Public Sector Pension Investment Board Grows Holdings in Corteva, Inc. (NYSE:CTVA)

Public Sector Pension Investment Board grew its stake in shares of Corteva, Inc. (NYSE:CTVA) by 11.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 29,502 shares of the company’s stock after purchasing an additional 3,000 shares during the quarter. Public Sector Pension Investment Board’s holdings in Corteva were worth $1,734,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Corteva by 44.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 526,620 shares of the company’s stock worth $30,960,000 after buying an additional 161,269 shares during the period. CreativeOne Wealth LLC lifted its stake in Corteva by 15.9% in the third quarter. CreativeOne Wealth LLC now owns 50,613 shares of the company’s stock worth $2,976,000 after acquiring an additional 6,933 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Corteva during the 3rd quarter worth about $10,523,000. Bridgewater Associates LP increased its position in Corteva by 395.7% during the 3rd quarter. Bridgewater Associates LP now owns 130,191 shares of the company’s stock valued at $7,654,000 after purchasing an additional 103,928 shares during the period. Finally, Townsquare Capital LLC raised its holdings in shares of Corteva by 13.1% in the 3rd quarter. Townsquare Capital LLC now owns 29,739 shares of the company’s stock valued at $1,748,000 after purchasing an additional 3,449 shares in the last quarter. 81.54% of the stock is currently owned by institutional investors.

Corteva Stock Down 0.6 %

NYSE:CTVA opened at $60.82 on Friday. The firm has a market capitalization of $41.80 billion, a P/E ratio of 61.43, a PEG ratio of 2.01 and a beta of 0.77. The company’s fifty day moving average price is $59.54 and its 200-day moving average price is $56.11. Corteva, Inc. has a 1-year low of $43.98 and a 1-year high of $64.20. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96.

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 paid a $0.17 dividend. 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 1.12%. Corteva’s payout ratio is 68.69%.

Corteva announced that its Board of Directors has approved 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 reacquire up to 7.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

CTVA has been the topic of a number of recent research reports. Morgan Stanley reiterated an “overweight” rating and set a $65.00 price objective on shares of Corteva in a research note on Tuesday, September 24th. Citigroup assumed coverage on Corteva in a research report on Wednesday, October 23rd. They set a “buy” rating and a $68.00 target price on the stock. Barclays boosted their price target on Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. Oppenheimer reaffirmed an “outperform” rating and set a $70.00 price objective (up previously from $69.00) on shares of Corteva in a research report on Friday, November 8th. Finally, Royal Bank of Canada reduced their target price on shares of Corteva from $69.00 to $68.00 and set an “outperform” rating for the company in a report on Monday, November 11th. One 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 presently has a consensus rating of “Moderate Buy” and a consensus price target 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.