Corteva (CTVA) Initiates $0.13 Quarterly Dividend, 1.9% Yield; Announces $1B Share Buyback

Corteva (NYSE: CTVA) declared a quarterly dividend of $0.13 per share, or $0.52 annualized.

The dividend will be payable on September 13, 2019, to stockholders of record on July 31, 2019, with an ex-dividend date of July 30, 2019.

The annual yield on the dividend is 1.9 percent.

Share Buyback

The Company's Board of Directors authorized a $1 billion share repurchase program. The program is expected to be completed in three years. Under this program, shares of the Company's common stock may be repurchased periodically in open-market or private transactions. The actual timing, number and value of shares repurchased under the Company's authorized share repurchase program will be determined by management at its discretion and will depend on a variety of factors including the market price of Corteva common stock, general market and economic conditions, applicable legal requirements and other business considerations.

Greg Friedman, Executive Vice President and Chief Financial Officer of Corteva Agriscience said, "We have established a capital structure and disciplined financial policy that together prioritize value creation and focus on returning this value to shareholders." Friedman continued, "The authorization of this share repurchase program, which we intend to execute over three years, is a solid proof point of this disciplined approach."

The Company's Board of Directors also authorized a common stock dividend of 13 cents per share, payable September 13, 2019, to the Company's shareholders of record on July 31, 2019. This marks the first cash dividend to be issued by the Company since its spinoff from DowDuPont on June 1, 2019.

James C. Collins, Jr., Chief Executive Officer of Corteva Agriscience said, "Collectively, these actions underscore the Board's confidence in our growth strategy and further reinforce our commitment to building a shareholder-friendly company." Collins continued, "The initiation of a quarterly common stock dividend signifies an important next step in this commitment and our focus on consistently and continuously returning excess cash to shareholders."

For a dividend history and other dividend-related data on Corteva (CTVA) click here.

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