Corteva, Inc. (NYSE:CTVA) Position Raised by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 44.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 526,620 shares of the company's stock after purchasing an additional 161,269 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned 0.08% of Corteva worth $30,960,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Capital Advisors Ltd. LLC raised its stake in 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 during the last quarter. Cultivar Capital Inc. acquired a new stake in Corteva in the 2nd quarter valued at about $34,000. Redwood Wealth Management Group LLC purchased a new position in Corteva during the second quarter worth approximately $43,000. Triad Wealth Partners LLC acquired a new position in shares of Corteva during the 2nd quarter valued at about $45,000. Finally, Bangor Savings Bank grew its stake in shares of Corteva by 34.7% in the 3rd quarter. Bangor Savings Bank now owns 935 shares of the company's stock valued at $55,000 after buying an additional 241 shares during the period. Institutional investors own 81.54% of the company's stock.

Corteva Stock Down 0.4 %

NYSE CTVA traded down $0.24 during trading hours on Friday, reaching $62.26. 2,467,367 shares of the company traded hands, compared to its average volume of 3,309,927. The company has a 50 day moving average of $59.24 and a two-hundred day moving average of $55.98. The stock has a market capitalization of $42.79 billion, a PE ratio of 62.89, a PEG ratio of 2.03 and a beta of 0.77. Corteva, Inc. has a 12 month low of $43.89 and a 12 month high of $64.20. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08.

Corteva announced that its board has authorized a stock 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 buy up to 7.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its shares are undervalued.

Corteva Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 1.09%. 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 firms recently weighed in on CTVA. Bank of America lifted their target price on shares of Corteva from $67.00 to $69.00 and gave the company a "buy" rating in a report on Wednesday, November 20th. Barclays raised 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. Royal Bank of Canada reduced their price objective on shares of Corteva from $69.00 to $68.00 and set an "outperform" rating for the company in a research report on Monday, November 11th. Argus cut Corteva from a "buy" rating to a "hold" rating in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Corteva from $57.00 to $55.00 and set a "neutral" rating on the stock in a research note on Friday, August 2nd. 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 company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target 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.