Brooklyn Investment Group Takes Position in Corteva, Inc. (NYSE:CTVA)

Brooklyn Investment Group bought a new stake in Corteva, Inc. (NYSE:CTVA) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 2,496 shares of the company’s stock, valued at approximately $147,000.

Several other institutional investors also recently modified their holdings of the business. Covington Investment Advisors Inc. grew its holdings in shares of Corteva by 1.9% in the third quarter. Covington Investment Advisors Inc. now owns 109,095 shares of the company’s stock valued at $6,414,000 after acquiring an additional 2,085 shares in the last quarter. FMR LLC grew its holdings in Corteva by 1.9% during the third quarter. FMR LLC now owns 10,747,791 shares of the company’s stock valued at $631,863,000 after purchasing an additional 203,126 shares during the period. Dai ichi Life Insurance Company Ltd grew its holdings in Corteva by 0.5% during the third quarter. Dai ichi Life Insurance Company Ltd now owns 48,220 shares of the company’s stock valued at $2,835,000 after purchasing an additional 255 shares during the period. The Manufacturers Life Insurance Company grew its holdings in Corteva by 10.9% during the third quarter. The Manufacturers Life Insurance Company now owns 1,279,230 shares of the company’s stock valued at $75,205,000 after purchasing an additional 126,090 shares during the period. Finally, Independent Advisor Alliance grew its holdings in Corteva by 7.7% during the third quarter. Independent Advisor Alliance now owns 7,862 shares of the company’s stock valued at $462,000 after purchasing an additional 565 shares during the period. 81.54% of the stock is owned by institutional investors.

Corteva Trading Down 1.2 %

Shares of CTVA stock opened at $62.49 on Thursday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50. Corteva, Inc. has a 52-week low of $43.89 and a 52-week high of $64.20. The company has a market capitalization of $42.95 billion, a PE ratio of 63.12, a price-to-earnings-growth ratio of 2.08 and a beta of 0.77. The business’s fifty day moving average is $59.07 and its 200 day moving average is $55.90.

Corteva announced that its board has authorized a share buyback plan on Tuesday, November 19th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 7.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Corteva Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a dividend of $0.17 per share. The ex-dividend date is Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 1.09%. Corteva’s payout ratio is 68.69%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Morgan Stanley reissued an “overweight” rating and set a $65.00 price objective on shares of Corteva in a report on Tuesday, September 24th. Bank of America increased their price objective on Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Citigroup began coverage on Corteva in a report on Wednesday, October 23rd. They set a “buy” rating and a $68.00 price objective for the company. Oppenheimer reaffirmed an “outperform” rating and issued a $70.00 price target (up from $69.00) on shares of Corteva in a report on Friday, November 8th. Finally, UBS Group raised their price target on Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus 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.