BNP Paribas Financial Markets Has $54.95 Million Position in Corteva, Inc. (NYSE:CTVA)

BNP Paribas Financial Markets raised its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 176.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 934,748 shares of the company’s stock after acquiring an additional 596,073 shares during the quarter. BNP Paribas Financial Markets owned approximately 0.14% of Corteva worth $54,954,000 at the end of the most recent quarter.

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

Corteva Trading Down 1.2 %

Shares of NYSE:CTVA opened at $62.50 on Friday. The company has a market capitalization of $42.96 billion, a P/E ratio of 63.13, a P/E/G ratio of 2.08 and a beta of 0.77. Corteva, Inc. has a 1 year low of $43.89 and a 1 year high of $64.20. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96. The business’s 50 day simple moving average is $59.15 and its 200 day simple moving average is $55.94.

Corteva Dividend Announcement

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

Corteva announced that its Board of Directors has authorized a share buyback program on Tuesday, November 19th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the company to purchase up to 7.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. UBS Group increased their price objective on Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. 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. Morgan Stanley restated an “overweight” rating and issued a $65.00 price target on shares of Corteva in a research note on Tuesday, September 24th. Argus downgraded Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $70.00 price objective (up from $69.00) on shares of Corteva in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $65.06.

Corteva Company 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.