DAVENPORT & Co LLC Cuts Stock Position in Corteva, Inc. (NYSE:CTVA)

DAVENPORT & Co LLC lessened its stake in shares of Corteva, Inc. (NYSE:CTVA) by 6.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 66,324 shares of the company’s stock after selling 4,857 shares during the quarter. DAVENPORT & Co LLC’s holdings in Corteva were worth $3,762,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Handelsbanken Fonder AB raised its position in Corteva by 3.4% in the third quarter. Handelsbanken Fonder AB now owns 294,865 shares of the company’s stock worth $17,335,000 after acquiring an additional 9,583 shares in the last quarter. Czech National Bank raised its position in Corteva by 6.2% in the third quarter. Czech National Bank now owns 141,018 shares of the company’s stock worth $8,290,000 after acquiring an additional 8,202 shares in the last quarter. GAMMA Investing LLC raised its position in Corteva by 50.6% in the third quarter. GAMMA Investing LLC now owns 11,029 shares of the company’s stock worth $648,000 after acquiring an additional 3,705 shares in the last quarter. Azzad Asset Management Inc. ADV raised its position in Corteva by 1.8% in the third quarter. Azzad Asset Management Inc. ADV now owns 49,087 shares of the company’s stock worth $2,886,000 after acquiring an additional 887 shares in the last quarter. Finally, Value Partners Investments Inc. raised its position in Corteva by 6.7% in the third quarter. Value Partners Investments Inc. now owns 39,620 shares of the company’s stock worth $2,329,000 after acquiring an additional 2,475 shares in the last quarter. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Wells Fargo & Company lifted their price target on Corteva from $67.00 to $73.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 28th. Royal Bank of Canada lifted their price target on Corteva from $68.00 to $73.00 and gave the stock an “outperform” rating in a research note on Thursday, December 19th. Citigroup lifted their price target on Corteva from $69.00 to $74.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. Bank of America lifted their price target on Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. Finally, UBS Group cut their price target on Corteva from $74.00 to $73.00 and set a “buy” rating for the company in a research note on Friday, January 10th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, Corteva presently has a consensus rating of “Moderate Buy” and a consensus price target of $67.06.

Corteva Stock Down 1.1 %

Shares of NYSE:CTVA opened at $64.57 on Tuesday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50. Corteva, Inc. has a 1 year low of $50.01 and a 1 year high of $66.24. The stock has a market capitalization of $44.37 billion, a P/E ratio of 65.22, a PEG ratio of 1.71 and a beta of 0.78. The stock has a 50-day simple moving average of $60.14 and a 200-day simple moving average of $57.93.

Corteva declared that its Board of Directors has initiated a share buyback plan on Tuesday, November 19th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 7.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Corteva Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date of this dividend is Monday, March 3rd. Corteva’s payout ratio is currently 68.69%.

About Corteva

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.