Anchor Investment Management LLC Sells 199 Shares of Corteva, Inc. (NYSE:CTVA)

Anchor Investment Management LLC decreased its position in shares of Corteva, Inc. (NYSE:CTVA) by 3.8% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,080 shares of the company’s stock after selling 199 shares during the quarter. Anchor Investment Management LLC’s holdings in Corteva were worth $299,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. KBC Group NV boosted its position in shares of Corteva by 267.3% during the 3rd quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock valued at $65,851,000 after purchasing an additional 815,135 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Corteva by 51.4% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 123,621 shares of the company’s stock worth $6,668,000 after buying an additional 41,943 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Corteva by 1.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,523,996 shares of the company’s stock worth $265,966,000 after buying an additional 66,052 shares during the period. Thrivent Financial for Lutherans increased its stake in shares of Corteva by 16.1% in the 3rd quarter. Thrivent Financial for Lutherans now owns 1,025,266 shares of the company’s stock valued at $60,275,000 after acquiring an additional 141,898 shares in the last quarter. Finally, Kingsview Wealth Management LLC lifted its position in shares of Corteva by 468.8% during the 3rd quarter. Kingsview Wealth Management LLC now owns 45,182 shares of the company’s stock valued at $2,656,000 after acquiring an additional 37,239 shares during the period. Institutional investors and hedge funds own 81.54% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on CTVA. Royal Bank of Canada decreased their price target on shares of Corteva from $69.00 to $68.00 and set an “outperform” rating for the company in a research note on Monday, November 11th. Oppenheimer reaffirmed an “outperform” rating and issued a $70.00 target price (up from $69.00) on shares of Corteva in a research report on Friday, November 8th. Barclays increased their price target on Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. UBS Group boosted their price objective on Corteva from $67.00 to $71.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, KeyCorp upped their target price on Corteva from $66.00 to $69.00 and gave the stock an “overweight” rating in a research report on Thursday, November 21st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.06.

Corteva Stock Performance

Shares of CTVA opened at $59.49 on Friday. The stock has a 50 day moving average of $59.68 and a 200 day moving average of $56.25. The company has a market capitalization of $40.89 billion, a price-to-earnings ratio of 60.09, a PEG ratio of 1.94 and a beta of 0.77. Corteva, Inc. has a 12 month low of $44.01 and a 12 month high of $64.20. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08.

Corteva Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva’s payout ratio is 68.69%.

Corteva announced that its board has initiated a share repurchase program on Tuesday, November 19th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 7.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Corteva 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.