Fmr LLC Buys 203,126 Shares of Corteva, Inc. (NYSE:CTVA)

Fmr LLC boosted its position in Corteva, Inc. (NYSE:CTVA) by 1.9% during the 3rd quarter, Holdings Channel.com reports. The firm owned 10,747,791 shares of the company’s stock after purchasing an additional 203,126 shares during the period. Fmr LLC’s holdings in Corteva were worth $631,863,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. KBC Group NV raised its holdings in shares of Corteva by 267.3% in the 3rd quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock valued at $65,851,000 after acquiring an additional 815,135 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of Corteva by 51.4% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 123,621 shares of the company’s stock valued at $6,668,000 after buying an additional 41,943 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Corteva by 1.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,523,996 shares of the company’s stock worth $265,966,000 after acquiring an additional 66,052 shares during the last quarter. Thrivent Financial for Lutherans grew its position in Corteva by 16.1% in the third quarter. Thrivent Financial for Lutherans now owns 1,025,266 shares of the company’s stock worth $60,275,000 after acquiring an additional 141,898 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its stake in Corteva by 0.4% in the third quarter. Nisa Investment Advisors LLC now owns 220,134 shares of the company’s stock valued at $12,942,000 after acquiring an additional 845 shares during the last quarter. 81.54% of the stock is owned by institutional investors.

Corteva Trading Down 1.2 %

Corteva stock opened at $62.50 on Friday. Corteva, Inc. has a 12-month low of $43.89 and a 12-month high of $64.20. The firm has a market capitalization of $42.96 billion, a price-to-earnings ratio of 63.13, a P/E/G ratio of 2.08 and a beta of 0.77. The firm has a 50 day moving average of $59.15 and a 200 day moving average of $55.94. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08.

Corteva declared that its Board of Directors has authorized a stock repurchase program on Tuesday, November 19th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the company to buy up to 7.5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

Corteva Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.68 annualized dividend and a dividend yield of 1.09%. Corteva’s payout ratio is 68.69%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Morgan Stanley reiterated an “overweight” rating and issued a $65.00 price objective on shares of Corteva in a report on Tuesday, September 24th. Oppenheimer reiterated an “outperform” rating and set a $70.00 price target (up from $69.00) on shares of Corteva in a research report on Friday, November 8th. UBS Group lifted their price target on shares of Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Argus cut shares of Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. Finally, KeyCorp lifted their target price on shares of Corteva from $66.00 to $69.00 and gave the stock an “overweight” rating in a research report on Thursday, November 21st. One research analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $65.06.

Corteva 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.