Zurcher Kantonalbank Zurich Cantonalbank Buys 161,269 Shares of Corteva, Inc. (NYSE:CTVA)

Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Corteva, Inc. (NYSE:CTVA) by 44.1% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 526,620 shares of the company’s stock after acquiring an additional 161,269 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Corteva were worth $30,960,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Capital Advisors Ltd. LLC increased its holdings in Corteva by 44.4% during the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after buying an additional 174 shares during the last quarter. Cultivar Capital Inc. purchased a new stake in shares of Corteva during the 2nd quarter worth approximately $34,000. Redwood Wealth Management Group LLC bought a new stake in shares of Corteva in the 2nd quarter worth approximately $43,000. Triad Wealth Partners LLC bought a new position in Corteva during the second quarter valued at $45,000. Finally, Bangor Savings Bank increased its position in Corteva by 34.7% in the third quarter. Bangor Savings Bank now owns 935 shares of the company’s stock worth $55,000 after buying an additional 241 shares during the last quarter. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Stock Performance

NYSE CTVA opened at $62.50 on Friday. The company has a 50-day simple moving average of $59.15 and a two-hundred day simple moving average of $55.94. Corteva, Inc. has a 12-month low of $43.89 and a 12-month high of $64.20. The firm has a market cap of $42.96 billion, a price-to-earnings ratio of 63.13, a PEG ratio of 2.08 and a beta of 0.77. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08.

Corteva declared that its Board of Directors has initiated a stock repurchase program on Tuesday, November 19th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 7.5% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Corteva Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.68 annualized dividend and a yield of 1.09%. Corteva’s payout ratio is 68.69%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CTVA. Royal Bank of Canada dropped their price target on Corteva from $69.00 to $68.00 and set an “outperform” rating on the stock in a research report on Monday, November 11th. Citigroup began coverage on shares of Corteva in a report on Wednesday, October 23rd. They set a “buy” rating and a $68.00 price objective on the stock. Morgan Stanley reiterated an “overweight” rating and issued a $65.00 target price on shares of Corteva in a research note on Tuesday, September 24th. Barclays raised their price objective on shares of Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. Finally, 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. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $65.06.

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.