Bridgewater Associates LP Raises Stake in Corteva, Inc. (NYSE:CTVA)

Bridgewater Associates LP increased its stake in shares of Corteva, Inc. (NYSE:CTVA) by 395.7% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 130,191 shares of the company’s stock after buying an additional 103,928 shares during the quarter. Bridgewater Associates LP’s holdings in Corteva were worth $7,654,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. B. Riley Wealth Advisors Inc. lifted its stake in Corteva by 6.9% in the first quarter. B. Riley Wealth Advisors Inc. now owns 15,125 shares of the company’s stock valued at $872,000 after purchasing an additional 971 shares during the last quarter. iA Global Asset Management Inc. purchased a new position in shares of Corteva during the 1st quarter valued at $324,000. LRI Investments LLC bought a new position in shares of Corteva during the 1st quarter worth $125,000. Swedbank AB purchased a new stake in Corteva in the 1st quarter worth about $19,300,000. Finally, Atria Investments Inc raised its stake in Corteva by 19.4% in the 1st quarter. Atria Investments Inc now owns 73,463 shares of the company’s stock valued at $4,236,000 after acquiring an additional 11,956 shares during the period. Institutional investors own 81.54% of the company’s stock.

Corteva Price Performance

CTVA stock opened at $62.50 on Friday. The firm has a 50 day simple moving average of $59.15 and a two-hundred day simple moving average of $55.94. The stock has a market cap of $42.96 billion, a PE ratio of 63.13, a P/E/G ratio of 2.08 and a beta of 0.77. Corteva, Inc. has a one year low of $43.89 and a one year high of $64.20. 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 announced that its Board of Directors has initiated a stock buyback program on Tuesday, November 19th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the company to reacquire up to 7.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Corteva Dividend Announcement

The business 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 $0.17 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.68 annualized dividend and a yield of 1.09%. Corteva’s dividend payout ratio (DPR) is presently 68.69%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on CTVA shares. KeyCorp increased their target price on shares of Corteva from $66.00 to $69.00 and gave the stock an “overweight” rating in a research report on Thursday, November 21st. Morgan Stanley reiterated an “overweight” rating and issued a $65.00 price objective on shares of Corteva in a research note on Tuesday, September 24th. JPMorgan Chase & Co. dropped their target price on Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Wells Fargo & Company lifted their price target on Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a research report on Wednesday, November 20th. Finally, UBS Group increased their price objective on Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price 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.