Marshall Wace LLP Makes New $15.29 Million Investment in Corteva, Inc. (NYSE:CTVA)

Marshall Wace LLP acquired a new stake in shares of Corteva, Inc. (NYSE:CTVA) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 283,384 shares of the company’s stock, valued at approximately $15,286,000.

A number of other institutional investors have also made changes to their positions in the company. Mediolanum International Funds Ltd purchased a new position in Corteva in the first quarter valued at about $2,270,000. Red Mountain Financial LLC acquired a new stake in shares of Corteva during the fourth quarter worth approximately $862,000. California State Teachers Retirement System increased its stake in shares of Corteva by 15.1% in the fourth quarter. California State Teachers Retirement System now owns 1,383,280 shares of the company’s stock worth $66,287,000 after buying an additional 181,883 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Corteva by 14.7% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 948,127 shares of the company’s stock valued at $54,678,000 after acquiring an additional 121,817 shares in the last quarter. Finally, Los Angeles Capital Management LLC bought a new position in Corteva during the 1st quarter valued at $1,965,000. 81.54% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. dropped their target price on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. KeyCorp cut 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. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $65.00 target price on shares of Corteva in a research report on Wednesday, June 12th. OTR Global reissued a “negative” rating on shares of Corteva in a research report on Friday, June 7th. Finally, Argus downgraded shares of Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $61.94.

Corteva Price Performance

Shares of NYSE:CTVA opened at $58.58 on Friday. The firm’s 50 day moving average is $55.02 and its two-hundred day moving average is $54.88. The firm has a market capitalization of $40.83 billion, a P/E ratio of 74.15, a PEG ratio of 1.68 and a beta of 0.77. 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 52 week low of $43.22 and a 52 week high of $59.08.

Corteva (NYSE:CTVA) last posted its earnings results on Wednesday, July 31st. The company reported $1.83 EPS for the quarter, beating 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 firm had revenue of $6.11 billion for the quarter, compared to analysts’ expectations of $6.15 billion. During the same period last year, the firm earned $1.60 EPS. The firm’s revenue was up 1.1% compared to the same quarter last year. Analysts anticipate that Corteva, Inc. will post 2.69 earnings per share for the current year.

Corteva Increases Dividend

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

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.