Prospera Private Wealth LLC Makes New Investment in Corteva, Inc. (NYSE:CTVA)

Prospera Private Wealth LLC bought a new stake in shares of Corteva, Inc. (NYSE:CTVA) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 9,069 shares of the company’s stock, valued at approximately $533,000.

Several other large investors have also recently made changes to their positions in the business. Van ECK Associates Corp lifted its holdings 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 purchasing an additional 213,872 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Corteva by 28.4% during 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 purchasing an additional 1,514,954 shares during the last quarter. Legal & General Group Plc raised its holdings in Corteva by 0.9% in the 2nd quarter. Legal & General Group Plc now owns 6,741,972 shares of the company’s stock worth $363,662,000 after acquiring an additional 61,127 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Corteva by 5.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,649,450 shares of the company’s stock worth $250,786,000 after acquiring an additional 224,423 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. raised its holdings in Corteva by 392.3% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 4,083,685 shares of the company’s stock worth $220,274,000 after acquiring an additional 3,254,126 shares during the last quarter. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CTVA. Bank of America boosted their price objective on shares of Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday. KeyCorp reduced their price objective on Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Argus lowered Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. cut their price target on Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. Finally, 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 report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $63.89.

Corteva Stock Performance

Shares of NYSE:CTVA opened at $58.77 on Thursday. The firm has a market cap of $40.39 billion, a PE ratio of 59.36, a price-to-earnings-growth ratio of 1.77 and a beta of 0.77. The firm’s 50 day simple moving average is $58.49 and its 200-day simple moving average is $55.72. Corteva, Inc. has a one year low of $43.89 and a one year high of $63.75. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50.

Corteva Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.16%. 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 approved a share buyback program on Tuesday, November 19th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 7.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its stock is 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.