Corteva, Inc. (NYSE:CTVA) Shares Sold by MidWestOne Financial Group Inc.

MidWestOne Financial Group Inc. cut its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 1.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,846 shares of the company’s stock after selling 219 shares during the period. MidWestOne Financial Group Inc.’s holdings in Corteva were worth $873,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. M&T Bank Corp lifted its stake in Corteva by 0.8% during the third quarter. M&T Bank Corp now owns 2,077,000 shares of the company’s stock valued at $122,107,000 after purchasing an additional 16,087 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its stake in Corteva by 1.4% during the third quarter. Nomura Asset Management Co. Ltd. now owns 415,007 shares of the company’s stock valued at $24,398,000 after purchasing an additional 5,819 shares during the last quarter. MML Investors Services LLC lifted its stake in Corteva by 3.3% during the third quarter. MML Investors Services LLC now owns 91,727 shares of the company’s stock valued at $5,393,000 after purchasing an additional 2,921 shares during the last quarter. National Bank of Canada FI raised its holdings in shares of Corteva by 77.9% during the third quarter. National Bank of Canada FI now owns 359,994 shares of the company’s stock valued at $21,164,000 after acquiring an additional 157,614 shares during the period. Finally, iA Global Asset Management Inc. raised its holdings in shares of Corteva by 14.8% during the third quarter. iA Global Asset Management Inc. now owns 5,745 shares of the company’s stock valued at $338,000 after acquiring an additional 742 shares during the period. 81.54% of the stock is owned by institutional investors and hedge funds.

Corteva Stock Performance

Shares of CTVA opened at $59.44 on Wednesday. The company’s fifty day moving average is $59.58 and its 200-day moving average is $56.15. Corteva, Inc. has a 12 month low of $44.01 and a 12 month high of $64.20. The firm has a market cap of $40.85 billion, a price-to-earnings ratio of 60.04, a price-to-earnings-growth ratio of 1.93 and a beta of 0.77. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.08.

Corteva Dividend Announcement

The firm 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 dividend of $0.17 per share. The ex-dividend date is Monday, December 2nd. This represents a $0.68 annualized dividend and a dividend yield of 1.14%. Corteva’s dividend payout ratio (DPR) is 68.69%.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Wells Fargo & Company boosted 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, November 20th. Royal Bank of Canada cut 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. Bank of America boosted their price target on shares of Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Morgan Stanley restated an “overweight” rating and set a $65.00 price target on shares of Corteva in a report on Tuesday, September 24th. Finally, UBS Group boosted their price target on shares of Corteva from $67.00 to $71.00 and gave the company a “buy” rating in a report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $65.06.

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.