Fmr LLC Has $631.86 Million Position in Corteva, Inc. (NYSE:CTVA)

FMR LLC increased its stake in Corteva, Inc. (NYSE:CTVA - Free Report) by 1.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,747,791 shares of the company's stock after acquiring an additional 203,126 shares during the period. FMR LLC owned approximately 1.56% of Corteva worth $631,863,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Van ECK Associates Corp lifted its holdings in shares of Corteva by 2.5% in the 3rd quarter. Van ECK Associates Corp now owns 8,902,675 shares of the company's stock valued at $541,194,000 after purchasing an additional 213,872 shares during the last quarter. Bank of New York Mellon Corp increased its position in 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 worth $369,106,000 after buying an additional 1,514,954 shares during the period. Legal & General Group Plc lifted its stake in Corteva by 0.9% in the second quarter. Legal & General Group Plc now owns 6,741,972 shares of the company's stock valued at $363,662,000 after buying an additional 61,127 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Corteva by 5.1% during the second quarter. Dimensional Fund Advisors LP now owns 4,649,450 shares of the company's stock worth $250,786,000 after acquiring an additional 224,423 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Corteva by 1.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,523,996 shares of the company's stock worth $265,966,000 after purchasing an additional 66,052 shares during the period. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Corteva Stock Performance

NYSE:CTVA traded down $0.26 during mid-day trading on Friday, hitting $62.24. The stock had a trading volume of 2,467,333 shares, compared to its average volume of 3,309,927. 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 company has a 50 day simple moving average of $59.15 and a 200-day simple moving average of $55.94. The stock has a market capitalization of $42.78 billion, a price-to-earnings ratio of 63.13, a P/E/G ratio of 2.03 and a beta of 0.77. Corteva, Inc. has a 52 week low of $43.89 and a 52 week high of $64.20.

Corteva declared that its Board of Directors has authorized a share buyback program on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 7.5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's management believes its stock is undervalued.

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 issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.09%. The ex-dividend date is Monday, December 2nd. Corteva's dividend payout ratio (DPR) is presently 68.69%.

Wall Street Analyst Weigh In

CTVA has been the topic of a number of recent research reports. Bank of America lifted their price objective on shares of Corteva from $67.00 to $69.00 and gave the company a "buy" rating in a research note on Wednesday, November 20th. UBS Group upped their price objective on Corteva from $67.00 to $71.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. Barclays lifted their target price on Corteva from $58.00 to $62.00 and gave the company an "equal weight" rating in a research note on Friday, November 8th. Citigroup started coverage on Corteva in a research note on Wednesday, October 23rd. They set a "buy" rating and a $68.00 price target for the company. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Corteva from $57.00 to $55.00 and set a "neutral" rating on the stock in a research report on Friday, August 2nd. One investment 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 stock currently has an average rating of "Moderate Buy" and an average target price of $65.06.

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.