Scopia Capital Management LP Buys 145,202 Shares of Corteva, Inc. (NYSE:CTVA)

Scopia Capital Management LP grew its stake in shares of Corteva, Inc. (NYSE:CTVA) by 42.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 490,664 shares of the company’s stock after acquiring an additional 145,202 shares during the period. Corteva comprises approximately 6.0% of Scopia Capital Management LP’s holdings, making the stock its 3rd biggest position. Scopia Capital Management LP owned 0.07% of Corteva worth $28,846,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. B. Riley Wealth Advisors Inc. increased its holdings in shares of Corteva by 6.9% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 15,125 shares of the company’s stock valued at $872,000 after acquiring an additional 971 shares during the last quarter. iA Global Asset Management Inc. bought a new stake in Corteva during the first quarter valued at $324,000. Swedbank AB acquired a new stake in shares of Corteva during the first quarter worth $19,300,000. Atria Investments Inc lifted its position in shares of Corteva by 19.4% in the 1st quarter. Atria Investments Inc now owns 73,463 shares of the company’s stock worth $4,236,000 after buying an additional 11,956 shares during the last quarter. Finally, Cetera Investment Advisers boosted its holdings in shares of Corteva by 221.9% in the 1st quarter. Cetera Investment Advisers now owns 119,493 shares of the company’s stock valued at $6,891,000 after buying an additional 82,369 shares during the period. Institutional investors own 81.54% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. 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 report on Monday, November 11th. Barclays increased 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. KeyCorp upped their price objective on Corteva from $66.00 to $69.00 and gave the stock an “overweight” rating in a research note on Thursday, November 21st. Bank of America raised their target price on Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Finally, Wells Fargo & Company upped their price target on shares of Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $65.06.

Corteva Trading Down 0.4 %

Shares of CTVA opened at $62.26 on Friday. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. Corteva, Inc. has a 1-year low of $43.89 and a 1-year high of $64.20. The stock has a market capitalization of $42.79 billion, a P/E ratio of 62.89, a P/E/G ratio of 2.03 and a beta of 0.77. The business’s 50-day moving average price is $59.24 and its 200 day moving average price is $55.98.

Corteva Dividend Announcement

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

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

Corteva 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.