Wilmington Savings Fund Society FSB Acquires 31,411 Shares of Corteva, Inc. (NYSE:CTVA)

Wilmington Savings Fund Society FSB raised its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 247.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 44,080 shares of the company’s stock after purchasing an additional 31,411 shares during the quarter. Wilmington Savings Fund Society FSB’s holdings in Corteva were worth $2,591,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in CTVA. Wealth Enhancement Advisory Services LLC increased its position in Corteva by 51.4% during the second 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 last quarter. Swedbank AB boosted its position in Corteva by 16.0% in the 2nd quarter. Swedbank AB now owns 388,095 shares of the company’s stock valued at $20,934,000 after buying an additional 53,430 shares during the period. Triad Wealth Partners LLC bought a new stake in shares of Corteva during the second quarter valued at approximately $45,000. Blue Trust Inc. grew its stake in Corteva by 6.6% in the second quarter. Blue Trust Inc. now owns 10,633 shares of the company’s stock worth $613,000 after purchasing an additional 654 shares in the last quarter. Finally, TCW Group Inc. grew its position in shares of Corteva by 29.9% during the 2nd quarter. TCW Group Inc. now owns 79,597 shares of the company’s stock worth $4,293,000 after buying an additional 18,326 shares in the last quarter. 81.54% of the stock is currently owned by institutional investors.

Corteva Stock Performance

CTVA opened at $59.49 on Friday. The firm has a fifty day moving average price of $59.68 and a 200 day moving average price of $56.25. Corteva, Inc. has a 1 year low of $44.01 and a 1 year high of $64.20. The stock has a market cap of $40.89 billion, a P/E ratio of 60.09, a P/E/G ratio of 1.94 and a beta of 0.77. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96.

Corteva declared that its Board of Directors has initiated a share repurchase program on Tuesday, November 19th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 7.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Corteva Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.14%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva’s payout ratio is currently 68.69%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CTVA. Bank of America upped their price objective on Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. UBS Group increased their price objective on shares of Corteva from $67.00 to $71.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Oppenheimer reissued an “outperform” rating and set a $70.00 target price (up previously from $69.00) on shares of Corteva in a research report on Friday, November 8th. Wells Fargo & Company raised their price target on shares of Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a report on Wednesday, November 20th. Finally, Royal Bank of Canada dropped their price objective on shares of Corteva from $69.00 to $68.00 and set an “outperform” rating on the stock in a report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company 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.