Corteva, Inc. (NYSE:CTVA) Shares Purchased by Public Sector Pension Investment Board

Public Sector Pension Investment Board boosted its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 9.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 93,110 shares of the company’s stock after acquiring an additional 7,719 shares during the period. Public Sector Pension Investment Board’s holdings in Corteva were worth $5,859,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of CTVA. Pinney & Scofield Inc. acquired a new stake in Corteva during the 4th quarter valued at $27,000. LGT Financial Advisors LLC acquired a new stake in shares of Corteva during the fourth quarter valued at $31,000. Valley National Advisers Inc. increased its position in Corteva by 85.9% during the 1st quarter. Valley National Advisers Inc. now owns 526 shares of the company’s stock worth $33,000 after purchasing an additional 243 shares in the last quarter. Richardson Capital Management LLC acquired a new position in Corteva in the 1st quarter valued at about $37,000. Finally, von Borstel & Associates Inc. purchased a new position in Corteva in the 1st quarter valued at about $44,000. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Stock Performance

NYSE CTVA opened at $71.74 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.68 and a quick ratio of 1.23. Corteva, Inc. has a 1-year low of $52.59 and a 1-year high of $77.41. The firm has a market capitalization of $48.72 billion, a P/E ratio of 35.00, a P/E/G ratio of 1.64 and a beta of 0.75. The business’s 50-day simple moving average is $73.35 and its 200-day simple moving average is $66.79.

Corteva (NYSE:CTVA) last announced its quarterly earnings results 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. Corteva had a net margin of 8.16% and a return on equity of 8.68%. The firm had revenue of $6.46 billion for the quarter, compared to analysts’ expectations of $6.26 billion. During the same period in the previous year, the company posted $1.83 earnings per share. Corteva’s revenue was up 5.6% compared to the same quarter last year. Equities analysts predict that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be given a $0.18 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This is a positive change from Corteva’s previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a dividend yield of 1.0%. Corteva’s dividend payout ratio (DPR) is currently 33.17%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CTVA. KeyCorp boosted their price objective on shares of Corteva from $84.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, August 8th. BMO Capital Markets lifted their target price on shares of Corteva from $74.00 to $86.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 8th. Oppenheimer set a $87.00 price target on Corteva and gave the stock an “outperform” rating in a research note on Tuesday, July 15th. Morgan Stanley raised their price objective on Corteva from $65.00 to $71.00 and gave the stock an “overweight” rating in a report on Friday, May 9th. Finally, Wall Street Zen upgraded Corteva from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. Two research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $80.25.

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.