Holocene Advisors LP Buys New Stake in Corteva, Inc. (NYSE:CTVA)

Holocene Advisors LP bought a new position in Corteva, Inc. (NYSE:CTVA - Free Report) during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 83,679 shares of the company's stock, valued at approximately $4,919,000.

A number of other institutional investors and hedge funds also recently modified their holdings of CTVA. Anomaly Capital Management LP bought a new stake in Corteva during the 2nd quarter valued at $188,578,000. Vaughan Nelson Investment Management L.P. grew its position in shares of Corteva by 392.3% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 4,083,685 shares of the company's stock valued at $220,274,000 after purchasing an additional 3,254,126 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in shares of Corteva during the 3rd quarter valued at $99,869,000. Bank of New York Mellon Corp grew its position in shares of Corteva by 28.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 6,842,907 shares of the company's stock valued at $369,106,000 after purchasing an additional 1,514,954 shares in the last quarter. Finally, Panagora Asset Management Inc. grew its position in shares of Corteva by 700.2% during the 2nd quarter. Panagora Asset Management Inc. now owns 1,301,996 shares of the company's stock valued at $70,230,000 after purchasing an additional 1,139,297 shares in the last quarter. 81.54% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Barclays upped their target price on shares of Corteva from $58.00 to $62.00 and gave the stock an "equal weight" rating in a research report on Friday, November 8th. Citigroup assumed coverage on shares of Corteva in a research report on Wednesday, October 23rd. They issued a "buy" rating and a $68.00 target price for the company. Wells Fargo & Company upped their target price on shares of Corteva from $65.00 to $67.00 and gave the stock an "overweight" rating in a research report on Wednesday, November 20th. Royal Bank of Canada lowered their price objective 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. Finally, UBS Group upped their price objective on shares of Corteva from $67.00 to $71.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. One analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, Corteva has a consensus rating of "Moderate Buy" and an average target price of $65.06.

Corteva Stock Performance

CTVA traded down $0.36 during trading on Thursday, hitting $60.82. The company's stock had a trading volume of 2,475,153 shares, compared to its average volume of 3,299,283. 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, Inc. has a one year low of $43.98 and a one year high of $64.20. The firm has a market cap of $41.80 billion, a PE ratio of 61.79, a P/E/G ratio of 2.01 and a beta of 0.77. The business's 50 day simple moving average is $59.49 and its 200-day simple moving average is $56.08.

Corteva Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a dividend of $0.17 per share. The ex-dividend date is Monday, December 2nd. This represents a $0.68 annualized dividend and a dividend yield of 1.12%. Corteva's payout ratio is 68.69%.

Corteva declared that its board has authorized a stock buyback plan on Tuesday, November 19th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the company to purchase up to 7.5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

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.