Wellington Management Group LLP Grows Holdings in Corteva, Inc. (NYSE:CTVA)

Wellington Management Group LLP lifted its holdings in Corteva, Inc. (NYSE:CTVA) by 129.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 377,960 shares of the company’s stock after buying an additional 213,377 shares during the quarter. Wellington Management Group LLP owned approximately 0.05% of Corteva worth $22,220,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Rovin Capital UT ADV grew its position in Corteva by 1.3% during the 3rd quarter. Rovin Capital UT ADV now owns 12,822 shares of the company’s stock valued at $754,000 after purchasing an additional 168 shares during the last quarter. Capital Advisors Ltd. LLC boosted its holdings in shares of Corteva by 44.4% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after acquiring an additional 174 shares during the last quarter. Proffitt & Goodson Inc. lifted its stake in shares of Corteva by 2.2% in the 3rd quarter. Proffitt & Goodson Inc. now owns 8,030 shares of the company’s stock worth $472,000 after purchasing an additional 174 shares during the period. Pinnacle Bancorp Inc. lifted its stake in shares of Corteva by 26.1% in the 3rd quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company’s stock worth $57,000 after purchasing an additional 199 shares during the period. Finally, Azzad Asset Management Inc. ADV lifted its stake in shares of Corteva by 0.4% in the 2nd quarter. Azzad Asset Management Inc. ADV now owns 48,200 shares of the company’s stock worth $2,600,000 after purchasing an additional 203 shares during the period. 81.54% of the stock is owned by hedge funds and other institutional investors.

Corteva Stock Up 0.3 %

NYSE CTVA opened at $59.49 on Friday. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08. The company has a fifty day moving average of $59.68 and a two-hundred day moving average of $56.25. The firm has a market capitalization of $40.89 billion, a price-to-earnings ratio of 60.09, a PEG ratio of 1.94 and a beta of 0.77. Corteva, Inc. has a 52 week low of $44.01 and a 52 week high of $64.20.

Corteva Announces Dividend

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

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 repurchase up to 7.5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on CTVA shares. Barclays increased their price objective on shares of Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. KeyCorp increased their price objective 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. Morgan Stanley reiterated an “overweight” rating and issued a $65.00 price objective on shares of Corteva in a research note on Tuesday, September 24th. Royal Bank of Canada decreased their target price on shares of Corteva from $69.00 to $68.00 and set an “outperform” rating on the stock in a research note on Monday, November 11th. Finally, UBS Group raised their target price on shares of Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. One investment 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. According to MarketBeat.com, Corteva presently has a consensus rating of “Moderate Buy” and a consensus target price of $65.06.

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.