Icon Wealth Advisors LLC increased its position in shares of Corteva, Inc. (NYSE:CTVA - Free Report) by 236.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 25,046 shares of the company's stock after purchasing an additional 17,596 shares during the period. Icon Wealth Advisors LLC's holdings in Corteva were worth $1,472,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also added to or reduced their stakes in the company. Van ECK Associates Corp grew its position in Corteva by 2.5% during the third quarter. Van ECK Associates Corp now owns 8,902,675 shares of the company's stock worth $541,194,000 after buying an additional 213,872 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Corteva by 28.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 6,842,907 shares of the company's stock valued at $369,106,000 after acquiring an additional 1,514,954 shares during the period. Legal & General Group Plc grew its holdings in shares of Corteva by 0.9% during the 2nd quarter. Legal & General Group Plc now owns 6,741,972 shares of the company's stock worth $363,662,000 after purchasing an additional 61,127 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Corteva by 5.1% in the second quarter. Dimensional Fund Advisors LP now owns 4,649,450 shares of the company's stock worth $250,786,000 after purchasing an additional 224,423 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in Corteva by 1.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,523,996 shares of the company's stock valued at $265,966,000 after purchasing an additional 66,052 shares in the last quarter. 81.54% of the stock is currently owned by institutional investors.
Shares of CTVA stock opened at $61.23 on Friday. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The firm has a fifty day simple moving average of $58.69 and a two-hundred day simple moving average of $55.79. Corteva, Inc. has a 12 month low of $43.89 and a 12 month high of $63.75. The firm has a market capitalization of $42.08 billion, a PE ratio of 61.85, a price-to-earnings-growth ratio of 1.87 and a beta of 0.77.
Corteva announced that its Board of Directors has approved a stock buyback plan on Tuesday, November 19th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the company to buy up to 7.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board of directors believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a $0.17 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.11%. Corteva's dividend payout ratio is presently 68.69%.
CTVA has been the subject of several research analyst reports. KeyCorp boosted their price objective on shares of Corteva from $66.00 to $69.00 and gave the company an "overweight" rating in a research report on Thursday. Royal Bank of Canada dropped their price objective on Corteva from $69.00 to $68.00 and set an "outperform" rating for the company in a research report on Monday, November 11th. Argus cut Corteva from a "buy" rating to a "hold" rating in a research report on Wednesday, August 7th. Morgan Stanley reissued an "overweight" rating and issued a $65.00 target price on shares of Corteva in a report on Tuesday, September 24th. Finally, JPMorgan Chase & Co. decreased their price target 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 analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $64.33.
Read Our Latest Stock Analysis on 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.
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