Kingsview Wealth Management LLC Purchases 37,239 Shares of Corteva, Inc. (NYSE:CTVA)

Kingsview Wealth Management LLC increased its position in Corteva, Inc. (NYSE:CTVA) by 468.8% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 45,182 shares of the company’s stock after acquiring an additional 37,239 shares during the period. Kingsview Wealth Management LLC’s holdings in Corteva were worth $2,656,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Van ECK Associates Corp raised its stake in shares of Corteva by 2.5% in the third quarter. Van ECK Associates Corp now owns 8,902,675 shares of the company’s stock worth $541,194,000 after purchasing an additional 213,872 shares during the last quarter. Bank of New York Mellon Corp raised its position in Corteva by 28.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 6,842,907 shares of the company’s stock worth $369,106,000 after buying an additional 1,514,954 shares during the last quarter. Legal & General Group Plc lifted its stake in Corteva by 0.9% during the 2nd quarter. Legal & General Group Plc now owns 6,741,972 shares of the company’s stock valued at $363,662,000 after acquiring an additional 61,127 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Corteva by 5.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,649,450 shares of the company’s stock valued at $250,786,000 after acquiring an additional 224,423 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Corteva by 1.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,523,996 shares of the company’s stock worth $265,966,000 after acquiring an additional 66,052 shares during the period. 81.54% of the stock is owned by institutional investors.

Corteva Price Performance

Shares of Corteva stock opened at $61.23 on Monday. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08. Corteva, Inc. has a 52 week low of $43.89 and a 52 week high of $63.75. The stock’s 50-day simple moving average is $58.69 and its 200-day simple moving average is $55.77. The company has a market capitalization of $42.08 billion, a price-to-earnings ratio of 61.85, a PEG ratio of 1.97 and a beta of 0.77.

Corteva declared that its board has approved a stock repurchase program on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 7.5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Corteva Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a $0.17 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.68 annualized dividend and a yield of 1.11%. Corteva’s payout ratio is 68.69%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on CTVA shares. Wells Fargo & Company increased their price objective on shares of Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a research report on Wednesday, November 20th. Bank of America raised their price target on Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. KeyCorp upped their price objective on Corteva from $66.00 to $69.00 and gave the company an “overweight” rating in a research report on Thursday. JPMorgan Chase & Co. dropped their target price on Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Finally, Citigroup assumed coverage on shares of Corteva in a research report on Wednesday, October 23rd. They set a “buy” rating and a $68.00 price target for the company. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, Corteva has an average rating of “Moderate Buy” and a consensus price target of $64.33.

Corteva Company 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.