iA Global Asset Management Inc. Boosts Stock Position in Corteva, Inc. $CTVA

iA Global Asset Management Inc. lifted its position in Corteva, Inc. (NYSE:CTVA) by 435.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 31,100 shares of the company’s stock after purchasing an additional 25,290 shares during the quarter. iA Global Asset Management Inc.’s holdings in Corteva were worth $2,318,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Corteva by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 79,814,646 shares of the company’s stock worth $5,022,736,000 after purchasing an additional 639,799 shares in the last quarter. Independent Franchise Partners LLP boosted its holdings in Corteva by 1.8% during the 1st quarter. Independent Franchise Partners LLP now owns 16,785,300 shares of the company’s stock valued at $1,056,299,000 after acquiring an additional 288,792 shares during the period. Northern Trust Corp boosted its holdings in Corteva by 1.0% during the 1st quarter. Northern Trust Corp now owns 11,759,755 shares of the company’s stock valued at $740,041,000 after acquiring an additional 110,865 shares during the period. Nuveen LLC purchased a new stake in Corteva during the 1st quarter valued at about $640,333,000. Finally, WCM Investment Management LLC boosted its holdings in Corteva by 29.6% during the 2nd quarter. WCM Investment Management LLC now owns 9,044,706 shares of the company’s stock valued at $672,836,000 after acquiring an additional 2,066,519 shares during the period. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Corteva Stock Up 0.8%

CTVA stock opened at $61.93 on Tuesday. Corteva, Inc. has a twelve month low of $53.40 and a twelve month high of $77.41. The company has a quick ratio of 1.23, a current ratio of 1.68 and a debt-to-equity ratio of 0.06. The firm has a market cap of $42.06 billion, a PE ratio of 30.21, a price-to-earnings-growth ratio of 1.40 and a beta of 0.81. The business has a 50 day moving average of $67.29 and a 200 day moving average of $69.42.

Corteva (NYSE:CTVA) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $2.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.89 by $0.31. The company had revenue of $6.46 billion during the quarter, compared to analyst estimates of $6.26 billion. Corteva had a return on equity of 8.68% and a net margin of 8.16%.The firm’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter last year, the company earned $1.83 EPS. On average, research analysts forecast that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be given a dividend of $0.18 per share. The ex-dividend date is Monday, December 1st. This represents a $0.72 dividend on an annualized basis and a yield of 1.2%. Corteva’s dividend payout ratio is 35.12%.

Insiders Place Their Bets

In related news, EVP Robert D. King sold 37,280 shares of the stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $74.20, for a total transaction of $2,766,176.00. Following the transaction, the executive vice president owned 49,262 shares in the company, valued at $3,655,240.40. This represents a 43.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.15% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. BMO Capital Markets set a $86.00 target price on Corteva in a report on Monday, September 15th. KeyCorp restated a “sector weight” rating on shares of Corteva in a report on Friday, October 3rd. Barclays upgraded Corteva from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $75.00 to $84.00 in a report on Wednesday, August 13th. Mizuho dropped their target price on Corteva from $85.00 to $78.00 and set an “outperform” rating for the company in a report on Wednesday, October 8th. Finally, Royal Bank Of Canada dropped their target price on Corteva from $86.00 to $80.00 and set an “outperform” rating for the company in a report on Friday, October 17th. Fifteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Corteva has an average rating of “Moderate Buy” and a consensus price target of $79.65.

Corteva Profile

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.