Mizuho Securities USA LLC Trims Position in Corteva, Inc. (NYSE:CTVA)

Mizuho Securities USA LLC lowered its position in Corteva, Inc. (NYSE:CTVA) by 16.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 44,889 shares of the company’s stock after selling 8,846 shares during the quarter. Mizuho Securities USA LLC’s holdings in Corteva were worth $2,639,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Anomaly Capital Management LP acquired a new stake in shares of Corteva during the 2nd quarter worth approximately $188,578,000. Vaughan Nelson Investment Management L.P. grew its holdings in shares of Corteva by 392.3% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 4,083,685 shares of the company’s stock worth $220,274,000 after purchasing an additional 3,254,126 shares during the period. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of Corteva during the 3rd quarter worth about $99,869,000. Bank of New York Mellon Corp raised its holdings in Corteva by 28.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 6,842,907 shares of the company’s stock valued at $369,106,000 after buying an additional 1,514,954 shares during the period. Finally, Panagora Asset Management Inc. boosted its stake in Corteva by 700.2% during the second quarter. Panagora Asset Management Inc. now owns 1,301,996 shares of the company’s stock worth $70,230,000 after buying an additional 1,139,297 shares during the period. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Corteva Price Performance

Shares of NYSE CTVA opened at $61.23 on Friday. The stock has a market cap of $42.08 billion, a P/E ratio of 61.85, a P/E/G ratio of 1.87 and a beta of 0.77. Corteva, Inc. has a twelve month low of $43.89 and a twelve month high of $63.75. The stock has a 50 day moving average of $58.69 and a two-hundred day moving average of $55.79. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08.

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

Corteva Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.11%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva’s dividend payout ratio is currently 68.69%.

Wall Street Analysts Forecast Growth

CTVA has been the topic of a number of research reports. KeyCorp upped their price target on Corteva from $66.00 to $69.00 and gave the stock an “overweight” rating in a research note on Thursday. Morgan Stanley restated an “overweight” rating and issued a $65.00 price objective on shares of Corteva in a report on Tuesday, September 24th. 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. JPMorgan Chase & Co. cut their price objective on Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Finally, Oppenheimer reissued an “outperform” rating and set a $70.00 target price (up from $69.00) on shares of Corteva in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $64.33.

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.