Swedbank AB Grows Position in Corteva, Inc. (NYSE:CTVA)

Swedbank AB grew its stake in Corteva, Inc. (NYSE:CTVA) by 18.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 457,877 shares of the company’s stock after acquiring an additional 69,782 shares during the quarter. Swedbank AB owned about 0.07% of Corteva worth $26,919,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Van ECK Associates Corp grew its stake in Corteva by 2.5% in the 3rd quarter. Van ECK Associates Corp now owns 8,902,675 shares of the company’s stock worth $541,194,000 after acquiring an additional 213,872 shares during the period. Bank of New York Mellon Corp grew its position in shares of Corteva by 28.4% in the second 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 period. Legal & General Group Plc increased its stake in Corteva by 0.9% in the second quarter. Legal & General Group Plc now owns 6,741,972 shares of the company’s stock valued at $363,662,000 after purchasing an additional 61,127 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Corteva by 5.1% during the second quarter. Dimensional Fund Advisors LP now owns 4,649,450 shares of the company’s stock worth $250,786,000 after buying an additional 224,423 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in Corteva by 1.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,523,996 shares of the company’s stock worth $265,966,000 after buying an additional 66,052 shares during the last quarter. Institutional investors and hedge funds own 81.54% of the company’s stock.

Analyst Upgrades and Downgrades

CTVA has been the topic of several recent analyst reports. JPMorgan Chase & Co. cut their price objective on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. KeyCorp increased their price target on shares of 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 boosted their price objective on shares of Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Barclays increased their target price on Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. Finally, Argus downgraded Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $64.33.

Corteva Stock Up 4.7 %

NYSE:CTVA opened at $64.12 on Tuesday. The stock has a 50-day simple moving average of $58.84 and a 200 day simple moving average of $55.81. Corteva, Inc. has a one year low of $43.89 and a one year high of $64.20. The company has a market capitalization of $44.07 billion, a price-to-earnings ratio of 64.77, a price-to-earnings-growth ratio of 1.99 and a beta of 0.77. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50.

Corteva Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.06%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva’s dividend payout ratio is currently 68.69%.

Corteva announced that its board has authorized a stock repurchase plan on Tuesday, November 19th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the company to reacquire up to 7.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

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.