BNP Paribas Financial Markets Purchases 596,073 Shares of Corteva, Inc. (NYSE:CTVA)

BNP Paribas Financial Markets increased its stake in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 176.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 934,748 shares of the company's stock after purchasing an additional 596,073 shares during the quarter. BNP Paribas Financial Markets owned 0.14% of Corteva worth $54,954,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Rovin Capital UT ADV increased its position in shares of Corteva by 1.3% in the third quarter. Rovin Capital UT ADV now owns 12,822 shares of the company's stock valued at $754,000 after buying an additional 168 shares in the last quarter. Capital Advisors Ltd. LLC grew its holdings in Corteva by 44.4% in the third 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 period. Proffitt & Goodson Inc. grew its position in Corteva by 2.2% during the third quarter. Proffitt & Goodson Inc. now owns 8,030 shares of the company's stock valued at $472,000 after acquiring an additional 174 shares during the period. Pinnacle Bancorp Inc. increased its position in shares of Corteva by 26.1% in the third quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company's stock worth $57,000 after acquiring an additional 199 shares in the last quarter. Finally, Azzad Asset Management Inc. ADV boosted its position in shares of Corteva by 0.4% in the second quarter. Azzad Asset Management Inc. ADV now owns 48,200 shares of the company's stock worth $2,600,000 after buying an additional 203 shares during the period. Hedge funds and other institutional investors own 81.54% of the company's stock.

Corteva Stock Performance

CTVA stock traded down $0.24 during midday trading on Friday, hitting $62.26. The stock had a trading volume of 2,467,367 shares, compared to its average volume of 3,309,927. Corteva, Inc. has a 52 week low of $43.89 and a 52 week high of $64.20. The firm has a market capitalization of $42.79 billion, a price-to-earnings ratio of 63.13, a P/E/G ratio of 2.03 and a beta of 0.77. The stock has a 50-day simple moving average of $59.15 and a 200 day simple moving average of $55.94. 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 announced that its Board of Directors has authorized 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 purchase up to 7.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board believes its stock is undervalued.

Corteva Dividend Announcement

The business also recently disclosed 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 presently 68.69%.

Analyst Upgrades and Downgrades

CTVA has been the subject of a number of analyst reports. KeyCorp increased their price target on Corteva from $66.00 to $69.00 and gave the company an "overweight" rating in a report on Thursday, November 21st. UBS Group lifted their price objective on shares of Corteva from $67.00 to $71.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. Wells Fargo & Company raised their target price on shares of Corteva from $65.00 to $67.00 and gave the stock an "overweight" rating in a report on Wednesday, November 20th. Argus cut shares of Corteva from a "buy" rating to a "hold" rating in a report on Wednesday, August 7th. Finally, Royal Bank of Canada dropped their price objective on Corteva from $69.00 to $68.00 and set an "outperform" rating on the stock in a report on Monday, November 11th. One analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $65.06.

Corteva Company 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.