Corteva, Inc. $CTVA Shares Newly Bought by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments opened a new Corteva position, buying 184,578 shares valued at approximately $14.3 million, according to its third-quarter filing.
• Institutional investors own 81.54% of Corteva. Analyst views are mostly positive: 16 rate the stock Buy, six Hold and one Sell, with a reported consensus rating of “Moderate Buy.”
• Corteva announced a quarterly dividend of $0.05, down from $0.18 previously, equivalent to $0.20 annually and a stated yield of 1.7%.

Mirae Asset Global Investments Co. Ltd. acquired a new position in Corteva, Inc. (NYSE:CTVA - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 184,578 shares of the company's stock, valued at approximately $14,332,000.

Several other large investors have also modified their holdings of CTVA. BlackRock Inc. bought a new stake in shares of Corteva during the 2nd quarter worth approximately $4,560,180,000. Wellington Management Group LLP boosted its holdings in Corteva by 941.7% during the 2nd quarter. Wellington Management Group LLP now owns 7,612,704 shares of the company's stock valued at $644,720,000 after acquiring an additional 6,881,875 shares during the period. Royal Bank of Canada boosted its holdings in Corteva by 202.1% during the 1st quarter. Royal Bank of Canada now owns 7,458,624 shares of the company's stock valued at $624,362,000 after acquiring an additional 4,989,371 shares during the period. Jupiter Topco LLC bought a new position in Corteva in the 2nd quarter valued at $544,246,000. Finally, Bank of America Corp DE bought a new position in Corteva in the 2nd quarter valued at $484,927,000. Hedge funds and other institutional investors own 81.54% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on CTVA shares. Argus reiterated a "buy" rating and issued a $91.00 target price on shares of Corteva in a research note on Friday, September 18th. New Street Research set a $17.00 target price on shares of Corteva in a research note on Monday, October 5th. BMO Capital Markets set a $15.00 price target on shares of Corteva in a report on Friday, October 2nd. JPMorgan Chase & Co. raised shares of Corteva from a "neutral" rating to an "overweight" rating and set a $19.00 price target on the stock in a research note on Tuesday, October 6th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and set a $17.00 price objective on shares of Corteva in a report on Wednesday, October 7th. Sixteen analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $60.59.

Corteva Stock Down 0.3%

Shares of NYSE:CTVA opened at $11.88 on Wednesday. Corteva, Inc. has a 52-week low of $11.24 and a 52-week high of $90.97. The stock has a market cap of $7.93 billion, a P/E ratio of 7.87, a price-to-earnings-growth ratio of 1.67 and a beta of 0.58. The business's 50 day moving average is $49.07 and its 200 day moving average is $71.96. The company has a quick ratio of 1.10, a current ratio of 1.52 and a debt-to-equity ratio of 0.07.

Corteva Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 1st will be issued a $0.05 dividend. The ex-dividend date is Tuesday, December 1st. This represents a $0.20 annualized dividend and a dividend yield of 1.7%. This is a negative change from Corteva's previous quarterly dividend of $0.18. Corteva's dividend payout ratio (DPR) is currently 47.68%.

Corteva Profile

Corteva, Inc NYSE: CTVA is an agriculture company that develops and supplies products and services designed to help farmers improve crop productivity, protect yields and manage agricultural challenges. Its business is organized primarily around seed and crop protection products.

The company's seed portfolio includes branded corn, soybean, cotton, sunflower, canola and other crop varieties, supported by plant genetics and biotechnology. Its crop protection business offers herbicides, insecticides, fungicides and seed-applied treatments, along with biological and digital agriculture solutions intended to support crop health and farm-management decisions.

Corteva was formed through the separation of the agriculture division of DowDuPont and became an independent public company in 2019.

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