Public Sector Pension Investment Board Boosts Stake in Corteva, Inc. (NYSE:CTVA)

Public Sector Pension Investment Board increased its holdings in Corteva, Inc. (NYSE:CTVA) by 11.3% in the third quarter, HoldingsChannel.com reports. The firm owned 29,502 shares of the company’s stock after buying an additional 3,000 shares during the quarter. Public Sector Pension Investment Board’s holdings in Corteva were worth $1,734,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Capital Advisors Ltd. LLC raised its stake in shares of Corteva by 44.4% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after buying an additional 174 shares during the period. Cultivar Capital Inc. acquired a new position in Corteva during the second quarter worth $34,000. Redwood Wealth Management Group LLC purchased a new position in Corteva during the second quarter valued at $43,000. Triad Wealth Partners LLC acquired a new stake in shares of Corteva in the second quarter valued at about $45,000. Finally, Chilton Capital Management LLC increased its stake in shares of Corteva by 354.7% during the second quarter. Chilton Capital Management LLC now owns 973 shares of the company’s stock worth $52,000 after purchasing an additional 759 shares in the last quarter. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Trading Down 0.6 %

NYSE CTVA opened at $60.82 on Friday. Corteva, Inc. has a 12 month low of $43.98 and a 12 month high of $64.20. The stock has a market capitalization of $41.80 billion, a P/E ratio of 61.43, a PEG ratio of 2.01 and a beta of 0.77. The firm’s 50-day moving average is $59.54 and its two-hundred day moving average is $56.11. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96.

Corteva declared that its board has approved a stock repurchase program on Tuesday, November 19th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the company to purchase up to 7.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Corteva Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a $0.17 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.68 annualized dividend and a yield of 1.12%. Corteva’s dividend payout ratio (DPR) is presently 68.69%.

Analysts Set New Price Targets

CTVA has been the topic of several research analyst reports. Oppenheimer reiterated an “outperform” rating and issued a $70.00 price objective (up from $69.00) on shares of Corteva in a report on Friday, November 8th. KeyCorp lifted their price target on Corteva from $66.00 to $69.00 and gave the stock an “overweight” rating in a research note on Thursday, November 21st. Barclays increased their price objective on Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. Morgan Stanley reaffirmed an “overweight” rating and set a $65.00 target price on shares of Corteva in a report on Tuesday, September 24th. Finally, Bank of America raised their price target on shares of Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus 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.