Corteva, Inc. (NYSE:CTVA) Stock Position Lowered by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its holdings in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 13.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 116,286 shares of the company's stock after selling 17,571 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in Corteva were worth $6,836,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. FMR LLC raised its holdings in shares of Corteva by 1.9% during the third quarter. FMR LLC now owns 10,747,791 shares of the company's stock worth $631,863,000 after purchasing an additional 203,126 shares during the period. Van ECK Associates Corp lifted its holdings in Corteva by 2.5% in the third 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 last quarter. Bank of New York Mellon Corp grew its holdings in shares of Corteva by 28.4% during 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 last quarter. Legal & General Group Plc lifted its holdings in shares of Corteva by 0.9% in the 2nd quarter. Legal & General Group Plc now owns 6,741,972 shares of the company's stock worth $363,662,000 after purchasing an additional 61,127 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Corteva by 5.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,649,450 shares of the company's stock valued at $250,786,000 after purchasing an additional 224,423 shares during the period. Institutional investors and hedge funds own 81.54% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on CTVA shares. Argus lowered shares of Corteva from a "buy" rating to a "hold" rating in a research report on Wednesday, August 7th. Royal Bank of Canada dropped their price target on shares of Corteva from $69.00 to $68.00 and set an "outperform" rating on the stock in a research note on Monday, November 11th. Morgan Stanley reiterated an "overweight" rating and set a $65.00 price objective on shares of Corteva in a research report on Tuesday, September 24th. Wells Fargo & Company raised their target price on Corteva from $65.00 to $67.00 and gave the company an "overweight" rating in a research report on Wednesday, November 20th. Finally, Barclays boosted 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. One investment analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $65.06.

Corteva Price Performance

CTVA stock traded down $0.02 on Monday, hitting $62.22. 3,224,456 shares of the company's stock traded hands, compared to its average volume of 3,309,558. 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 market cap of $42.76 billion, a price-to-earnings ratio of 62.86, a P/E/G ratio of 2.02 and a beta of 0.77. Corteva, Inc. has a 1-year low of $43.89 and a 1-year high of $64.20. The stock has a fifty day moving average of $59.24 and a 200-day moving average of $55.96.

Corteva Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.09%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva's dividend payout ratio is presently 68.69%.

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

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.