Corteva, Inc. (NYSE:CTVA) Shares Acquired by Raymond James Trust N.A.

Raymond James Trust N.A. boosted its holdings in Corteva, Inc. (NYSE:CTVA) by 16.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,587 shares of the company’s stock after purchasing an additional 5,829 shares during the quarter. Raymond James Trust N.A.’s holdings in Corteva were worth $2,445,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. KBC Group NV lifted 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 valued at $65,851,000 after purchasing an additional 815,135 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of Corteva by 51.4% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 123,621 shares of the company’s stock worth $6,668,000 after buying an additional 41,943 shares during the period. Thrivent Financial for Lutherans boosted its position in shares of Corteva by 16.1% during the third quarter. Thrivent Financial for Lutherans now owns 1,025,266 shares of the company’s stock worth $60,275,000 after buying an additional 141,898 shares during the period. Nisa Investment Advisors LLC increased its position in Corteva by 0.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 220,134 shares of the company’s stock valued at $12,942,000 after acquiring an additional 845 shares during the period. Finally, Anomaly Capital Management LP acquired a new stake in Corteva in the 2nd quarter valued at approximately $188,578,000. Institutional investors and hedge funds own 81.54% of the company’s stock.

Corteva Trading Up 0.8 %

Corteva stock opened at $61.23 on Friday. The company has a 50 day moving average price of $58.69 and a 200 day moving average price of $55.77. 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 $63.75. The firm has a market capitalization of $42.08 billion, a price-to-earnings ratio of 61.85, a P/E/G ratio of 1.97 and a beta of 0.77.

Corteva Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.11%. Corteva’s dividend payout ratio is 68.69%.

Corteva declared that its Board of Directors has authorized 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 reacquire up to 7.5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages have recently commented on CTVA. Citigroup initiated coverage on Corteva in a report on Wednesday, October 23rd. They set a “buy” rating and a $68.00 price target on the stock. Morgan Stanley reissued an “overweight” rating and set a $65.00 target price on shares of Corteva in a research note on Tuesday, September 24th. Bank of America boosted their price target on shares of Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a research report on Wednesday. JPMorgan Chase & Co. decreased their price objective on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. Finally, Oppenheimer reissued an “outperform” rating and set a $70.00 target price (up previously from $69.00) on shares of Corteva in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $64.33.

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.