Forsta AP Fonden Has $7.97 Million Position in Corteva, Inc. (NYSE:CTVA)

Forsta AP Fonden lessened its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 1.3% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 140,000 shares of the company’s stock after selling 1,900 shares during the period. Forsta AP Fonden’s holdings in Corteva were worth $7,974,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in CTVA. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of Corteva during the third quarter worth approximately $99,869,000. Franklin Resources Inc. raised its stake in Corteva by 6.1% during the 3rd quarter. Franklin Resources Inc. now owns 14,788,607 shares of the company’s stock valued at $860,746,000 after purchasing an additional 856,007 shares during the last quarter. KBC Group NV boosted its holdings 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 purchasing an additional 815,135 shares during the period. State Street Corp grew its position in Corteva by 2.3% in the 3rd quarter. State Street Corp now owns 34,290,086 shares of the company’s stock worth $2,015,914,000 after purchasing an additional 768,519 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in shares of Corteva by 176.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 934,748 shares of the company’s stock worth $54,954,000 after purchasing an additional 596,073 shares during the period. Institutional investors own 81.54% of the company’s stock.

Corteva Stock Up 1.8 %

Shares of NYSE:CTVA opened at $66.15 on Friday. The company has a 50 day moving average of $59.96 and a 200-day moving average of $57.74. Corteva, Inc. has a one year low of $45.46 and a one year high of $66.24. The stock has a market cap of $45.46 billion, a price-to-earnings ratio of 66.81, a P/E/G ratio of 1.63 and a beta of 0.77. 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 has approved a share repurchase plan on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the company to buy up to 7.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

Corteva Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.03%. The ex-dividend date is Monday, March 3rd. Corteva’s payout ratio is 68.69%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Citigroup increased their target price on shares of Corteva from $69.00 to $74.00 and gave the company a “buy” rating in a research note on Wednesday. Wells Fargo & Company lifted their price objective on Corteva from $67.00 to $73.00 and gave the stock an “overweight” rating in a report on Tuesday. Oppenheimer restated 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. Royal Bank of Canada lifted their price target on shares of Corteva from $68.00 to $73.00 and gave the stock an “outperform” rating in a research note on Thursday, December 19th. Finally, Barclays increased their price objective on shares of Corteva from $62.00 to $64.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 21st. One analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $66.24.

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.