MQS Management LLC Acquires Shares of 7,063 Corteva, Inc. (NYSE:CTVA)

MQS Management LLC bought a new stake in shares of Corteva, Inc. (NYSE:CTVA) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 7,063 shares of the company’s stock, valued at approximately $381,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Capital International Investors grew its stake in Corteva by 2.6% during the 1st quarter. Capital International Investors now owns 26,437,457 shares of the company’s stock valued at $1,524,648,000 after purchasing an additional 678,722 shares in the last quarter. Northern Trust Corp grew its position in shares of Corteva by 2.5% during the fourth quarter. Northern Trust Corp now owns 12,815,795 shares of the company’s stock worth $614,133,000 after buying an additional 310,012 shares in the last quarter. Van ECK Associates Corp increased its stake in shares of Corteva by 7.2% in the first quarter. Van ECK Associates Corp now owns 9,145,282 shares of the company’s stock worth $527,409,000 after buying an additional 617,030 shares during the last quarter. Harris Associates L P raised its holdings in Corteva by 87.1% in the fourth quarter. Harris Associates L P now owns 9,011,702 shares of the company’s stock valued at $431,841,000 after acquiring an additional 4,194,981 shares in the last quarter. Finally, Putnam Investments LLC boosted its stake in Corteva by 12.9% during the 4th quarter. Putnam Investments LLC now owns 8,950,382 shares of the company’s stock valued at $428,902,000 after acquiring an additional 1,021,733 shares during the last quarter. 81.54% of the stock is owned by hedge funds and other institutional investors.

Corteva Stock Performance

Shares of CTVA stock opened at $58.60 on Friday. Corteva, Inc. has a 12-month low of $43.22 and a 12-month high of $58.92. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.72 and a quick ratio of 1.17. The firm has a market capitalization of $40.84 billion, a price-to-earnings ratio of 74.18, a price-to-earnings-growth ratio of 1.60 and a beta of 0.77. The business has a 50 day simple moving average of $54.59 and a 200 day simple moving average of $54.73.

Corteva (NYSE:CTVA) last released its quarterly 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 return on equity of 7.30% and a net margin of 5.31%. The company had revenue of $6.11 billion during the quarter, compared to analysts’ expectations of $6.15 billion. During the same quarter in the prior year, the business posted $1.60 earnings per share. The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. On average, equities research analysts anticipate that Corteva, Inc. will post 2.69 EPS for the current year.

Corteva Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd were given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.16%. This is an increase from Corteva’s previous quarterly dividend of $0.16. The ex-dividend date was Tuesday, September 3rd. Corteva’s payout ratio is 86.08%.

Analyst Ratings Changes

CTVA has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. cut their target price on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. OTR Global reaffirmed a “negative” rating on shares of Corteva in a report on Friday, June 7th. Argus downgraded Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. KeyCorp reduced their price objective on Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Finally, Mizuho lowered their target price on shares of Corteva from $61.00 to $60.00 and set a “buy” rating for the company in a research note on Tuesday, June 18th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $61.67.

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.