Harbor Capital Advisors Inc. Raises Holdings in Corteva, Inc. (NYSE:CTVA)

Harbor Capital Advisors Inc. increased its position in Corteva, Inc. (NYSE:CTVA) by 2.5% in the 4th quarter, HoldingsChannel reports. The fund owned 20,286 shares of the company’s stock after purchasing an additional 497 shares during the period. Harbor Capital Advisors Inc.’s holdings in Corteva were worth $1,155,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. State Street Corp increased its stake in shares of Corteva by 2.3% in the third quarter. State Street Corp now owns 34,290,086 shares of the company’s stock worth $2,015,914,000 after purchasing an additional 768,519 shares in the last quarter. Geode Capital Management LLC grew its stake in Corteva by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 17,703,771 shares of the company’s stock valued at $1,037,505,000 after buying an additional 355,206 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of Corteva by 6.1% during the third quarter. Franklin Resources Inc. now owns 14,788,607 shares of the company’s stock worth $860,746,000 after acquiring an additional 856,007 shares in the last quarter. Harris Associates L P boosted its holdings in shares of Corteva by 1.4% in the third quarter. Harris Associates L P now owns 14,362,309 shares of the company’s stock worth $844,360,000 after acquiring an additional 200,917 shares during the period. Finally, FMR LLC grew its position in shares of Corteva by 1.9% in 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 in the last quarter. 81.54% of the stock is currently owned by institutional investors.

Corteva Stock Down 0.2 %

Shares of NYSE:CTVA opened at $57.04 on Monday. The stock has a market capitalization of $39.20 billion, a P/E ratio of 57.62, a price-to-earnings-growth ratio of 1.94 and a beta of 0.77. The stock’s 50-day moving average price is $58.88 and its 200-day moving average price is $56.84. 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 12-month low of $44.01 and a 12-month high of $64.20.

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

Corteva Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were paid a $0.17 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 1.19%. Corteva’s dividend payout ratio (DPR) is currently 68.69%.

Analysts Set New Price Targets

CTVA has been the topic of a number of recent research reports. UBS Group dropped their price objective on Corteva from $74.00 to $73.00 and set a “buy” rating on the stock in a report on Friday. Oppenheimer restated an “outperform” rating and issued a $70.00 price objective (up from $69.00) on shares of Corteva in a research report on Friday, November 8th. KeyCorp decreased their target price on shares of Corteva from $69.00 to $68.00 and set an “overweight” rating on the stock in a report on Friday. Royal Bank of Canada boosted their price target on shares of Corteva from $68.00 to $73.00 and gave the company an “outperform” rating in a research report on Thursday, December 19th. Finally, Citigroup lowered their price objective on Corteva from $70.00 to $69.00 and set a “buy” rating on the stock in a research report on Wednesday, December 18th. One analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Corteva presently has a consensus rating of “Moderate Buy” and an average price target of $65.47.

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.