Mirae Asset Global Investments Co. Ltd. Purchases New Position in Corteva, Inc. $CTVA

Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Corteva, Inc. (NYSE:CTVA) during the third quarter, according to its most recent 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 institutional investors also recently bought and sold shares of the business. BlackRock Inc. bought a new position in Corteva in the second quarter worth approximately $4,560,180,000. Wellington Management Group LLP boosted its position 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 in the last quarter. Royal Bank of Canada boosted its position 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 in the last quarter. Jupiter Topco LLC purchased a new position in shares of Corteva in the 2nd quarter valued at $544,246,000. Finally, Bank of America Corp DE purchased a new position in shares of Corteva in the 2nd quarter valued at $484,927,000. 81.54% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on CTVA shares. Morgan Stanley restated an “overweight” rating and set a $18.00 price objective on shares of Corteva in a research note on Friday, October 2nd. KeyCorp upgraded Corteva from a “sector weight” rating to an “overweight” rating and set a $17.00 target price on the stock in a research note on Wednesday, October 7th. New Street Research set a $17.00 target price on shares of Corteva in a report on Monday, October 5th. Argus reiterated a “buy” rating and issued a $91.00 target price on shares of Corteva in a report on Friday, September 18th. Finally, The Goldman Sachs Group reissued a “buy” rating and set a $20.00 price target on shares of Corteva in a research report on Thursday, October 8th. Sixteen investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $60.59.

Corteva Price Performance

NYSE CTVA opened at $11.88 on Wednesday. The firm’s fifty day simple moving average is $49.07 and its two-hundred day simple moving average is $71.96. The firm has a market capitalization of $7.93 billion, a P/E ratio of 7.87, a P/E/G ratio of 1.67 and a beta of 0.58. The company has a current ratio of 1.52, a quick ratio of 1.10 and a debt-to-equity ratio of 0.07. Corteva, Inc. has a 12-month low of $11.24 and a 12-month high of $90.97.

Corteva Cuts Dividend

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