Erste Asset Management GmbH Invests $808,000 in Corteva, Inc. (NYSE:CTVA)

Erste Asset Management GmbH acquired a new position in shares of Corteva, Inc. (NYSE:CTVA) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 13,800 shares of the company’s stock, valued at approximately $808,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. FMR LLC grew its holdings in shares of Corteva by 1.9% during the 3rd quarter. FMR LLC now owns 10,747,791 shares of the company’s stock valued at $631,863,000 after purchasing an additional 203,126 shares during the last quarter. Van ECK Associates Corp boosted its position in shares of Corteva by 2.5% during the third quarter. Van ECK Associates Corp now owns 8,902,675 shares of the company’s stock valued at $541,194,000 after purchasing an additional 213,872 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Corteva by 28.4% during the second quarter. Bank of New York Mellon Corp now owns 6,842,907 shares of the company’s stock valued at $369,106,000 after purchasing an additional 1,514,954 shares in the last quarter. Legal & General Group Plc grew its position in Corteva by 0.9% during the 2nd quarter. Legal & General Group Plc now owns 6,741,972 shares of the company’s stock valued at $363,662,000 after purchasing an additional 61,127 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Corteva by 5.1% in the second quarter. Dimensional Fund Advisors LP now owns 4,649,450 shares of the company’s stock worth $250,786,000 after purchasing an additional 224,423 shares during the last quarter. 81.54% of the stock is owned by hedge funds and other institutional investors.

Corteva Trading Down 0.4 %

Shares of CTVA stock opened at $61.99 on Wednesday. The firm’s 50 day moving average price is $59.41 and its two-hundred day moving average price is $56.04. The stock has a market cap of $42.61 billion, a price-to-earnings ratio of 62.62, a price-to-earnings-growth ratio of 2.02 and a beta of 0.77. Corteva, Inc. has a fifty-two week low of $43.89 and a fifty-two week high of $64.20. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08.

Corteva declared that its board has approved a stock buyback plan on Tuesday, November 19th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the company to repurchase up to 7.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

Corteva Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 1.10%. Corteva’s dividend payout ratio (DPR) is 68.69%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CTVA. Wells Fargo & Company increased their target price on Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. Barclays upped their price objective on Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. Citigroup started coverage on shares of Corteva in a research note on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 price target on the stock. Argus lowered shares of Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. Finally, KeyCorp raised their price target on 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 assigned a buy rating to the company. According to data from MarketBeat, Corteva presently has a consensus rating of “Moderate Buy” and an average price target of $65.06.

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.