Hsbc Holdings PLC Buys 150,029 Shares of Corteva, Inc. (NYSE:CTVA)

Hsbc Holdings PLC grew its stake in shares of Corteva, Inc. (NYSE:CTVA) by 12.9% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 1,312,347 shares of the company’s stock after acquiring an additional 150,029 shares during the period. Hsbc Holdings PLC’s holdings in Corteva were worth $70,902,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Vanguard Personalized Indexing Management LLC lifted its stake in Corteva by 6.2% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 53,657 shares of the company’s stock worth $2,894,000 after acquiring an additional 3,126 shares during the period. Meiji Yasuda Asset Management Co Ltd. raised its holdings in shares of Corteva by 4.3% in the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 21,291 shares of the company’s stock valued at $1,148,000 after purchasing an additional 869 shares in the last quarter. Edgestream Partners L.P. bought a new stake in shares of Corteva in the 2nd quarter valued at about $4,777,000. Citizens Financial Group Inc. RI lifted its position in shares of Corteva by 66.9% in the 2nd quarter. Citizens Financial Group Inc. RI now owns 15,132 shares of the company’s stock worth $816,000 after purchasing an additional 6,064 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Corteva by 5.1% during the second quarter. Dimensional Fund Advisors LP now owns 4,649,450 shares of the company’s stock valued at $250,786,000 after purchasing an additional 224,423 shares in the last quarter. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Stock Performance

CTVA opened at $58.60 on Friday. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.10. Corteva, Inc. has a 12-month low of $43.22 and a 12-month high of $58.92. The firm has a 50 day moving average of $54.59 and a two-hundred day moving average of $54.73. The firm has a market capitalization of $40.84 billion, a PE ratio of 74.18, a P/E/G ratio of 1.60 and a beta of 0.77.

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

Corteva Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 1.16%. This is a positive change from Corteva’s previous quarterly dividend of $0.16. The ex-dividend date was Tuesday, September 3rd. Corteva’s dividend payout ratio (DPR) is 86.08%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on CTVA shares. Wells Fargo & Company reduced their price objective on shares of Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $65.00 price objective on shares of Corteva in a research report on Wednesday, June 12th. JPMorgan Chase & Co. reduced their target price on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. KeyCorp lowered their price target on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Finally, Argus lowered shares of Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Corteva has an average rating of “Moderate Buy” and an average target price of $61.67.

About Corteva

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.