Corteva, Inc. (NYSE:CTVA) Shares Bought by Swedbank AB

Swedbank AB lifted its stake in shares of Corteva, Inc. (NYSE:CTVA) by 18.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 457,877 shares of the company’s stock after purchasing an additional 69,782 shares during the quarter. Swedbank AB’s holdings in Corteva were worth $26,919,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Acadian Asset Management LLC acquired a new stake in shares of Corteva in the first quarter valued at approximately $25,000. Capital Advisors Ltd. LLC grew its holdings in Corteva by 44.4% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after buying an additional 174 shares in the last quarter. Cultivar Capital Inc. acquired a new stake in Corteva in the 2nd quarter valued at approximately $34,000. Redwood Wealth Management Group LLC bought a new stake in Corteva during the 2nd quarter valued at $43,000. Finally, Triad Wealth Partners LLC acquired a new position in Corteva during the 2nd quarter worth $45,000. Institutional investors and hedge funds own 81.54% of the company’s stock.

Corteva Stock Performance

Shares of CTVA opened at $64.12 on Tuesday. Corteva, Inc. has a one year low of $43.89 and a one year high of $64.20. The company has a 50-day moving average of $58.84 and a two-hundred day moving average of $55.81. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96. The stock has a market cap of $44.07 billion, a price-to-earnings ratio of 64.77, a PEG ratio of 1.99 and a beta of 0.77.

Corteva declared that its Board of Directors has authorized a share repurchase plan on Tuesday, November 19th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the company to buy up to 7.5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Corteva Dividend Announcement

The company also recently announced 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 1.06%. The ex-dividend date is Monday, December 2nd. Corteva’s dividend payout ratio (DPR) is currently 68.69%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on CTVA shares. Royal Bank of Canada reduced their price objective 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. UBS Group increased their price objective on shares of Corteva from $67.00 to $71.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Argus cut Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. Barclays increased their price target on Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. Finally, Oppenheimer reissued an “outperform” rating and issued a $70.00 price objective (up previously from $69.00) on shares of Corteva in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $64.33.

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.