Public Employees Retirement System of Ohio Lowers Stock Holdings in Corteva, Inc. (NYSE:CTVA)

Public Employees Retirement System of Ohio lessened its stake in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 4.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 254,105 shares of the company's stock after selling 12,659 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Corteva were worth $14,939,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Nomura Asset Management Co. Ltd. grew its stake in shares of Corteva by 1.4% in the third quarter. Nomura Asset Management Co. Ltd. now owns 415,007 shares of the company's stock valued at $24,398,000 after buying an additional 5,819 shares in the last quarter. MML Investors Services LLC boosted its holdings in Corteva by 3.3% during the 3rd quarter. MML Investors Services LLC now owns 91,727 shares of the company's stock valued at $5,393,000 after acquiring an additional 2,921 shares during the period. National Bank of Canada FI grew its position in Corteva by 77.9% in the 3rd quarter. National Bank of Canada FI now owns 359,994 shares of the company's stock valued at $21,164,000 after acquiring an additional 157,614 shares in the last quarter. iA Global Asset Management Inc. increased its stake in Corteva by 14.8% during the third quarter. iA Global Asset Management Inc. now owns 5,745 shares of the company's stock worth $338,000 after purchasing an additional 742 shares during the period. Finally, EP Wealth Advisors LLC increased its stake in Corteva by 82.7% during the third quarter. EP Wealth Advisors LLC now owns 17,282 shares of the company's stock worth $1,016,000 after purchasing an additional 7,822 shares during the period. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on CTVA shares. UBS Group lifted their price objective on shares of Corteva from $67.00 to $71.00 and gave the company a "buy" rating in a report on Thursday, November 7th. Royal Bank of Canada dropped their price target 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. Citigroup assumed coverage on Corteva in a research note on Wednesday, October 23rd. They issued a "buy" rating and a $68.00 price objective on the stock. Barclays boosted their target price on Corteva from $58.00 to $62.00 and gave the stock an "equal weight" rating in a research note on Friday, November 8th. Finally, Bank of America upped their price target on Corteva from $67.00 to $69.00 and gave the stock a "buy" rating in a report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $65.06.

Corteva Stock Performance

CTVA traded up $0.36 on Wednesday, reaching $59.79. The company had a trading volume of 5,431,331 shares, compared to its average volume of 3,309,039. 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 1 year low of $44.01 and a 1 year high of $64.20. The stock has a market capitalization of $41.09 billion, a PE ratio of 60.70, a P/E/G ratio of 1.93 and a beta of 0.77. The stock has a 50-day moving average price of $59.61 and a 200-day moving average price of $56.18.

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 outstanding shares. This buyback authorization allows the company to purchase up to 7.5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

Corteva Dividend Announcement

The company also recently announced 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 dividend yield of 1.14%. Corteva's dividend payout ratio (DPR) is presently 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.