Corteva, Inc. (NYSE:CTVA) Shares Sold by Mizuho Securities USA LLC

Mizuho Securities USA LLC lessened its position in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 16.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 44,889 shares of the company's stock after selling 8,846 shares during the quarter. Mizuho Securities USA LLC's holdings in Corteva were worth $2,639,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Acadian Asset Management LLC purchased a new stake in shares of Corteva in the first quarter worth about $25,000. Capital Advisors Ltd. LLC boosted its position 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 purchasing an additional 174 shares in the last quarter. Cultivar Capital Inc. purchased a new position in Corteva during the second quarter worth approximately $34,000. Redwood Wealth Management Group LLC purchased a new position in Corteva during the second quarter worth approximately $43,000. Finally, Triad Wealth Partners LLC purchased a new position in Corteva during the second quarter worth approximately $45,000. Hedge funds and other institutional investors own 81.54% of the company's stock.

Corteva Stock Up 0.8 %

Corteva stock traded up $0.47 during midday trading on Friday, reaching $61.23. The company's stock had a trading volume of 3,745,870 shares, compared to its average volume of 3,567,433. Corteva, Inc. has a fifty-two week low of $43.89 and a fifty-two week high of $63.75. 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 company has a market cap of $42.08 billion, a P/E ratio of 61.85, a P/E/G ratio of 1.97 and a beta of 0.77. The business has a 50-day simple moving average of $58.69 and a 200-day simple moving average of $55.79.

Corteva announced that its board has authorized a share buyback plan on Tuesday, November 19th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 7.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board of directors believes its shares are undervalued.

Corteva Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 1.11%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva's dividend payout ratio is presently 68.69%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. JPMorgan Chase & Co. lowered their price target on Corteva from $57.00 to $55.00 and set a "neutral" rating on the stock in a research report on Friday, August 2nd. Bank of America increased their target price on Corteva from $67.00 to $69.00 and gave the company a "buy" rating in a report on Wednesday. Morgan Stanley reissued an "overweight" rating and set a $65.00 target price on shares of Corteva in a report on Tuesday, September 24th. Argus cut Corteva from a "buy" rating to a "hold" rating in a report on Wednesday, August 7th. Finally, Oppenheimer reissued an "outperform" rating and set a $70.00 target price (up previously from $69.00) on shares of Corteva in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $64.33.

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.