Benjamin Edwards Inc. Acquires 3,357 Shares of Corteva, Inc. (NYSE:CTVA)

Benjamin Edwards Inc. raised its holdings in Corteva, Inc. (NYSE:CTVA) by 64.9% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,528 shares of the company’s stock after acquiring an additional 3,357 shares during the period. Benjamin Edwards Inc.’s holdings in Corteva were worth $502,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Erste Asset Management GmbH purchased a new position in Corteva in the third quarter worth $808,000. Scopia Capital Management LP boosted its holdings in shares of Corteva by 42.0% in the 3rd quarter. Scopia Capital Management LP now owns 490,664 shares of the company’s stock worth $28,846,000 after purchasing an additional 145,202 shares in the last quarter. Ironwood Investment Counsel LLC boosted its holdings in shares of Corteva by 2.7% in the 3rd quarter. Ironwood Investment Counsel LLC now owns 65,128 shares of the company’s stock worth $3,829,000 after purchasing an additional 1,729 shares in the last quarter. Verition Fund Management LLC increased its position in shares of Corteva by 8.5% during the 3rd quarter. Verition Fund Management LLC now owns 69,153 shares of the company’s stock valued at $4,066,000 after purchasing an additional 5,426 shares during the last quarter. Finally, Public Sector Pension Investment Board raised its holdings in shares of Corteva by 11.3% during the 3rd quarter. Public Sector Pension Investment Board now owns 29,502 shares of the company’s stock valued at $1,734,000 after buying an additional 3,000 shares in the last quarter. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Price Performance

CTVA stock opened at $59.49 on Monday. The firm has a 50-day moving average of $59.56 and a 200 day moving average of $56.12. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96. The company has a market cap of $40.89 billion, a P/E ratio of 60.09, a PEG ratio of 1.98 and a beta of 0.77. Corteva, Inc. has a 1 year low of $44.01 and a 1 year high of $64.20.

Corteva Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date is Monday, December 2nd. Corteva’s payout ratio is presently 68.69%.

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

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Citigroup started coverage on shares of Corteva in a research report on Wednesday, October 23rd. They set a “buy” rating and a $68.00 price target on the stock. Royal Bank of Canada reduced their target price on shares of Corteva from $69.00 to $68.00 and set an “outperform” rating on the stock in a report on Monday, November 11th. KeyCorp boosted their price target on shares of Corteva from $66.00 to $69.00 and gave the stock an “overweight” rating in a research note on Thursday, November 21st. Oppenheimer reaffirmed an “outperform” rating and set a $70.00 price objective (up from $69.00) on shares of Corteva in a research note on Friday, November 8th. Finally, Barclays lifted their price objective on Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price 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.