Swedbank AB Acquires 53,430 Shares of Corteva, Inc. (NYSE:CTVA)

Swedbank AB boosted its position in Corteva, Inc. (NYSE:CTVA) by 16.0% in the second quarter, HoldingsChannel reports. The firm owned 388,095 shares of the company’s stock after buying an additional 53,430 shares during the quarter. Swedbank AB’s holdings in Corteva were worth $20,934,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Redmont Wealth Advisors LLC bought a new stake in Corteva in the 1st quarter worth about $25,000. Acadian Asset Management LLC bought a new stake in Corteva in the 1st quarter worth about $25,000. Rise Advisors LLC grew its position in Corteva by 2,522.2% in the 1st quarter. Rise Advisors LLC now owns 472 shares of the company’s stock worth $27,000 after purchasing an additional 454 shares in the last quarter. Albion Financial Group UT grew its position in Corteva by 77.2% in the 1st quarter. Albion Financial Group UT now owns 505 shares of the company’s stock worth $29,000 after purchasing an additional 220 shares in the last quarter. Finally, Ironwood Wealth Management Inc. grew its position in Corteva by 106.1% in the 1st quarter. Ironwood Wealth Management Inc. now owns 544 shares of the company’s stock worth $31,000 after purchasing an additional 280 shares in the last quarter. 81.54% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on CTVA. OTR Global reaffirmed a “negative” rating on shares of Corteva in a research report on Friday, June 7th. Oppenheimer boosted their target price on shares of Corteva from $67.00 to $69.00 and gave the company an “outperform” rating in a research note on Friday, May 3rd. Argus cut shares of Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. KeyCorp dropped their target price on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Finally, Canaccord Genuity Group boosted their target price on shares of Corteva from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $62.00.

Corteva Price Performance

NYSE CTVA traded up $1.04 on Friday, hitting $53.80. The stock had a trading volume of 2,926,129 shares, compared to its average volume of 3,371,955. Corteva, Inc. has a 52-week low of $43.22 and a 52-week high of $58.76. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.97 and a current ratio of 1.72. The company has a market capitalization of $37.50 billion, a price-to-earnings ratio of 68.20, a price-to-earnings-growth ratio of 1.46 and a beta of 0.77. The firm has a 50-day moving average of $52.87 and a 200-day moving average of $54.26.

Corteva (NYSE:CTVA) last posted its earnings results on Wednesday, July 31st. The company reported $1.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.09. Corteva had a net margin of 5.31% and a return on equity of 7.30%. The business had revenue of $6.11 billion for the quarter, compared to analysts’ expectations of $6.15 billion. During the same period in the prior year, the company posted $1.60 EPS. The business’s revenue for the quarter was up 1.1% compared to the same quarter last year. Equities analysts expect that Corteva, Inc. will post 2.73 EPS for the current year.

Corteva Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd will be paid a $0.17 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This is a boost from Corteva’s previous quarterly dividend of $0.16. This represents a $0.68 annualized dividend and a yield of 1.26%. Corteva’s dividend payout ratio is currently 86.08%.

Corteva Company 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.