Franklin Resources Inc. Raises Holdings in Corteva, Inc. (NYSE:CTVA)

Franklin Resources Inc. boosted its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 6.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,788,607 shares of the company’s stock after buying an additional 856,007 shares during the quarter. Franklin Resources Inc. owned approximately 2.15% of Corteva worth $860,746,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC grew its holdings in Corteva by 51.4% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 123,621 shares of the company’s stock worth $6,668,000 after purchasing an additional 41,943 shares during the last quarter. Swedbank AB grew its holdings in Corteva by 16.0% in the second quarter. Swedbank AB now owns 388,095 shares of the company’s stock worth $20,934,000 after purchasing an additional 53,430 shares during the last quarter. Triad Wealth Partners LLC purchased a new position in Corteva in the second quarter worth $45,000. Blue Trust Inc. grew its holdings in Corteva by 6.6% in the second quarter. Blue Trust Inc. now owns 10,633 shares of the company’s stock worth $613,000 after purchasing an additional 654 shares during the last quarter. Finally, Rovin Capital UT ADV grew its holdings in Corteva by 8.8% in the second quarter. Rovin Capital UT ADV now owns 12,654 shares of the company’s stock worth $683,000 after purchasing an additional 1,021 shares during the last quarter. 81.54% of the stock is owned by hedge funds and other institutional investors.

Corteva Stock Down 0.8 %

Shares of NYSE CTVA opened at $59.30 on Friday. Corteva, Inc. has a 12-month low of $44.01 and a 12-month high of $64.20. The stock has a market cap of $40.76 billion, a PE ratio of 59.90, a P/E/G ratio of 1.94 and a beta of 0.77. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The company has a 50-day moving average of $59.66 and a 200 day moving average of $56.22.

Corteva Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a $0.17 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.68 annualized dividend and a yield of 1.15%. Corteva’s payout ratio is 68.69%.

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

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Morgan Stanley reaffirmed an “overweight” rating and issued a $65.00 price target on shares of Corteva in a report on Tuesday, September 24th. Oppenheimer reiterated an “outperform” rating and set a $70.00 price objective (up from $69.00) on shares of Corteva in a research note on Friday, November 8th. UBS Group lifted their price objective on shares of Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Citigroup started coverage on shares of Corteva in a research note on Wednesday, October 23rd. They set a “buy” rating and a $68.00 price objective for the company. Finally, Wells Fargo & Company lifted their price objective on shares of Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $65.06.

Corteva Company 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.