Corteva, Inc. (NYSE:CTVA) Shares Sold by Studio Investment Management LLC

Studio Investment Management LLC trimmed its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 2.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 36,844 shares of the company’s stock after selling 905 shares during the period. Studio Investment Management LLC’s holdings in Corteva were worth $2,166,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of CTVA. Raymond James Trust N.A. increased its stake in Corteva by 16.3% during the 3rd quarter. Raymond James Trust N.A. now owns 41,587 shares of the company’s stock valued at $2,445,000 after buying an additional 5,829 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Corteva by 1.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,523,996 shares of the company’s stock valued at $265,966,000 after acquiring an additional 66,052 shares in the last quarter. Tradewinds LLC. increased its stake in shares of Corteva by 23.2% during the third quarter. Tradewinds LLC. now owns 6,203 shares of the company’s stock valued at $365,000 after acquiring an additional 1,168 shares during the period. Cornerstone Advisors LLC lifted its position in Corteva by 8.6% in the third quarter. Cornerstone Advisors LLC now owns 16,400 shares of the company’s stock worth $964,000 after purchasing an additional 1,300 shares during the period. Finally, Citizens Financial Group Inc. RI boosted its stake in Corteva by 14.2% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 17,274 shares of the company’s stock valued at $1,016,000 after purchasing an additional 2,142 shares in the last quarter. 81.54% of the stock is currently owned by institutional investors.

Corteva Stock Up 3.7 %

Corteva stock opened at $60.92 on Friday. Corteva, Inc. has a twelve month low of $43.89 and a twelve month high of $63.75. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.50. The firm has a market cap of $41.87 billion, a PE ratio of 61.54, a P/E/G ratio of 1.87 and a beta of 0.77. The firm’s 50 day moving average price is $58.59 and its two-hundred day moving average price is $55.75.

Corteva announced that its board has initiated a share repurchase plan on Tuesday, November 19th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the company to reacquire up to 7.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Corteva Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.12%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva’s dividend payout ratio (DPR) is presently 68.69%.

Analyst Ratings Changes

CTVA has been the subject of several research analyst reports. UBS Group upped 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. Wells Fargo & Company upped their price target on shares of Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a report on Wednesday. Barclays lifted their price objective on shares of Corteva from $58.00 to $62.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. Citigroup began coverage on shares of Corteva in a research note on Wednesday, October 23rd. They set a “buy” rating and a $68.00 target price for the company. Finally, Oppenheimer restated an “outperform” rating and issued a $70.00 price target (up previously from $69.00) on shares of Corteva in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $64.26.

Corteva Company 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.