Corteva, Inc. (NYSE:CTVA) Shares Bought by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Corteva, Inc. (NYSE:CTVAGet Rating) by 4.7% during the 2nd quarter, Holdings Channel reports. The fund owned 48,996 shares of the company’s stock after purchasing an additional 2,204 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Corteva were worth $2,653,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of CTVA. Schroder Investment Management Group raised its stake in shares of Corteva by 38.4% in the fourth quarter. Schroder Investment Management Group now owns 372,276 shares of the company’s stock valued at $17,601,000 after acquiring an additional 103,349 shares in the last quarter. GSA Capital Partners LLP purchased a new position in Corteva in the fourth quarter valued at $811,000. Blair William & Co. IL increased its holdings in Corteva by 1.7% in the fourth quarter. Blair William & Co. IL now owns 91,836 shares of the company’s stock valued at $4,342,000 after buying an additional 1,518 shares during the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased its holdings in Corteva by 31.8% in the fourth quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 47,253 shares of the company’s stock valued at $2,234,000 after buying an additional 11,410 shares during the last quarter. Finally, Nuveen Asset Management LLC increased its holdings in Corteva by 3.2% in the fourth quarter. Nuveen Asset Management LLC now owns 3,876,945 shares of the company’s stock valued at $183,302,000 after buying an additional 119,754 shares during the last quarter. 79.02% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Corteva

In related news, insider Audrey Grimm sold 10,000 shares of the firm’s stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $62.79, for a total value of $627,900.00. Following the completion of the sale, the insider now owns 7,511 shares in the company, valued at $471,615.69. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.08% of the stock is owned by insiders.

Corteva Stock Performance

NYSE CTVA opened at $59.76 on Friday. The company has a quick ratio of 1.35, a current ratio of 1.88 and a debt-to-equity ratio of 0.05. Corteva, Inc. has a 52-week low of $41.37 and a 52-week high of $64.30. The business’s 50-day moving average price is $59.46 and its 200 day moving average price is $57.91. The firm has a market cap of $43.25 billion, a P/E ratio of 25.22, a P/E/G ratio of 1.50 and a beta of 0.68.

Corteva (NYSE:CTVAGet Rating) last released 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 firm had revenue of $6.25 billion for the quarter, compared to analyst estimates of $6.09 billion. Corteva had a return on equity of 7.26% and a net margin of 10.31%. The business’s revenue was up 11.6% on a year-over-year basis. During the same quarter last year, the company posted $1.40 earnings per share. On average, equities research analysts expect that Corteva, Inc. will post 2.6 earnings per share for the current year.

Corteva announced that its board has initiated a share buyback plan on Tuesday, September 13th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to repurchase up to 4.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Corteva Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Friday, August 12th were given a $0.15 dividend. The ex-dividend date of this dividend was Thursday, August 11th. This represents a $0.60 dividend on an annualized basis and a yield of 1.00%. This is an increase from Corteva’s previous quarterly dividend of $0.14. Corteva’s dividend payout ratio (DPR) is presently 25.32%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Deutsche Bank Aktiengesellschaft increased their target price on Corteva from $68.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, September 15th. Barclays assumed coverage on Corteva in a report on Wednesday, June 1st. They issued an “overweight” rating and a $71.00 target price on the stock. Credit Suisse Group increased their target price on Corteva to $72.00 in a report on Tuesday, August 9th. JPMorgan Chase & Co. raised Corteva from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $58.00 to $63.00 in a report on Monday, August 8th. Finally, Royal Bank of Canada raised their price objective on Corteva from $67.00 to $72.00 and gave the stock an “outperform” rating in a report on Tuesday, August 9th. One investment analyst has rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $69.00.

About Corteva

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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.

Further Reading

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Institutional Ownership by Quarter for Corteva (NYSE:CTVA)

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