Townsquare Capital LLC Buys 3,449 Shares of Corteva, Inc. (NYSE:CTVA)

Townsquare Capital LLC boosted its stake in shares of Corteva, Inc. (NYSE:CTVA) by 13.1% during the third quarter, Holdings Channel reports. The firm owned 29,739 shares of the company’s stock after purchasing an additional 3,449 shares during the quarter. Townsquare Capital LLC’s holdings in Corteva were worth $1,748,000 as of its most recent filing with the Securities & Exchange Commission.

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

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Wells Fargo & Company boosted their target price on shares of Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a research report on Wednesday, November 20th. KeyCorp raised their target price on Corteva from $66.00 to $69.00 and gave the stock an “overweight” rating in a report on Thursday, November 21st. Citigroup assumed coverage on Corteva in a report on Wednesday, October 23rd. They set a “buy” rating and a $68.00 price target for the company. Argus downgraded Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. Finally, Morgan Stanley reiterated an “overweight” rating and set a $65.00 price objective on shares of Corteva in a research note on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $65.06.

Corteva Price Performance

Shares of NYSE:CTVA opened at $62.24 on Monday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50. The firm has a market cap of $42.78 billion, a price-to-earnings ratio of 62.87, a P/E/G ratio of 2.02 and a beta of 0.77. The firm has a fifty day moving average price of $59.24 and a 200 day moving average price of $55.96. Corteva, Inc. has a fifty-two week low of $43.89 and a fifty-two week high of $64.20.

Corteva announced that its board has approved a share repurchase program on Tuesday, November 19th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 7.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are 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 is Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.09%. Corteva’s payout ratio is 68.69%.

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.