National Bank of Canada FI Purchases 157,614 Shares of Corteva, Inc. (NYSE:CTVA)

National Bank of Canada FI boosted its position in shares of Corteva, Inc. (NYSE:CTVA) by 77.9% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 359,994 shares of the company’s stock after buying an additional 157,614 shares during the quarter. National Bank of Canada FI owned approximately 0.05% of Corteva worth $21,164,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Capital Advisors Ltd. LLC boosted its holdings in shares of 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 purchasing an additional 174 shares during the period. Cultivar Capital Inc. purchased a new position in Corteva during the 2nd quarter valued at about $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 purchased a new stake in shares of Corteva in the second quarter worth $45,000. Finally, Chilton Capital Management LLC grew its position in Corteva by 354.7% during the 2nd quarter. Chilton Capital Management LLC now owns 973 shares of the company’s stock valued at $52,000 after purchasing an additional 759 shares during the last quarter. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Stock Performance

Corteva stock opened at $59.74 on Tuesday. The stock has a market cap of $41.06 billion, a price-to-earnings ratio of 60.34, a price-to-earnings-growth ratio of 1.93 and a beta of 0.77. Corteva, Inc. has a 1-year low of $44.01 and a 1-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. The firm has a 50 day simple moving average of $59.58 and a 200-day simple moving average of $56.15.

Corteva announced that its Board of Directors has initiated a share repurchase plan on Tuesday, November 19th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 7.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Corteva Announces Dividend

The firm also recently disclosed 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. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date is Monday, December 2nd. Corteva’s payout ratio is 68.69%.

Analyst Ratings Changes

CTVA has been the subject of a number of research analyst reports. Wells Fargo & Company lifted their price target on shares of Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. KeyCorp boosted their price objective on Corteva from $66.00 to $69.00 and gave the company an “overweight” rating in a research report on Thursday, November 21st. Oppenheimer reaffirmed an “outperform” rating and set a $70.00 target price (up from $69.00) on shares of Corteva in a research note on Friday, November 8th. Citigroup initiated coverage on Corteva in a research note on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 price objective on the stock. Finally, UBS Group lifted their price target on Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price 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.