Corteva declares $1.5B inventory buyback program

Wilmington – Corteva introduced Thursday night that it’s launching a $1.5 billion inventory buyback program.

Picture courtesy of Corteva

The worldwide agricultural science firm, headquartered at Route 141, plans to periodically purchase again shares within the open market or non-public transactions. The precise timing, quantity and worth of shares repurchased beneath a program approved by the Firm’s Board of Administrators can be decided on the discretion of Administration and can rely on quite a lot of elements, together with market worth, normal market and financial situations, relevant authorized necessities, and different elements. , and different enterprise concepts.

Corteva CEO Jim Collins stated in an announcement saying the brand new buyback program, “This motion underscores the board’s confidence within the execution of our technique and our means to generate worth for shareholders by capitalizing on our distinctive aggressive benefits.” continues.”

The billion-dollar buyback supply is greater than its most up-to-date earlier effort, a $1 billion repurchase program introduced in 2019, which the corporate expects to finish by the top of this 12 months. It’s greater than a 12 months forward of its preliminary time-frame, topic to market situations and different concerns.

Final month, Corteva additionally introduced that it was elevating its quarterly dividend by about 8% to 14 cents per share.

These strikes, together with better-than-expected second-quarter earnings and income, and improved fiscal 2021 steering, pushed Corteva’s (CTVA) share value up almost 8% in day buying and selling on Aug.

“Corteva’s new share repurchase program, coupled with the corporate’s current dividend improve, demonstrates Corteva’s agency monetary basis, optimistic efficiency outlook and dedication to capital allocation self-discipline. Dave Anderson, Corteva’s Govt Vice President and Chief Monetary Officer, stated, Going ahead, our technique is to stability focused strategic progress investments with returning money to shareholders.

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