Corteva Trades Higher After Announcing Buyback, Dividend

Corteva Inc CTVA shares are trading higher after the company announced a $1 billion stock buyback and declared its first dividend of 13 cents per share.

Corteva is an agricultural chemical and seed company that was previously an agricultural unit of DowDuPont DWDP prior to being spun off as an independent public company.

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

Corteva shares traded higher by 5.3% at $29.13 Wednesday afternoon.

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