Prospera Private Wealth LLC Takes $533,000 Position in Corteva, Inc. (NYSE:CTVA)

Prospera Private Wealth LLC purchased a new position in shares of Corteva, Inc. (NYSE:CTVA) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 9,069 shares of the company’s stock, valued at approximately $533,000.

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

Corteva Trading Up 0.9 %

NYSE CTVA opened at $58.77 on Thursday. The stock’s 50-day simple moving average is $58.49 and its two-hundred day simple moving average is $55.72. Corteva, Inc. has a twelve month low of $43.89 and a twelve month high of $63.75. The company has a market capitalization of $40.39 billion, a price-to-earnings ratio of 59.36, a PEG ratio of 1.77 and a beta of 0.77. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08.

Corteva announced that its Board of Directors has approved a stock buyback program on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 7.5% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Corteva Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors 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 annualized dividend and a dividend yield of 1.16%. Corteva’s payout ratio is presently 68.69%.

Analysts Set New Price Targets

A number of brokerages have commented on CTVA. JPMorgan Chase & Co. decreased their price objective on Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. Argus lowered Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. Wells Fargo & Company boosted their price objective on Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a report on Wednesday. Citigroup assumed coverage on Corteva in a report on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 target price for the company. Finally, UBS Group upped 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. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $63.89.

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.