Healthcare of Ontario Pension Plan Trust Fund Invests $10.52 Million in Corteva, Inc. (NYSE:CTVA)

Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Corteva, Inc. (NYSE:CTVA) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 179,000 shares of the company’s stock, valued at approximately $10,523,000.

Several other hedge funds also recently added to or reduced their stakes in CTVA. Anomaly Capital Management LP acquired a new position in Corteva during the 2nd quarter valued at about $188,578,000. Vaughan Nelson Investment Management L.P. increased its position in Corteva by 392.3% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 4,083,685 shares of the company’s stock valued at $220,274,000 after buying an additional 3,254,126 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in Corteva during the 3rd quarter valued at about $99,869,000. Bank of New York Mellon Corp grew its stake in Corteva by 28.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 6,842,907 shares of the company’s stock valued at $369,106,000 after purchasing an additional 1,514,954 shares during the last quarter. Finally, Panagora Asset Management Inc. grew its stake in Corteva by 700.2% during the 2nd quarter. Panagora Asset Management Inc. now owns 1,301,996 shares of the company’s stock valued at $70,230,000 after purchasing an additional 1,139,297 shares during the last quarter. 81.54% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CTVA has been the topic of several research analyst reports. Morgan Stanley reiterated an “overweight” rating and set a $65.00 price target on shares of Corteva in a research note on Tuesday, September 24th. Argus downgraded Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. Wells Fargo & Company boosted their price target on Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a research note on Wednesday, November 20th. Bank of America boosted their price target on Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Finally, Citigroup assumed coverage on Corteva in a research note on Wednesday, October 23rd. They set a “buy” rating and a $68.00 price target on the stock. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $65.06.

Corteva Price Performance

Shares of Corteva stock opened at $62.50 on Friday. The business has a 50 day simple moving average of $59.15 and a two-hundred day simple moving average of $55.94. Corteva, Inc. has a 12 month low of $43.89 and a 12 month high of $64.20. The stock has a market capitalization of $42.96 billion, a P/E 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 declared that its Board of Directors has approved a share repurchase plan on Tuesday, November 19th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the company to buy up to 7.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Corteva Announces Dividend

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 issued 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 1.09%. Corteva’s payout ratio is currently 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.