a 1 year high of $64.30. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.88 and a quick ratio of 1.35. The business’s 50 day simple moving average is $59.29 and its 200 day simple moving average is $57.85.
Corteva (NYSE:CTVA – Get Rating) last issued its quarterly 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 business had revenue of $6.25 billion for the quarter, compared to the consensus estimate of $6.09 billion. Corteva had a return on equity of 7.26% and a net margin of 10.31%. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.40 earnings per share. On average, research analysts anticipate that Corteva, Inc. will post 2.6 EPS for the current fiscal year.
Corteva Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Friday, August 12th were given a dividend of $0.15 per share. The ex-dividend date was Thursday, August 11th. This represents a $0.60 dividend on an annualized basis and a yield of 1.01%. This is an increase from Corteva’s previous quarterly dividend of $0.14. Corteva’s dividend payout ratio is currently 25.32%.
Corteva announced that its Board of Directors has authorized a share buyback plan on Tuesday, September 13th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 4.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is 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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