Bridgewater Associates LP Has $7.65 Million Holdings in Corteva, Inc. (NYSE:CTVA)

Bridgewater Associates LP increased its position in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 395.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 130,191 shares of the company's stock after acquiring an additional 103,928 shares during the period. Bridgewater Associates LP's holdings in Corteva were worth $7,654,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Anomaly Capital Management LP acquired a new stake in Corteva during the 2nd quarter worth about $188,578,000. Vaughan Nelson Investment Management L.P. raised its holdings 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 stake in Corteva during the 3rd quarter worth about $99,869,000. Bank of New York Mellon Corp raised 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 buying an additional 1,514,954 shares during the period. Finally, Panagora Asset Management Inc. raised 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 buying an additional 1,139,297 shares during the period. 81.54% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have issued reports on CTVA shares. Citigroup started coverage on Corteva in a report on Wednesday, October 23rd. They set a "buy" rating and a $68.00 price objective on the stock. KeyCorp lifted their target price on Corteva from $66.00 to $69.00 and gave the company an "overweight" rating in a research note on Thursday, November 21st. JPMorgan Chase & Co. lowered their target price on Corteva from $57.00 to $55.00 and set a "neutral" rating on the stock in a research note on Friday, August 2nd. Bank of America lifted 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, Argus cut Corteva from a "buy" rating to a "hold" rating in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, Corteva currently has a consensus rating of "Moderate Buy" and a consensus target price of $65.06.

Corteva Stock Performance

Corteva stock traded down $0.24 during trading hours on Friday, reaching $62.26. 2,467,367 shares of the company were exchanged, compared to its average volume of 3,309,927. The firm has a market cap of $42.79 billion, a price-to-earnings ratio of 63.13, a PEG ratio of 2.03 and a beta of 0.77. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The stock has a 50-day moving average of $59.15 and a 200 day moving average of $55.94. Corteva, Inc. has a 12 month low of $43.89 and a 12 month high of $64.20.

Corteva Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given 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 yield of 1.09%. Corteva's payout ratio is currently 68.69%.

Corteva announced that its Board of Directors has initiated a share repurchase program on Tuesday, November 19th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 7.5% of its shares through open market purchases. Shares buyback programs are typically 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.