Holocene Advisors LP Takes $4.92 Million Position in Corteva, Inc. (NYSE:CTVA)

Holocene Advisors LP purchased a new stake in Corteva, Inc. (NYSE:CTVA) during the third quarter, according to its most recent disclosure with the SEC. The firm purchased 83,679 shares of the company’s stock, valued at approximately $4,919,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. KBC Group NV lifted its stake 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 buying an additional 815,135 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Corteva by 51.4% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 123,621 shares of the company’s stock valued at $6,668,000 after buying an additional 41,943 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Corteva by 1.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,523,996 shares of the company’s stock valued at $265,966,000 after buying an additional 66,052 shares in the last quarter. Thrivent Financial for Lutherans lifted its stake in Corteva by 16.1% in the 3rd quarter. Thrivent Financial for Lutherans now owns 1,025,266 shares of the company’s stock valued at $60,275,000 after buying an additional 141,898 shares in the last quarter. Finally, Kingsview Wealth Management LLC lifted its stake in Corteva by 468.8% in the 3rd quarter. Kingsview Wealth Management LLC now owns 45,182 shares of the company’s stock valued at $2,656,000 after buying an additional 37,239 shares in the last quarter. 81.54% of the stock is owned by hedge funds and other institutional investors.

Corteva Trading Down 1.3 %

Shares of Corteva stock opened at $61.17 on Thursday. Corteva, Inc. has a 52-week low of $43.89 and a 52-week high of $64.20. 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’s 50-day simple moving average is $59.49 and its 200-day simple moving average is $56.08. The firm has a market cap of $42.04 billion, a price-to-earnings ratio of 61.79, a price-to-earnings-growth ratio of 2.02 and a beta of 0.77.

Corteva declared that its Board of Directors has initiated a share repurchase program on Tuesday, November 19th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 7.5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Corteva Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid 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 (DPR) is 68.69%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on CTVA shares. Royal Bank of Canada decreased their price target 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. Oppenheimer reissued an “outperform” rating and issued a $70.00 target price (up from $69.00) on shares of Corteva in a research note on Friday, November 8th. KeyCorp raised their target price 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. Bank of America raised their target price on shares of Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. Finally, Wells Fargo & Company raised their target price on shares of Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target 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.