Traders Buy High Volume of Corteva Put Options (NYSE:CTVA)

Corteva, Inc. (NYSE:CTVA) was the target of some unusual options trading activity on Friday. Traders acquired 3,134 put options on the company. This is an increase of approximately 393% compared to the average daily volume of 636 put options.

Institutional Investors Weigh In On Corteva

A number of large investors have recently modified their holdings of the stock. KBC Group NV boosted its position in Corteva by 267.3% in the 3rd quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock valued at $65,851,000 after buying an additional 815,135 shares during the last quarter. Intech Investment Management LLC lifted its stake in shares of Corteva by 69.5% in the first quarter. Intech Investment Management LLC now owns 52,557 shares of the company’s stock worth $3,031,000 after acquiring an additional 21,545 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in Corteva by 51.4% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 123,621 shares of the company’s stock valued at $6,668,000 after purchasing an additional 41,943 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in Corteva by 0.4% during the 3rd quarter. Nisa Investment Advisors LLC now owns 220,134 shares of the company’s stock valued at $12,942,000 after purchasing an additional 845 shares in the last quarter. Finally, Anomaly Capital Management LP purchased a new stake in Corteva during the 2nd quarter worth approximately $188,578,000. Institutional investors and hedge funds own 81.54% of the company’s stock.

Corteva Stock Performance

NYSE:CTVA opened at $55.19 on Friday. Corteva has a twelve month low of $43.89 and a twelve month high of $63.75. The firm has a market capitalization of $37.93 billion, a price-to-earnings ratio of 55.74, a PEG ratio of 1.85 and a beta of 0.77. 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’s fifty day simple moving average is $58.34 and its 200 day simple moving average is $55.67.

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 $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.23%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva’s payout ratio is 68.69%.

Analyst Upgrades and Downgrades

CTVA has been the subject of several recent analyst reports. Wells Fargo & Company lowered their target price on shares of Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Citigroup assumed coverage on Corteva in a report on Wednesday, October 23rd. They set a “buy” rating and a $68.00 price objective on the stock. Oppenheimer reiterated an “outperform” rating and issued a $70.00 target price (up from $69.00) on shares of Corteva in a research note on Friday, November 8th. UBS Group raised their price target on Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Barclays upped their price objective on shares of Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.68.

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.