Principal Financial Group Inc. Has $246.60 Million Stake in Corteva, Inc. (NYSE:CTVA)

Principal Financial Group Inc. reduced its position in shares of Corteva, Inc. (NYSE:CTVA) by 0.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,571,644 shares of the company’s stock after selling 10,663 shares during the quarter. Principal Financial Group Inc. owned 0.66% of Corteva worth $246,595,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. &PARTNERS grew its holdings in shares of Corteva by 4.3% during the 1st quarter. &PARTNERS now owns 4,829 shares of the company’s stock valued at $278,000 after acquiring an additional 200 shares in the last quarter. Herr Investment Group LLC grew its stake in Corteva by 2.8% in the first quarter. Herr Investment Group LLC now owns 7,400 shares of the company’s stock valued at $427,000 after purchasing an additional 200 shares in the last quarter. Baxter Bros Inc. increased its position in Corteva by 1.2% in the 4th quarter. Baxter Bros Inc. now owns 17,576 shares of the company’s stock worth $842,000 after purchasing an additional 215 shares during the last quarter. Albion Financial Group UT raised its stake in shares of Corteva by 77.2% during the 1st quarter. Albion Financial Group UT now owns 505 shares of the company’s stock worth $29,000 after purchasing an additional 220 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of Corteva by 1.3% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 17,986 shares of the company’s stock valued at $1,037,000 after buying an additional 227 shares during the last quarter. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Price Performance

NYSE:CTVA traded up $0.30 during trading hours on Friday, reaching $57.30. The company had a trading volume of 4,229,108 shares, compared to its average volume of 3,343,962. The company has a quick ratio of 0.97, a current ratio of 1.72 and a debt-to-equity ratio of 0.10. The stock has a 50-day moving average of $53.49 and a two-hundred day moving average of $54.54. Corteva, Inc. has a one year low of $43.22 and a one year high of $58.76. The firm has a market capitalization of $39.94 billion, a PE ratio of 71.99, a PEG ratio of 1.46 and a beta of 0.77.

Corteva (NYSE:CTVA) last issued 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. The company had revenue of $6.11 billion for the quarter, compared to the consensus estimate of $6.15 billion. Corteva had a net margin of 5.31% and a return on equity of 7.30%. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.60 EPS. Analysts forecast that Corteva, Inc. will post 2.73 earnings per share for the current year.

Corteva Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd will be paid a $0.17 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.19%. This is a boost from Corteva’s previous quarterly dividend of $0.16. Corteva’s payout ratio is 86.08%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Wells Fargo & Company reduced their target price 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. OTR Global reiterated a “negative” rating on shares of Corteva in a report on Friday, June 7th. Argus cut shares of Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. Oppenheimer boosted their price objective on Corteva from $67.00 to $69.00 and gave the stock an “outperform” rating in a research report on Friday, May 3rd. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $65.00 target price on shares of Corteva in a research report on Wednesday, June 12th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus 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.