Healthcare of Ontario Pension Plan Trust Fund Buys Shares of 179,000 Corteva, Inc. (NYSE:CTVA)

Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Corteva, Inc. (NYSE:CTVA - Free Report) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 179,000 shares of the company's stock, valued at approximately $10,523,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. KBC Group NV lifted its stake in Corteva by 267.3% in the third quarter. KBC Group NV now owns 1,120,104 shares of the company's stock worth $65,851,000 after acquiring an additional 815,135 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted 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 worth $6,668,000 after purchasing an additional 41,943 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Corteva by 1.5% during the third 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 in the last quarter. Thrivent Financial for Lutherans increased its holdings 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 during the last quarter. Finally, Nisa Investment Advisors LLC raised its stake 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 owned by institutional investors and hedge funds.

Corteva Stock Performance

Corteva stock traded down $0.24 during trading hours on Friday, reaching $62.26. 2,467,367 shares of the stock were exchanged, compared to its average volume of 3,309,927. Corteva, Inc. has a 52-week low of $43.89 and a 52-week high of $64.20. The stock has a market cap of $42.79 billion, a P/E ratio of 62.89, a P/E/G ratio of 2.03 and a beta of 0.77. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50. The firm's 50 day moving average is $59.24 and its 200 day moving average is $55.98.

Corteva Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a $0.17 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 1.09%. Corteva's payout ratio is currently 68.69%.

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

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CTVA. Royal Bank of Canada dropped their price objective on Corteva from $69.00 to $68.00 and set an "outperform" rating on the stock in a report on Monday, November 11th. JPMorgan Chase & Co. dropped their price target on shares of Corteva from $57.00 to $55.00 and set a "neutral" rating on the stock in a research note on Friday, August 2nd. Bank of America boosted their price objective on shares of Corteva from $67.00 to $69.00 and gave the stock a "buy" rating in a research report on Wednesday, November 20th. Citigroup began coverage on shares of Corteva in a research report on Wednesday, October 23rd. They issued a "buy" rating and a $68.00 target price on the stock. Finally, Morgan Stanley restated an "overweight" rating and issued a $65.00 price objective on shares of Corteva in a research note on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Corteva currently has a consensus rating of "Moderate Buy" and an average 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.