CIBC Asset Management Inc Raises Holdings in Corteva (NYSE:CTVA)

CIBC Asset Management Inc grew its position in shares of Corteva (NYSE:CTVA) by 1.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 70,974 shares of the company’s stock after purchasing an additional 914 shares during the period. CIBC Asset Management Inc’s holdings in Corteva were worth $1,901,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of CTVA. Aristotle Capital Management LLC grew its position in shares of Corteva by 80.1% during the first quarter. Aristotle Capital Management LLC now owns 24,927,669 shares of the company’s stock valued at $585,800,000 after purchasing an additional 11,086,514 shares in the last quarter. Norges Bank bought a new position in shares of Corteva in the 4th quarter valued at about $122,993,000. Van ECK Associates Corp lifted its holdings in shares of Corteva by 35.1% in the 1st quarter. Van ECK Associates Corp now owns 4,762,413 shares of the company’s stock valued at $111,916,000 after acquiring an additional 1,237,454 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Corteva by 244.8% in the 1st quarter. Janus Henderson Group PLC now owns 1,487,893 shares of the company’s stock valued at $34,960,000 after acquiring an additional 1,056,349 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in shares of Corteva by 28.8% in the 1st quarter. Principal Financial Group Inc. now owns 4,096,704 shares of the company’s stock valued at $96,273,000 after acquiring an additional 916,712 shares during the last quarter. Hedge funds and other institutional investors own 78.10% of the company’s stock.

CTVA has been the subject of a number of analyst reports. Monness Crespi & Hardt downgraded shares of Corteva from a “neutral” rating to a “sell” rating and set a $24.00 price target for the company. in a report on Monday, June 8th. Royal Bank of Canada increased their price target on shares of Corteva from $27.00 to $31.00 and gave the company an “outperform” rating in a report on Monday, May 11th. CSFB decreased their price objective on shares of Corteva from $31.00 to $28.00 and set a “neutral” rating for the company in a research note on Tuesday, May 5th. Zacks Investment Research raised shares of Corteva from a “sell” rating to a “hold” rating in a research note on Monday, May 18th. Finally, Loop Capital raised shares of Corteva from a “sell” rating to a “hold” rating and set a $28.00 price objective for the company in a research note on Friday, April 17th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $30.69.

Corteva stock opened at $28.56 on Friday. The company has a 50 day moving average price of $27.38 and a 200-day moving average price of $26.87. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.12 and a current ratio of 1.60. Corteva has a fifty-two week low of $20.38 and a fifty-two week high of $32.78. The company has a market capitalization of $21.37 billion and a PE ratio of -25.05.

Corteva (NYSE:CTVA) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.59 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.20. The company had revenue of $3.96 billion for the quarter, compared to analyst estimates of $3.56 billion. Corteva had a negative net margin of 5.91% and a positive return on equity of 5.09%. The firm’s revenue was up 16.5% on a year-over-year basis. On average, analysts forecast that Corteva will post 1.35 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Friday, August 14th will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 1.82%. The ex-dividend date of this dividend is Thursday, August 13th. Corteva’s payout ratio is 36.36%.

Corteva Company Profile

Corteva, Inc provides agriculture products worldwide. The company develops and supplies germplasm and traits in corn, soybean, and sunflower seed markets. It also supplies products to the agricultural input industry that protect against weeds, insects and other pests, and diseases, as well as to enhance crop health.

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Institutional Ownership by Quarter for Corteva (NYSE:CTVA)

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