Nordea Investment Management AB Buys 3,132 Shares of Corteva, Inc. (NYSE:CTVA)

Nordea Investment Management AB lifted its stake in Corteva, Inc. (NYSE:CTVA) by 5.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 60,518 shares of the company’s stock after acquiring an additional 3,132 shares during the quarter. Nordea Investment Management AB’s holdings in Corteva were worth $3,442,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in CTVA. KBC Group NV grew its position in Corteva by 267.3% in the 3rd quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock worth $65,851,000 after purchasing an additional 815,135 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of 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 acquiring an additional 66,052 shares during the period. Thrivent Financial for Lutherans increased its position in Corteva by 16.1% during the third quarter. Thrivent Financial for Lutherans now owns 1,025,266 shares of the company’s stock valued at $60,275,000 after acquiring an additional 141,898 shares during the last quarter. Kingsview Wealth Management LLC lifted its holdings in Corteva by 468.8% in the third quarter. Kingsview Wealth Management LLC now owns 45,182 shares of the company’s stock valued at $2,656,000 after acquiring an additional 37,239 shares during the period. Finally, Nisa Investment Advisors LLC boosted its position in Corteva by 0.4% in the third 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 last quarter. 81.54% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on CTVA shares. KeyCorp lowered their price objective on shares of Corteva from $69.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday. Barclays increased their price target on shares of Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. Oppenheimer restated an “outperform” rating and issued a $70.00 price objective (up from $69.00) on shares of Corteva in a research note on Friday, November 8th. Citigroup lowered their target price on Corteva from $70.00 to $69.00 and set a “buy” rating on the stock in a research report on Wednesday, December 18th. Finally, Wells Fargo & Company upped their price target on Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $65.47.

Corteva Stock Performance

CTVA opened at $57.04 on Friday. The stock has a market capitalization of $39.20 billion, a price-to-earnings ratio of 57.62, a PEG ratio of 1.94 and a beta of 0.77. Corteva, Inc. has a fifty-two week low of $44.01 and a fifty-two week high of $64.20. 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 company has a fifty day moving average of $58.88 and a 200 day moving average of $56.79.

Corteva Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were issued a $0.17 dividend. The ex-dividend date was Monday, December 2nd. This represents a $0.68 annualized dividend and a dividend yield of 1.19%. Corteva’s dividend payout ratio (DPR) is 68.69%.

Corteva announced that its board has initiated a share buyback program on Tuesday, November 19th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 7.5% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

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.