Corteva, Inc. (NYSE:CTVA) Shares Purchased by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company raised its position in Corteva, Inc. (NYSE:CTVA) by 10.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,279,230 shares of the company’s stock after purchasing an additional 126,090 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Corteva were worth $75,205,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in CTVA. KBC Group NV raised its holdings in Corteva by 267.3% in the 3rd quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock valued at $65,851,000 after buying an additional 815,135 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in shares of Corteva by 51.4% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 123,621 shares of the company’s stock valued at $6,668,000 after acquiring an additional 41,943 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Corteva by 1.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,523,996 shares of the company’s stock worth $265,966,000 after acquiring an additional 66,052 shares during the last quarter. Thrivent Financial for Lutherans boosted its position in shares of Corteva by 16.1% during the 3rd quarter. Thrivent Financial for Lutherans now owns 1,025,266 shares of the company’s stock worth $60,275,000 after purchasing an additional 141,898 shares during the period. Finally, Nisa Investment Advisors LLC increased its holdings in Corteva by 0.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 220,134 shares of the company’s stock valued at $12,942,000 after purchasing an additional 845 shares during the last quarter. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on CTVA shares. JPMorgan Chase & Co. decreased their price target on Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Oppenheimer restated an “outperform” rating and set a $70.00 target price (up from $69.00) on shares of Corteva in a report on Friday, November 8th. Royal Bank of Canada dropped their target price on Corteva from $69.00 to $68.00 and set an “outperform” rating for the company in a research report on Monday, November 11th. Morgan Stanley reissued an “overweight” rating and set a $65.00 price target on shares of Corteva in a research report on Tuesday, September 24th. Finally, Argus cut shares of Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Corteva has a consensus rating of “Moderate Buy” and an average price target of $65.06.

Corteva Stock Performance

Shares of CTVA opened at $62.49 on Thursday. The company has a market capitalization of $42.95 billion, a price-to-earnings ratio of 63.12, a price-to-earnings-growth ratio of 2.08 and a beta of 0.77. Corteva, Inc. has a 52-week low of $43.89 and a 52-week high of $64.20. 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 stock has a 50 day moving average price of $59.07 and a 200 day moving average price of $55.90.

Corteva announced that its Board of Directors has authorized a share repurchase plan on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 7.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Corteva Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.09%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva’s payout ratio is 68.69%.

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.