Advisors Asset Management Inc. Decreases Stock Position in Corteva, Inc. (NYSE:CTVA)

Advisors Asset Management Inc. cut its stake in shares of Corteva, Inc. (NYSE:CTVA) by 11.1% in the 3rd quarter, HoldingsChannel reports. The fund 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.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Rovin Capital UT ADV boosted its stake in shares of Corteva by 1.3% during the third quarter. Rovin Capital UT ADV now owns 12,822 shares of the company’s stock valued at $754,000 after purchasing an additional 168 shares during the period. Capital Advisors Ltd. LLC boosted its position in Corteva by 44.4% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after buying an additional 174 shares during the period. Proffitt & Goodson Inc. grew its holdings in Corteva by 2.2% in the 3rd quarter. Proffitt & Goodson Inc. now owns 8,030 shares of the company’s stock worth $472,000 after acquiring an additional 174 shares during the last quarter. Pinnacle Bancorp Inc. increased its position in shares of Corteva by 26.1% in the third quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company’s stock valued at $57,000 after acquiring an additional 199 shares during the period. Finally, Azzad Asset Management Inc. ADV raised its stake in shares of Corteva by 0.4% during the second quarter. Azzad Asset Management Inc. ADV now owns 48,200 shares of the company’s stock valued at $2,600,000 after acquiring an additional 203 shares during the last quarter. 81.54% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CTVA. JPMorgan Chase & Co. reduced their price target on Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. Royal Bank of Canada decreased their target price on Corteva from $69.00 to $68.00 and set an “outperform” rating for the company in a report on Monday, November 11th. Morgan Stanley reiterated an “overweight” rating and issued a $65.00 price target on shares of Corteva in a report on Tuesday, September 24th. Oppenheimer restated 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. Finally, Bank of America lifted their target price on shares of Corteva from $67.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, five have given 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 an average price target of $64.33.

Corteva Trading Up 0.8 %

NYSE CTVA opened at $61.23 on Friday. Corteva, Inc. has a 12 month low of $43.89 and a 12 month high of $63.75. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The stock’s fifty day moving average price is $58.69 and its 200-day moving average price is $55.77. The stock has a market cap of $42.08 billion, a P/E ratio of 61.85, a P/E/G ratio of 1.97 and a beta of 0.77.

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

Corteva Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 1.11%. Corteva’s dividend 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.