Corteva, Inc. (NYSE:CTVA) Shares Bought by Scopia Capital Management LP

Scopia Capital Management LP lifted its stake in Corteva, Inc. (NYSE:CTVA) by 42.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 490,664 shares of the company’s stock after acquiring an additional 145,202 shares during the quarter. Corteva makes up 6.0% of Scopia Capital Management LP’s portfolio, making the stock its 3rd biggest holding. Scopia Capital Management LP’s holdings in Corteva were worth $28,846,000 as of its most recent filing with the Securities and Exchange Commission.

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

Corteva Price Performance

Shares of NYSE:CTVA opened at $62.26 on Friday. The business’s 50 day moving average is $59.24 and its 200-day moving average is $55.98. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $42.79 billion, a PE ratio of 62.89, a PEG ratio of 2.03 and a beta of 0.77. Corteva, Inc. has a 1-year low of $43.89 and a 1-year high of $64.20.

Corteva Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders 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 dividend payout ratio (DPR) is presently 68.69%.

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

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Oppenheimer reissued an “outperform” rating and set a $70.00 price objective (up previously from $69.00) on shares of Corteva in a report on Friday, November 8th. JPMorgan Chase & Co. dropped their price target on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Morgan Stanley reaffirmed an “overweight” rating and set a $65.00 price objective on shares of Corteva in a report on Tuesday, September 24th. Royal Bank of Canada lowered their target price on shares of Corteva from $69.00 to $68.00 and set an “outperform” rating on the stock in a research note on Monday, November 11th. Finally, Argus lowered shares of Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target 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.