JPMorgan Chase & Co. Boosts Holdings in Corteva, Inc. (NYSE:CTVA)

JPMorgan Chase & Co. lifted its position in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 6.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,605,608 shares of the company's stock after purchasing an additional 288,885 shares during the quarter. JPMorgan Chase & Co. owned 0.67% of Corteva worth $270,764,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of CTVA. Rovin Capital UT ADV increased its holdings in Corteva by 1.3% during the 3rd quarter. Rovin Capital UT ADV now owns 12,822 shares of the company's stock worth $754,000 after purchasing an additional 168 shares in the last quarter. Capital Advisors Ltd. LLC grew its holdings in Corteva by 44.4% during the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company's stock worth $33,000 after buying an additional 174 shares in the last quarter. Proffitt & Goodson Inc. raised its position in Corteva by 2.2% in the 3rd quarter. Proffitt & Goodson Inc. now owns 8,030 shares of the company's stock valued at $472,000 after buying an additional 174 shares during the last quarter. Pinnacle Bancorp Inc. lifted its stake in Corteva by 26.1% during the 3rd quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company's stock valued at $57,000 after acquiring an additional 199 shares in the last quarter. Finally, Westhampton Capital LLC boosted its holdings in Corteva by 2.5% during the 3rd quarter. Westhampton Capital LLC now owns 8,641 shares of the company's stock worth $508,000 after acquiring an additional 213 shares during the last quarter. Institutional investors and hedge funds own 81.54% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on CTVA shares. Oppenheimer reissued an "outperform" rating and set a $70.00 price target (up from $69.00) on shares of Corteva in a research report on Friday, November 8th. Bank of America lifted their target price 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. Barclays upped their target price on Corteva from $58.00 to $62.00 and gave the company an "equal weight" rating in a report on Friday, November 8th. UBS Group lifted their price target on Corteva from $67.00 to $71.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. 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 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. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $65.41.

Corteva Stock Performance

CTVA stock traded up $0.40 during midday trading on Tuesday, reaching $56.96. 1,750,203 shares of the company's stock traded hands, compared to its average volume of 3,305,096. The firm has a market capitalization of $39.15 billion, a PE ratio of 57.54, a price-to-earnings-growth ratio of 1.94 and a beta of 0.77. The company has a 50-day moving average price of $59.53 and a two-hundred day moving average price of $56.60. Corteva, Inc. has a 52 week low of $44.01 and a 52 week high of $64.20. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50.

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

Corteva Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were issued 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 1.19%. Corteva's dividend payout ratio (DPR) is 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.