Zurcher Kantonalbank Zurich Cantonalbank Purchases 161,269 Shares of Corteva, Inc. (NYSE:CTVA)

Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Corteva, Inc. (NYSE:CTVA) by 44.1% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 526,620 shares of the company’s stock after buying an additional 161,269 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.08% of Corteva worth $30,960,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of CTVA. Anomaly Capital Management LP bought a new position in Corteva during the 2nd quarter worth $188,578,000. Vaughan Nelson Investment Management L.P. increased its position in shares of Corteva by 392.3% in the second 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 bought a new stake in Corteva during the third quarter worth about $99,869,000. Bank of New York Mellon Corp lifted its position in Corteva by 28.4% during the second quarter. Bank of New York Mellon Corp now owns 6,842,907 shares of the company’s stock worth $369,106,000 after purchasing an additional 1,514,954 shares during the period. Finally, Panagora Asset Management Inc. grew 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 in the last quarter. Institutional investors own 81.54% of the company’s stock.

Wall Street Analysts Forecast Growth

CTVA has been the subject of a number of recent analyst reports. Morgan Stanley reaffirmed an “overweight” rating and set a $65.00 price target on shares of Corteva in a report on Tuesday, September 24th. Citigroup started coverage on Corteva in a research note on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 price target on the stock. Argus downgraded Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. Barclays lifted their target price on Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. Finally, Bank of America increased their target price on shares of Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, Corteva presently has an average rating of “Moderate Buy” and an average price target of $65.06.

Corteva Trading Down 1.2 %

Shares of Corteva stock opened at $62.50 on Friday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50. Corteva, Inc. has a 52 week low of $43.89 and a 52 week high of $64.20. The stock has a 50 day moving average price of $59.15 and a two-hundred day moving average price of $55.94. The stock has a market capitalization of $42.96 billion, a PE ratio of 63.13, a price-to-earnings-growth ratio of 2.08 and a beta of 0.77.

Corteva Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date is Monday, December 2nd. Corteva’s dividend payout ratio is currently 68.69%.

Corteva declared that its Board of Directors has authorized a stock buyback plan on Tuesday, November 19th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 7.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

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.