Corteva, Inc. (NYSE:CTVA) Shares Purchased by M&T Bank Corp

M&T Bank Corp grew its position in Corteva, Inc. (NYSE:CTVA - Free Report) by 0.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,077,000 shares of the company's stock after buying an additional 16,087 shares during the quarter. M&T Bank Corp owned 0.30% of Corteva worth $122,107,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. Capital Advisors Ltd. LLC raised its position in shares of Corteva by 44.4% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company's stock worth $33,000 after acquiring an additional 174 shares in the last quarter. Cultivar Capital Inc. bought a new position in shares of Corteva in the 2nd quarter worth $34,000. Redwood Wealth Management Group LLC bought a new position in shares of Corteva in the 2nd quarter worth $43,000. Triad Wealth Partners LLC bought a new position in shares of Corteva in the 2nd quarter worth $45,000. Finally, Chilton Capital Management LLC raised its position in shares of Corteva by 354.7% in the 2nd quarter. Chilton Capital Management LLC now owns 973 shares of the company's stock worth $52,000 after acquiring an additional 759 shares in the last quarter. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Corteva Stock Performance

Corteva stock traded down $0.30 during midday trading on Tuesday, hitting $59.44. 3,749,204 shares of the company were exchanged, compared to its average volume of 3,300,121. 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, Inc. has a fifty-two week low of $44.01 and a fifty-two week high of $64.20. The business has a fifty day simple moving average of $59.58 and a two-hundred day simple moving average of $56.15. The firm has a market capitalization of $40.85 billion, a PE ratio of 60.02, a price-to-earnings-growth ratio of 1.93 and a beta of 0.77.

Corteva announced that its Board of Directors has approved a stock repurchase plan on Tuesday, November 19th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 7.5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Corteva Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.14%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva's payout ratio is currently 68.69%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Royal Bank of Canada reduced their price target on Corteva from $69.00 to $68.00 and set an "outperform" rating for the company in a research report on Monday, November 11th. Barclays increased their price target on Corteva from $58.00 to $62.00 and gave the company an "equal weight" rating in a research note on Friday, November 8th. Wells Fargo & Company increased their price target on 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 Corteva in a research note on Wednesday, October 23rd. They issued a "buy" rating and a $68.00 price target for the company. Finally, KeyCorp increased their price target on Corteva from $66.00 to $69.00 and gave the company an "overweight" rating in a research note on Thursday, November 21st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $65.06.

Corteva 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.