BNP Paribas Financial Markets Buys 596,073 Shares of Corteva, Inc. (NYSE:CTVA)

BNP Paribas Financial Markets boosted its holdings in Corteva, Inc. (NYSE:CTVA) by 176.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 934,748 shares of the company’s stock after buying an additional 596,073 shares during the period. BNP Paribas Financial Markets’ holdings in Corteva were worth $54,954,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of CTVA. Capital Advisors Ltd. LLC lifted its stake in Corteva by 44.4% in the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after purchasing an additional 174 shares during the last quarter. Cultivar Capital Inc. purchased a new stake in shares of Corteva during the second quarter valued at approximately $34,000. Redwood Wealth Management Group LLC purchased a new stake in shares of Corteva during the second quarter valued at approximately $43,000. Triad Wealth Partners LLC purchased a new stake in shares of Corteva during the second quarter valued at approximately $45,000. Finally, Chilton Capital Management LLC lifted its position in Corteva by 354.7% during the second quarter. Chilton Capital Management LLC now owns 973 shares of the company’s stock valued at $52,000 after purchasing an additional 759 shares during the period. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CTVA has been the topic of a number of research analyst reports. Bank of America increased their price objective on shares of Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Wells Fargo & Company lifted their price target on shares of Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. UBS Group lifted their price target on shares of Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Citigroup assumed coverage on shares of Corteva in a research note on Wednesday, October 23rd. They set a “buy” rating and a $68.00 target price on the stock. Finally, Argus downgraded shares of Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, Corteva presently has an average rating of “Moderate Buy” and a consensus target price of $65.06.

Corteva Stock Down 1.2 %

Shares of Corteva stock opened at $62.50 on Friday. Corteva, Inc. has a 52-week low of $43.89 and a 52-week high of $64.20. The company has a 50 day moving average of $59.15 and a 200 day moving average of $55.94. 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 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 Dividend Announcement

The firm 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. The ex-dividend date is Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.09%. Corteva’s payout ratio is 68.69%.

Corteva announced that its board has approved a stock repurchase plan on Tuesday, November 19th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 7.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

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.