Allspring Global Investments Holdings LLC Raises Holdings in Corteva, Inc. $CTVA

Allspring Global Investments Holdings LLC grew its position in Corteva, Inc. (NYSE:CTVA) by 3.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 49,087 shares of the company’s stock after buying an additional 1,419 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Corteva were worth $3,687,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. Nuveen LLC purchased a new stake in shares of Corteva during the 1st quarter worth $640,333,000. Assenagon Asset Management S.A. lifted its stake in shares of Corteva by 4,769.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,924,419 shares of the company’s stock worth $143,427,000 after purchasing an additional 1,884,897 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Corteva by 54.6% during the 1st quarter. JPMorgan Chase & Co. now owns 5,009,038 shares of the company’s stock worth $315,219,000 after purchasing an additional 1,769,355 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Corteva by 65.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,251,449 shares of the company’s stock worth $204,615,000 after purchasing an additional 1,290,009 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of Corteva by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 79,814,646 shares of the company’s stock worth $5,022,736,000 after purchasing an additional 639,799 shares during the last quarter. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Corteva Stock Up 0.9%

Shares of CTVA stock opened at $61.93 on Tuesday. The stock’s 50-day simple moving average is $69.23 and its 200-day simple moving average is $69.02. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.23 and a current ratio of 1.68. The firm has a market capitalization of $42.06 billion, a PE ratio of 30.21, a P/E/G ratio of 1.40 and a beta of 0.76. Corteva, Inc. has a fifty-two week low of $53.40 and a fifty-two week high of $77.41.

Corteva (NYSE:CTVA) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $2.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.89 by $0.31. The business had revenue of $6.46 billion for the quarter, compared to analyst estimates of $6.26 billion. Corteva had a return on equity of 8.68% and a net margin of 8.16%.The company’s revenue was up 5.6% on a year-over-year basis. During the same period in the prior year, the company earned $1.83 earnings per share. Equities analysts expect that Corteva, Inc. will post 2.96 earnings per share for the current year.

Corteva Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were issued a $0.18 dividend. This is a boost from Corteva’s previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Tuesday, September 2nd. Corteva’s dividend payout ratio is currently 35.12%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Jefferies Financial Group decreased their price objective on Corteva from $92.00 to $85.00 in a research note on Thursday, October 2nd. KeyCorp restated a “sector weight” rating on shares of Corteva in a research note on Friday, October 3rd. JPMorgan Chase & Co. upgraded Corteva from a “neutral” rating to an “overweight” rating and set a $67.00 price objective for the company in a research note on Thursday, October 2nd. Deutsche Bank Aktiengesellschaft increased their price target on Corteva from $83.00 to $90.00 and gave the company a “buy” rating in a research note on Monday, September 15th. Finally, Citigroup cut Corteva from a “buy” rating to a “neutral” rating and decreased their price target for the company from $83.00 to $70.00 in a research note on Thursday, October 2nd. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $80.31.

Insider Buying and Selling at Corteva

In other news, EVP Robert D. King sold 37,280 shares of the stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $74.20, for a total value of $2,766,176.00. Following the transaction, the executive vice president directly owned 49,262 shares of the company’s stock, valued at approximately $3,655,240.40. This represents a 43.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.15% of the company’s stock.

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.