Corteva, Inc. (NYSE:CTVA) Shares Sold by Mizuho Securities USA LLC

Mizuho Securities USA LLC lowered its stake in Corteva, Inc. (NYSE:CTVA) by 16.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 44,889 shares of the company’s stock after selling 8,846 shares during the period. Mizuho Securities USA LLC’s holdings in Corteva were worth $2,639,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of CTVA. Acadian Asset Management LLC acquired a new position in Corteva in the 1st quarter valued at $25,000. Gabelli Funds LLC raised its holdings in Corteva by 6.9% during the first quarter. Gabelli Funds LLC now owns 46,636 shares of the company’s stock worth $2,689,000 after purchasing an additional 3,000 shares in the last quarter. Magnetar Financial LLC raised its holdings in Corteva by 751.3% during the first quarter. Magnetar Financial LLC now owns 56,996 shares of the company’s stock worth $3,287,000 after purchasing an additional 50,301 shares in the last quarter. BOKF NA lifted its position in Corteva by 4.1% in the first quarter. BOKF NA now owns 133,988 shares of the company’s stock valued at $7,728,000 after purchasing an additional 5,229 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Corteva by 0.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 983,916 shares of the company’s stock valued at $56,743,000 after purchasing an additional 4,498 shares in the last quarter. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Stock Up 0.8 %

Shares of NYSE:CTVA opened at $61.23 on Friday. Corteva, Inc. has a 1 year low of $43.89 and a 1 year high of $63.75. The stock has a 50-day simple moving average of $58.69 and a 200-day simple moving average of $55.79. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50. The stock has a market capitalization of $42.08 billion, a P/E ratio of 61.85, a PEG ratio of 1.87 and a beta of 0.77.

Corteva announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 7.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Corteva Announces Dividend

The firm 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 $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.11%. The ex-dividend date is Monday, December 2nd. Corteva’s dividend payout ratio is presently 68.69%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on CTVA shares. Argus downgraded Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. KeyCorp raised their target price on Corteva from $66.00 to $69.00 and gave the company an “overweight” rating in a report on Thursday. Morgan Stanley reaffirmed an “overweight” rating and set a $65.00 price target on shares of Corteva in a research note on Tuesday, September 24th. Citigroup initiated coverage on shares of Corteva in a research note on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 price objective for the company. Finally, Oppenheimer restated an “outperform” rating and set a $70.00 target price (up from $69.00) on shares of Corteva in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $64.33.

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.