Swedbank AB Acquires 69,782 Shares of Corteva, Inc. (NYSE:CTVA)

Swedbank AB boosted its holdings in Corteva, Inc. (NYSE:CTVA) by 18.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 457,877 shares of the company’s stock after acquiring an additional 69,782 shares during the quarter. Swedbank AB owned 0.07% of Corteva worth $26,919,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of CTVA. Anomaly Capital Management LP bought a new position in shares of Corteva during the 2nd quarter worth approximately $188,578,000. Vaughan Nelson Investment Management L.P. grew its stake in Corteva by 392.3% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 4,083,685 shares of the company’s stock valued at $220,274,000 after buying an additional 3,254,126 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Corteva by 28.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 6,842,907 shares of the company’s stock valued at $369,106,000 after purchasing an additional 1,514,954 shares in the last quarter. Panagora Asset Management Inc. grew its position in shares of Corteva by 700.2% during the 2nd quarter. Panagora Asset Management Inc. now owns 1,301,996 shares of the company’s stock valued at $70,230,000 after purchasing an additional 1,139,297 shares in the last quarter. Finally, Artemis Investment Management LLP purchased a new position in shares of Corteva during the 1st quarter valued at $63,238,000. Institutional investors own 81.54% of the company’s stock.

Corteva Price Performance

Corteva stock opened at $58.95 on Thursday. The firm has a 50-day moving average price of $56.05 and a 200-day moving average price of $55.05. The firm has a market capitalization of $41.09 billion, a PE ratio of 74.62, a price-to-earnings-growth ratio of 1.66 and a beta of 0.77. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.10. Corteva, Inc. has a 12-month low of $43.22 and a 12-month high of $59.08.

Corteva (NYSE:CTVA) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $1.83 earnings per share for the quarter, beating analysts’ consensus estimates of $1.74 by $0.09. Corteva had a net margin of 5.31% and a return on equity of 7.30%. The company had revenue of $6.11 billion during the quarter, compared to analyst estimates of $6.15 billion. During the same quarter last year, the business posted $1.60 EPS. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. As a group, equities research analysts forecast that Corteva, Inc. will post 2.66 EPS for the current year.

Corteva Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were issued a $0.17 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $0.68 annualized dividend and a dividend yield of 1.15%. This is a positive change from Corteva’s previous quarterly dividend of $0.16. Corteva’s payout ratio is currently 86.08%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Wells Fargo & Company lowered their price target on shares of Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Morgan Stanley reissued an “overweight” rating and issued a $65.00 price target on shares of Corteva in a research note on Tuesday, September 24th. JPMorgan Chase & Co. lowered their price objective on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. KeyCorp lowered their price objective on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Finally, Bank of America raised shares of Corteva from a “neutral” rating to a “buy” rating and upped their price objective for the company from $59.00 to $67.00 in a research note on Wednesday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $62.21.

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.