Bridgewater Associates LP Has $7.65 Million Stock Holdings in Corteva, Inc. (NYSE:CTVA)

Bridgewater Associates LP increased its stake in Corteva, Inc. (NYSE:CTVA) by 395.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 130,191 shares of the company’s stock after acquiring an additional 103,928 shares during the quarter. Bridgewater Associates LP’s holdings in Corteva were worth $7,654,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Capital Advisors Ltd. LLC boosted its stake in shares of Corteva by 44.4% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after purchasing an additional 174 shares during the last quarter. Cultivar Capital Inc. bought a new stake in Corteva during the second quarter valued at $34,000. Redwood Wealth Management Group LLC acquired a new stake in Corteva during the 2nd quarter worth about $43,000. Triad Wealth Partners LLC bought a new position in shares of Corteva in the 2nd quarter worth about $45,000. Finally, Bangor Savings Bank boosted its position in shares of Corteva by 34.7% during the 3rd quarter. Bangor Savings Bank now owns 935 shares of the company’s stock valued at $55,000 after purchasing an additional 241 shares in the last quarter. 81.54% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CTVA has been the topic of several recent analyst reports. Oppenheimer reissued an “outperform” rating and issued a $70.00 price target (up from $69.00) on shares of Corteva in a research note on Friday, November 8th. Royal Bank of Canada cut their target price 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. KeyCorp lifted their price target on shares of Corteva from $66.00 to $69.00 and gave the company an “overweight” rating in a research note on Thursday, November 21st. UBS Group increased their price objective on shares of Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $65.00 price target on shares of Corteva in a research note on Tuesday, September 24th. One analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $65.06.

Corteva Stock Performance

NYSE CTVA opened at $62.50 on Friday. The company has a fifty day moving average price of $59.15 and a 200-day moving average price of $55.94. The firm has a market cap of $42.96 billion, a price-to-earnings ratio of 63.13, a PEG ratio of 2.08 and a beta of 0.77. 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, Inc. has a 1 year low of $43.89 and a 1 year high of $64.20.

Corteva declared that its Board of Directors has authorized a share repurchase program 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 programs are generally a sign that the company’s leadership believes its shares are undervalued.

Corteva Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date is Monday, December 2nd. Corteva’s payout ratio is 68.69%.

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.