The Manufacturers Life Insurance Company Increases Position in Corteva, Inc. (NYSE:CTVA)

The Manufacturers Life Insurance Company increased its position in Corteva, Inc. (NYSE:CTVA) by 10.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,279,230 shares of the company’s stock after acquiring an additional 126,090 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.19% of Corteva worth $75,205,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Acadian Asset Management LLC acquired a new stake in shares of Corteva in the first quarter worth $25,000. Capital Advisors Ltd. LLC boosted its holdings in Corteva by 44.4% in the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after purchasing an additional 174 shares during the last quarter. Cultivar Capital Inc. acquired a new stake in Corteva during the 2nd quarter worth about $34,000. Redwood Wealth Management Group LLC purchased a new position in shares of Corteva during the 2nd quarter valued at about $43,000. Finally, Triad Wealth Partners LLC acquired a new position in shares of Corteva in the 2nd quarter valued at about $45,000. Institutional investors and hedge funds own 81.54% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. JPMorgan Chase & Co. reduced their price target on Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Barclays lifted their target price 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. Argus downgraded shares of Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. Bank of America lifted their price objective on shares of Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Finally, KeyCorp increased their target price on shares of Corteva from $66.00 to $69.00 and gave the stock an “overweight” rating in a research note on Thursday, November 21st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Corteva currently has an average rating of “Moderate Buy” and an average target price of $65.06.

Corteva Stock Performance

Shares of NYSE:CTVA opened at $62.49 on Thursday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96. Corteva, Inc. has a 1 year low of $43.89 and a 1 year high of $64.20. The firm has a market capitalization of $42.95 billion, a PE ratio of 63.12, a P/E/G ratio of 2.08 and a beta of 0.77. The business’s 50 day moving average price is $59.07 and its 200-day moving average price is $55.90.

Corteva Dividend Announcement

The firm 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 dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date is Monday, December 2nd. Corteva’s payout ratio is 68.69%.

Corteva announced that its board has initiated a share repurchase plan on Tuesday, November 19th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 7.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Corteva 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.