Daiwa Securities Group Inc. Buys 8,906 Shares of Corteva, Inc. (NYSE:CTVA)

Daiwa Securities Group Inc. grew its stake in shares of Corteva, Inc. (NYSE:CTVA) by 9.0% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 107,810 shares of the company’s stock after acquiring an additional 8,906 shares during the period. Daiwa Securities Group Inc.’s holdings in Corteva were worth $6,338,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CTVA. Summit Trail Advisors LLC lifted its holdings in shares of Corteva by 3.0% during the third quarter. Summit Trail Advisors LLC now owns 20,517 shares of the company’s stock worth $1,206,000 after purchasing an additional 600 shares during the period. Larson Financial Group LLC lifted its holdings in shares of Corteva by 62.1% during the third quarter. Larson Financial Group LLC now owns 6,957 shares of the company’s stock worth $409,000 after purchasing an additional 2,665 shares during the period. Swedbank AB lifted its holdings in shares of Corteva by 18.0% during the third quarter. Swedbank AB now owns 457,877 shares of the company’s stock worth $26,919,000 after purchasing an additional 69,782 shares during the period. Kingsview Wealth Management LLC lifted its holdings in shares of Corteva by 468.8% during the third quarter. Kingsview Wealth Management LLC now owns 45,182 shares of the company’s stock worth $2,656,000 after purchasing an additional 37,239 shares during the period. Finally, Cerity Partners LLC lifted its holdings in shares of Corteva by 28.0% during the third quarter. Cerity Partners LLC now owns 232,664 shares of the company’s stock worth $13,678,000 after purchasing an additional 50,837 shares during the period. Institutional investors own 81.54% of the company’s stock.

Corteva Trading Up 4.7 %

Shares of CTVA stock opened at $64.12 on Tuesday. Corteva, Inc. has a 52-week low of $43.89 and a 52-week high of $64.20. 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 company has a 50-day simple moving average of $58.84 and a two-hundred day simple moving average of $55.81. The company has a market capitalization of $44.07 billion, a price-to-earnings ratio of 64.77, a PEG ratio of 1.99 and a beta of 0.77.

Corteva announced that its Board of Directors has initiated a share buyback program on Tuesday, November 19th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the company to purchase up to 7.5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its stock is undervalued.

Corteva Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date is Monday, December 2nd. Corteva’s payout ratio is 68.69%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CTVA. JPMorgan Chase & Co. dropped 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. UBS Group boosted their target price on shares of Corteva from $67.00 to $71.00 and gave the company a “buy” rating in a report on Thursday, November 7th. KeyCorp boosted their target price on shares of Corteva from $66.00 to $69.00 and gave the company an “overweight” rating in a report on Thursday, November 21st. Royal Bank of Canada dropped their target price on shares of Corteva from $69.00 to $68.00 and set an “outperform” rating on the stock in a report on Monday, November 11th. Finally, Argus lowered shares of Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price 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.