Advisors Asset Management Inc. Reduces Stake in Corteva, Inc. (NYSE:CTVA)

Advisors Asset Management Inc. lessened its stake in Corteva, Inc. (NYSE:CTVA) by 11.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 53,394 shares of the company’s stock after selling 6,664 shares during the quarter. Advisors Asset Management Inc.’s holdings in Corteva were worth $3,139,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Acadian Asset Management LLC bought a new stake in shares of Corteva in the first quarter valued at $25,000. Capital Advisors Ltd. LLC lifted its holdings in Corteva by 44.4% during the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after purchasing an additional 174 shares during the last quarter. Cultivar Capital Inc. bought a new position in Corteva during the second quarter worth about $34,000. Redwood Wealth Management Group LLC purchased a new position in shares of Corteva in the second quarter worth about $43,000. Finally, Triad Wealth Partners LLC purchased a new position in shares of Corteva in the second quarter worth about $45,000. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on CTVA. Oppenheimer reaffirmed an “outperform” rating and issued a $70.00 price objective (up from $69.00) on shares of Corteva in a report on Friday, November 8th. Citigroup initiated coverage on Corteva in a research report on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 price target for the company. Bank of America increased their price objective on Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday. Wells Fargo & Company lifted their target price on Corteva from $65.00 to $67.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, Royal Bank of Canada lowered their price target on shares of Corteva from $69.00 to $68.00 and set an “outperform” rating on the stock in a report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, Corteva presently has an average rating of “Moderate Buy” and a consensus price target of $64.33.

Corteva Trading Up 0.8 %

Shares of CTVA stock opened at $61.23 on Friday. The business has a 50-day moving average price of $58.69 and a two-hundred day moving average price of $55.77. Corteva, Inc. has a 12-month low of $43.89 and a 12-month high of $63.75. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08. The firm has a market cap of $42.08 billion, a P/E ratio of 61.85, a price-to-earnings-growth ratio of 1.97 and a beta of 0.77.

Corteva Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a $0.17 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 1.11%. Corteva’s payout ratio is 68.69%.

Corteva declared that its board has approved a stock repurchase program on Tuesday, November 19th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 7.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

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.