Geode Capital Management LLC Acquires 355,206 Shares of Corteva, Inc. (NYSE:CTVA)

Geode Capital Management LLC lifted its holdings in Corteva, Inc. (NYSE:CTVA - Free Report) by 2.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 17,703,771 shares of the company's stock after purchasing an additional 355,206 shares during the period. Geode Capital Management LLC owned 2.58% of Corteva worth $1,037,505,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the business. Anomaly Capital Management LP bought a new position in Corteva in the 2nd quarter worth approximately $188,578,000. Vaughan Nelson Investment Management L.P. lifted its stake in shares of Corteva by 392.3% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 4,083,685 shares of the company's stock valued at $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 third quarter worth about $99,869,000. Bank of New York Mellon Corp increased its stake 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 valued at $369,106,000 after acquiring an additional 1,514,954 shares during the period. Finally, Panagora Asset Management Inc. raised its holdings in Corteva by 700.2% in the 2nd quarter. Panagora Asset Management Inc. now owns 1,301,996 shares of the company's stock valued at $70,230,000 after acquiring an additional 1,139,297 shares in the last quarter. Institutional investors and hedge funds own 81.54% of the company's stock.

Corteva Trading Down 0.8 %

Shares of Corteva stock traded down $0.48 during trading on Thursday, reaching $59.30. 2,009,519 shares of the company were exchanged, compared to its average volume of 3,303,624. Corteva, Inc. has a twelve month low of $44.01 and a twelve month high of $64.20. The business has a 50-day moving average price of $59.63 and a 200-day moving average price of $56.20. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $40.76 billion, a price-to-earnings ratio of 59.90, a P/E/G ratio of 1.93 and a beta of 0.77.

Corteva Dividend Announcement

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 is Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.15%. Corteva's dividend payout ratio (DPR) is presently 68.69%.

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

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CTVA. Morgan Stanley restated 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 increased their price objective on shares of Corteva from $65.00 to $67.00 and gave the company an "overweight" rating in a research note on Wednesday, November 20th. Citigroup started coverage on shares of Corteva in a research note on Wednesday, October 23rd. They issued a "buy" rating and a $68.00 target price on the stock. KeyCorp raised their price target on shares of Corteva from $66.00 to $69.00 and gave the stock an "overweight" rating in a research note on Thursday, November 21st. Finally, Bank of America upped their price objective on Corteva from $67.00 to $69.00 and gave the company a "buy" rating in a research note on Wednesday, November 20th. 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 data from MarketBeat, Corteva currently has an average rating of "Moderate Buy" and a consensus target price of $65.06.

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.