Principal Financial Group Inc. Lowers Stock Holdings in Corteva, Inc. (NYSE:CTVA)

Principal Financial Group Inc. decreased its position in shares of Corteva, Inc. (NYSE:CTVA) by 0.1% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,829,105 shares of the company’s stock after selling 5,772 shares during the quarter. Principal Financial Group Inc. owned approximately 0.79% of Corteva worth $258,520,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CTVA. Putnam Investments LLC increased its holdings in Corteva by 8,489.0% in the 1st quarter. Putnam Investments LLC now owns 6,923,257 shares of the company’s stock valued at $322,763,000 after acquiring an additional 6,842,651 shares during the last quarter. Bessemer Group Inc. increased its holdings in shares of Corteva by 52,735.8% in the 1st quarter. Bessemer Group Inc. now owns 3,896,641 shares of the company’s stock worth $181,661,000 after buying an additional 3,889,266 shares during the last quarter. Nuveen Asset Management LLC increased its holdings in shares of Corteva by 33.8% in the 1st quarter. Nuveen Asset Management LLC now owns 4,392,918 shares of the company’s stock worth $204,797,000 after buying an additional 1,110,022 shares during the last quarter. Northern Trust Corp increased its holdings in shares of Corteva by 5.8% in the 1st quarter. Northern Trust Corp now owns 12,439,207 shares of the company’s stock worth $579,916,000 after buying an additional 685,851 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Corteva by 5.1% in the 1st quarter. Geode Capital Management LLC now owns 13,222,768 shares of the company’s stock worth $614,859,000 after buying an additional 636,356 shares during the last quarter. Institutional investors own 78.51% of the company’s stock.

Shares of CTVA opened at $42.26 on Wednesday. Corteva, Inc. has a fifty-two week low of $27.18 and a fifty-two week high of $49.98. The company has a 50 day moving average price of $43.44 and a 200-day moving average price of $45.20. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.48 and a current ratio of 1.97. The stock has a market capitalization of $31.03 billion, a PE ratio of 25.77, a PEG ratio of 1.36 and a beta of 0.82.

Corteva (NYSE:CTVA) last posted its earnings results on Thursday, August 5th. The company reported $1.40 EPS for the quarter, beating the Zacks’ consensus estimate of $1.25 by $0.15. Corteva had a net margin of 8.19% and a return on equity of 5.49%. The company had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $5.29 billion. During the same quarter in the prior year, the company posted $1.26 earnings per share. Equities research analysts forecast that Corteva, Inc. will post 2.03 EPS for the current year.

Corteva declared that its Board of Directors has initiated a share buyback plan on Thursday, August 5th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 4.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 15th. Investors of record on Friday, August 13th will be given a dividend of $0.14 per share. This is a boost from Corteva’s previous quarterly dividend of $0.13. The ex-dividend date is Thursday, August 12th. This represents a $0.56 dividend on an annualized basis and a yield of 1.33%. Corteva’s dividend payout ratio is presently 37.33%.

A number of analysts have recently weighed in on CTVA shares. Zacks Investment Research upgraded shares of Corteva from a “sell” rating to a “hold” rating in a report on Tuesday, August 10th. Barclays reduced their target price on shares of Corteva from $53.00 to $51.00 and set an “equal weight” rating on the stock in a report on Monday, August 9th. Berenberg Bank began coverage on shares of Corteva in a report on Wednesday, September 1st. They set a “buy” rating and a $58.00 price target on the stock. Royal Bank of Canada upped their price target on shares of Corteva from $52.00 to $54.00 and gave the company an “outperform” rating in a report on Monday, August 9th. Finally, Monness Crespi & Hardt upgraded shares of Corteva from a “sell” rating to a “neutral” rating in a report on Monday, August 9th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $49.33.

Corteva Company Profile

Corteva, Inc operates as a holding company. It engages in the provision of agricultural products. The firm operates through the following segments: Seed and Crop Protection. The Seed segment develops and supplies germplasm and traits that produce optimum yield for farms. The Crop Protection segment serves the global agricultural input industry with products that protect against weeds, insects and other pests, and disease and that improve overall crop health both above and below ground via nitrogen management and seed-applied technologies.

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Institutional Ownership by Quarter for Corteva (NYSE:CTVA)

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