Wahed Invest LLC Purchases 1,409 Shares of Corteva, Inc. (NYSE:CTVA)

Wahed Invest LLC raised its stake in Corteva, Inc. (NYSE:CTVA) by 9.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,986 shares of the company’s stock after acquiring an additional 1,409 shares during the period. Wahed Invest LLC’s holdings in Corteva were worth $999,000 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

CTVA has been the topic of several recent analyst reports. Royal Bank of Canada dropped their price objective on Corteva from $69.00 to $68.00 and set an “outperform” rating on the stock in a research report on Monday, November 11th. UBS Group increased their target price on Corteva from $67.00 to $71.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Wells Fargo & Company increased their target price on Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. Bank of America increased their target price on Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Finally, KeyCorp increased their target price on Corteva from $66.00 to $69.00 and gave the company an “overweight” rating in a report on Thursday, November 21st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $65.06.

Corteva Stock Performance

NYSE CTVA opened at $60.82 on Friday. The company has a market cap of $41.80 billion, a P/E ratio of 61.43, a P/E/G ratio of 2.01 and a beta of 0.77. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50. The business’s 50 day moving average price is $59.54 and its 200-day moving average price is $56.11. Corteva, Inc. has a fifty-two week low of $43.98 and a fifty-two week high of $64.20.

Corteva Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.12%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva’s dividend payout ratio is currently 68.69%.

Corteva declared that its Board of Directors has approved 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 a sign that the company’s leadership believes its stock is undervalued.

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.