abrdn plc Increases Position in Corteva, Inc. (NYSE:CTVA)

abrdn plc boosted its stake in shares of Corteva, Inc. (NYSE:CTVA) by 67.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 303,231 shares of the company’s stock after buying an additional 122,359 shares during the quarter. abrdn plc’s holdings in Corteva were worth $14,531,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Harris Associates L P purchased a new stake in shares of Corteva in the 3rd quarter worth about $246,423,000. Van ECK Associates Corp grew its position in shares of Corteva by 78.7% in the third quarter. Van ECK Associates Corp now owns 7,645,091 shares of the company’s stock valued at $391,123,000 after purchasing an additional 3,366,106 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Corteva by 29.8% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 11,095,076 shares of the company’s stock worth $567,624,000 after purchasing an additional 2,545,570 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Corteva by 2.4% during the 3rd quarter. Vanguard Group Inc. now owns 81,346,924 shares of the company’s stock worth $4,161,709,000 after purchasing an additional 1,941,323 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in Corteva by 662.9% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,535,708 shares of the company’s stock valued at $73,591,000 after buying an additional 1,334,415 shares in the last quarter. 81.54% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on CTVA. JPMorgan Chase & Co. reissued a “neutral” rating and set a $57.00 price target (down previously from $58.00) on shares of Corteva in a research report on Friday, April 12th. KeyCorp boosted their target price on shares of Corteva from $63.00 to $66.00 and gave the company an “overweight” rating in a research note on Tuesday, April 9th. Royal Bank of Canada raised their price target on shares of Corteva from $56.00 to $64.00 and gave the stock an “outperform” rating in a research note on Friday, February 2nd. Oppenheimer boosted their price objective on shares of Corteva from $62.00 to $67.00 and gave the company an “outperform” rating in a research report on Tuesday, April 16th. Finally, TheStreet upgraded shares of Corteva from a “c+” rating to a “b-” rating in a research report on Tuesday, February 27th. Six equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $63.29.

Corteva Price Performance

Shares of NYSE CTVA opened at $54.77 on Thursday. The business has a 50 day moving average price of $55.28 and a two-hundred day moving average price of $50.40. Corteva, Inc. has a fifty-two week low of $43.22 and a fifty-two week high of $61.87. The firm has a market cap of $38.28 billion, a PE ratio of 53.70, a price-to-earnings-growth ratio of 1.45 and a beta of 0.77. The company has a quick ratio of 0.90, a current ratio of 1.56 and a debt-to-equity ratio of 0.09.

Corteva (NYSE:CTVA) last issued its earnings results on Thursday, February 1st. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.09. The business had revenue of $3.71 billion for the quarter, compared to analyst estimates of $3.54 billion. Corteva had a net margin of 4.27% and a return on equity of 7.43%. During the same quarter in the prior year, the business posted $0.16 EPS. Sell-side analysts expect that Corteva, Inc. will post 2.84 earnings per share for the current fiscal year.

Corteva Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were paid a dividend of $0.16 per share. The ex-dividend date was Thursday, February 29th. This represents a $0.64 annualized dividend and a yield of 1.17%. Corteva’s dividend payout ratio (DPR) is 62.75%.

About Corteva

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.