JPMorgan Chase & Co. Has $270.76 Million Stock Position in Corteva, Inc. (NYSE:CTVA)

JPMorgan Chase & Co. boosted its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 6.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,605,608 shares of the company’s stock after purchasing an additional 288,885 shares during the period. JPMorgan Chase & Co.’s holdings in Corteva were worth $270,764,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the business. KBC Group NV increased its holdings in shares of Corteva by 267.3% during the third quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock worth $65,851,000 after buying an additional 815,135 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Corteva by 1.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,523,996 shares of the company’s stock worth $265,966,000 after purchasing an additional 66,052 shares in the last quarter. Thrivent Financial for Lutherans raised its position in Corteva by 16.1% in the third quarter. Thrivent Financial for Lutherans now owns 1,025,266 shares of the company’s stock valued at $60,275,000 after purchasing an additional 141,898 shares during the last quarter. Kingsview Wealth Management LLC boosted its stake in shares of Corteva by 468.8% during the third quarter. Kingsview Wealth Management LLC now owns 45,182 shares of the company’s stock valued at $2,656,000 after purchasing an additional 37,239 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its holdings in shares of Corteva by 0.4% during the third quarter. Nisa Investment Advisors LLC now owns 220,134 shares of the company’s stock worth $12,942,000 after purchasing an additional 845 shares during the last quarter. Institutional investors and hedge funds own 81.54% of the company’s stock.

Corteva Price Performance

Shares of NYSE CTVA opened at $56.56 on Tuesday. The firm has a market capitalization of $38.87 billion, a P/E ratio of 57.13, a P/E/G ratio of 1.94 and a beta of 0.77. The firm’s 50-day moving average price is $59.63 and its 200-day moving average price is $56.53. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. Corteva, Inc. has a 1-year low of $44.01 and a 1-year high of $64.20.

Corteva declared that its Board of Directors has authorized a share repurchase program on Tuesday, November 19th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 7.5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Corteva Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were issued a $0.17 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.68 annualized dividend and a yield of 1.20%. Corteva’s payout ratio is currently 68.69%.

Wall Street Analyst Weigh In

Several research firms recently commented on CTVA. Morgan Stanley reiterated an “overweight” rating and set a $65.00 target price on shares of Corteva in a research report on Tuesday, September 24th. Wells Fargo & Company lifted their price target on shares of Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a report on Wednesday, November 20th. UBS Group increased their price objective on Corteva from $67.00 to $71.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Citigroup reduced their price target on Corteva from $70.00 to $69.00 and set a “buy” rating on the stock in a research report on Wednesday, December 18th. Finally, KeyCorp increased their price target on Corteva from $66.00 to $69.00 and gave the company an “overweight” rating in a research note on Thursday, November 21st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, Corteva presently has a consensus rating of “Moderate Buy” and a consensus target price of $65.41.

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.