CIBC Asset Management Inc Buys 8,912 Shares of Corteva, Inc. (NYSE:CTVA)

CIBC Asset Management Inc increased its stake in shares of Corteva, Inc. (NYSE:CTVA) by 9.1% during the third quarter, HoldingsChannel reports. The fund owned 106,979 shares of the company’s stock after acquiring an additional 8,912 shares during the quarter. CIBC Asset Management Inc’s holdings in Corteva were worth $6,289,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. KBC Group NV increased its position in Corteva by 267.3% during the third quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock worth $65,851,000 after acquiring an additional 815,135 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in Corteva by 51.4% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 123,621 shares of the company’s stock valued at $6,668,000 after buying an additional 41,943 shares during the period. Nisa Investment Advisors LLC increased its holdings in Corteva by 0.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 220,134 shares of the company’s stock valued at $12,942,000 after buying an additional 845 shares during the period. Anomaly Capital Management LP bought a new stake in Corteva in the 2nd quarter valued at $188,578,000. Finally, Acadian Asset Management LLC increased its holdings in Corteva by 4,322.2% in the 2nd quarter. Acadian Asset Management LLC now owns 19,679 shares of the company’s stock valued at $1,060,000 after buying an additional 19,234 shares during the period. Institutional investors own 81.54% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Barclays boosted their price target on shares of Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a report on Friday, November 8th. Bank of America raised shares of Corteva from a “neutral” rating to a “buy” rating and upped their target price for the stock from $59.00 to $67.00 in a report on Wednesday, October 16th. UBS Group upped their target price on shares of Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Argus lowered shares of Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $63.68.

Corteva Price Performance

NYSE CTVA opened at $55.21 on Monday. The business has a 50 day simple moving average of $58.34 and a 200 day simple moving average of $55.69. Corteva, Inc. has a 52-week low of $43.89 and a 52-week high of $63.75. 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 cap of $37.95 billion, a price-to-earnings ratio of 55.77, a PEG ratio of 1.77 and a beta of 0.77.

Corteva Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a dividend of $0.17 per share. The ex-dividend date is Monday, December 2nd. This represents a $0.68 annualized dividend and a dividend yield of 1.23%. Corteva’s dividend payout ratio is currently 68.69%.

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.