Assenagon Asset Management S.A. Has $31.49 Million Stake in Corteva, Inc. (NYSE:CTVA)

Assenagon Asset Management S.A. boosted its position in Corteva, Inc. (NYSE:CTVA - Free Report) by 755.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 552,769 shares of the company's stock after buying an additional 488,181 shares during the quarter. Assenagon Asset Management S.A. owned 0.08% of Corteva worth $31,486,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Anomaly Capital Management LP bought a new stake in shares of Corteva in the 2nd quarter worth about $188,578,000. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of Corteva in the 3rd quarter worth approximately $99,869,000. Franklin Resources Inc. increased its holdings in shares of Corteva by 6.1% in the 3rd quarter. Franklin Resources Inc. now owns 14,788,607 shares of the company's stock valued at $860,746,000 after acquiring an additional 856,007 shares during the last quarter. Bank of Montreal Can raised its position in shares of Corteva by 370.6% during the 2nd quarter. Bank of Montreal Can now owns 1,074,361 shares of the company's stock valued at $57,951,000 after acquiring an additional 846,065 shares in the last quarter. Finally, KBC Group NV lifted its stake in Corteva by 267.3% during the third quarter. KBC Group NV now owns 1,120,104 shares of the company's stock worth $65,851,000 after purchasing an additional 815,135 shares during the last quarter. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CTVA has been the subject of a number of research reports. Royal Bank of Canada lifted their target price on Corteva from $68.00 to $73.00 and gave the company an "outperform" rating in a research note on Thursday, December 19th. Citigroup lowered their price objective on Corteva from $70.00 to $69.00 and set a "buy" rating for the company in a research note on Wednesday, December 18th. Morgan Stanley reissued an "overweight" rating and set a $65.00 price target on shares of Corteva in a report on Tuesday, September 24th. UBS Group reduced their target price on shares of Corteva from $74.00 to $73.00 and set a "buy" rating for the company in a research note on Friday, January 10th. Finally, KeyCorp reduced their price objective on Corteva from $69.00 to $68.00 and set an "overweight" rating for the company in a research report on Friday, January 10th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $65.47.

Corteva Stock Performance

Corteva stock traded up $0.67 during trading hours on Friday, hitting $62.30. The stock had a trading volume of 2,621,574 shares, compared to its average volume of 2,973,069. Corteva, Inc. has a fifty-two week low of $44.01 and a fifty-two week high of $64.20. The company has a market cap of $42.82 billion, a PE ratio of 62.93, a price-to-earnings-growth ratio of 1.49 and a beta of 0.77. The company has a 50-day moving average of $58.88 and a two-hundred day moving average of $56.99. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08.

Corteva announced that its board has authorized a share buyback plan on Tuesday, November 19th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 7.5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its stock is undervalued.

Corteva Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were paid a dividend of $0.17 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 1.09%. Corteva's dividend payout ratio is currently 68.69%.

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.