CreativeOne Wealth LLC Buys 6,933 Shares of Corteva, Inc. (NYSE:CTVA)

CreativeOne Wealth LLC boosted its position in Corteva, Inc. (NYSE:CTVA) by 15.9% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 50,613 shares of the company’s stock after purchasing an additional 6,933 shares during the quarter. CreativeOne Wealth LLC’s holdings in Corteva were worth $2,976,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. FMR LLC lifted its position in Corteva by 1.9% during the third quarter. FMR LLC now owns 10,747,791 shares of the company’s stock valued at $631,863,000 after acquiring an additional 203,126 shares during the last quarter. Van ECK Associates Corp boosted its holdings in Corteva by 2.5% in the third quarter. Van ECK Associates Corp now owns 8,902,675 shares of the company’s stock worth $541,194,000 after acquiring an additional 213,872 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Corteva by 28.4% during the second quarter. Bank of New York Mellon Corp now owns 6,842,907 shares of the company’s stock valued at $369,106,000 after acquiring an additional 1,514,954 shares in the last quarter. Legal & General Group Plc raised its position in shares of Corteva by 0.9% in the 2nd quarter. Legal & General Group Plc now owns 6,741,972 shares of the company’s stock valued at $363,662,000 after purchasing an additional 61,127 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Corteva by 5.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,649,450 shares of the company’s stock worth $250,786,000 after purchasing an additional 224,423 shares in the last quarter. 81.54% of the stock is owned by hedge funds and other institutional investors.

Corteva Stock Performance

NYSE:CTVA opened at $62.49 on Thursday. The company has a fifty day moving average of $59.07 and a two-hundred day moving average of $55.90. Corteva, Inc. has a fifty-two week low of $43.89 and a fifty-two week high of $64.20. The stock has a market capitalization of $42.95 billion, a PE ratio of 63.12, a P/E/G ratio of 2.08 and a beta of 0.77. 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 Dividend Announcement

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

Corteva declared that its board has authorized a stock repurchase plan on Tuesday, November 19th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 7.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

CTVA has been the subject of a number of research analyst reports. Morgan Stanley reaffirmed an “overweight” rating and issued a $65.00 price target on shares of Corteva in a report on Tuesday, September 24th. Wells Fargo & Company raised their target price on Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. Royal Bank of Canada cut their price objective on Corteva from $69.00 to $68.00 and set an “outperform” rating on the stock in a report on Monday, November 11th. UBS Group lifted their target price on Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. One equities research 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. Based on data from MarketBeat.com, Corteva presently has a consensus 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.