Concentric Capital Strategies LP Takes $1.25 Million Position in Corteva, Inc. (NYSE:CTVA)

Concentric Capital Strategies LP purchased a new position in Corteva, Inc. (NYSE:CTVA - Free Report) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm purchased 21,306 shares of the company's stock, valued at approximately $1,253,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. KBC Group NV boosted its position in shares of Corteva by 267.3% during the 3rd quarter. KBC Group NV now owns 1,120,104 shares of the company's stock valued at $65,851,000 after acquiring an additional 815,135 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of Corteva by 51.4% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 123,621 shares of the company's stock valued at $6,668,000 after acquiring an additional 41,943 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Corteva by 1.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,523,996 shares of the company's stock valued at $265,966,000 after acquiring an additional 66,052 shares in the last quarter. Thrivent Financial for Lutherans boosted its position in Corteva by 16.1% in the third quarter. Thrivent Financial for Lutherans now owns 1,025,266 shares of the company's stock valued at $60,275,000 after buying an additional 141,898 shares in the last quarter. Finally, Nisa Investment Advisors LLC boosted its position in Corteva by 0.4% in the third quarter. Nisa Investment Advisors LLC now owns 220,134 shares of the company's stock valued at $12,942,000 after buying an additional 845 shares in the last quarter. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Corteva Price Performance

Corteva stock traded down $0.15 during trading hours on Tuesday, reaching $62.08. 785,718 shares of the stock were exchanged, compared to its average volume of 3,298,568. The company has a market cap of $42.67 billion, a P/E ratio of 62.85, a price-to-earnings-growth ratio of 2.02 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. Corteva, Inc. has a twelve month low of $43.89 and a twelve month high of $64.20. The stock has a 50 day moving average of $59.24 and a two-hundred day moving average of $55.96.

Corteva declared that its Board of Directors has initiated a share repurchase 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 generally an indication that the company's board of directors believes its shares are undervalued.

Corteva Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a $0.17 dividend. 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 1.10%. Corteva's payout ratio is currently 68.69%.

Wall Street Analysts Forecast Growth

CTVA has been the topic of a number of recent analyst reports. KeyCorp boosted their price target on shares of Corteva from $66.00 to $69.00 and gave the company an "overweight" rating in a research report on Thursday, November 21st. Royal Bank of Canada dropped their price target on shares of Corteva from $69.00 to $68.00 and set an "outperform" rating for the company in a research note on Monday, November 11th. Morgan Stanley reissued an "overweight" rating and set a $65.00 price target on shares of Corteva in a research note on Tuesday, September 24th. Oppenheimer reissued an "outperform" rating and set a $70.00 price target (up from $69.00) on shares of Corteva in a research note on Friday, November 8th. Finally, Argus cut shares of Corteva from a "buy" rating to a "hold" rating in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, Corteva currently has a consensus rating of "Moderate Buy" and a consensus target price 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.