Erste Asset Management GmbH Buys Shares of 13,800 Corteva, Inc. (NYSE:CTVA)

Erste Asset Management GmbH bought a new stake in shares of Corteva, Inc. (NYSE:CTVA) in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm bought 13,800 shares of the company’s stock, valued at approximately $808,000.

Other institutional investors have also recently modified their holdings of the company. Rovin Capital UT ADV lifted its holdings in shares of Corteva by 1.3% during the 3rd quarter. Rovin Capital UT ADV now owns 12,822 shares of the company’s stock worth $754,000 after acquiring an additional 168 shares during the period. Capital Advisors Ltd. LLC lifted its holdings 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 acquiring an additional 174 shares during the last quarter. Proffitt & Goodson Inc. lifted its holdings in Corteva by 2.2% in the third quarter. Proffitt & Goodson Inc. now owns 8,030 shares of the company’s stock worth $472,000 after purchasing an additional 174 shares during the period. Pinnacle Bancorp Inc. boosted its holdings in shares of Corteva by 26.1% in the third quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company’s stock valued at $57,000 after acquiring an additional 199 shares in the last quarter. Finally, Azzad Asset Management Inc. ADV raised its holdings in shares of Corteva by 0.4% in the 2nd quarter. Azzad Asset Management Inc. ADV now owns 48,200 shares of the company’s stock worth $2,600,000 after purchasing an additional 203 shares in the last quarter. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Corteva Stock Performance

Shares of NYSE:CTVA opened at $61.99 on Wednesday. Corteva, Inc. has a 1 year low of $43.89 and a 1 year high of $64.20. The company’s 50 day simple moving average is $59.41 and its 200 day simple moving average is $56.04. 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 stock has a market capitalization of $42.61 billion, a price-to-earnings ratio of 62.62, a price-to-earnings-growth ratio of 2.02 and a beta of 0.77.

Corteva declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, November 19th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 7.5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Corteva Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a dividend of $0.17 per share. The ex-dividend date is Monday, December 2nd. This represents a $0.68 annualized dividend and a yield of 1.10%. Corteva’s dividend payout ratio is presently 68.69%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Royal Bank of Canada reduced their target price on Corteva from $69.00 to $68.00 and set an “outperform” rating for the company in a report on Monday, November 11th. UBS Group boosted their price target on shares of Corteva from $67.00 to $71.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Bank of America increased their price objective on Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Wells Fargo & Company boosted their target price on Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a research note on Wednesday, November 20th. Finally, Citigroup began coverage on Corteva in a research note on Wednesday, October 23rd. They set a “buy” rating and a $68.00 price target for the company. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, Corteva presently has a consensus rating of “Moderate Buy” and an average price target of $65.06.

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.