Montchanin Asset Management LLC Has $1.02 Million Position in Corteva, Inc. (NYSE:CTVA)

Montchanin Asset Management LLC trimmed its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 1.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,285 shares of the company’s stock after selling 204 shares during the period. Corteva comprises 0.9% of Montchanin Asset Management LLC’s holdings, making the stock its 23rd largest position. Montchanin Asset Management LLC’s holdings in Corteva were worth $1,016,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of CTVA. KBC Group NV increased its holdings in Corteva by 267.3% during the third quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock worth $65,851,000 after buying an additional 815,135 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of Corteva by 51.4% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 123,621 shares of the company’s stock valued at $6,668,000 after acquiring an additional 41,943 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Corteva by 1.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,523,996 shares of the company’s stock worth $265,966,000 after purchasing an additional 66,052 shares during the last quarter. Thrivent Financial for Lutherans raised its holdings in shares of Corteva by 16.1% in the 3rd quarter. Thrivent Financial for Lutherans now owns 1,025,266 shares of the company’s stock valued at $60,275,000 after purchasing an additional 141,898 shares during the period. Finally, Kingsview Wealth Management LLC lifted its stake in Corteva by 468.8% in the 3rd quarter. Kingsview Wealth Management LLC now owns 45,182 shares of the company’s stock valued at $2,656,000 after purchasing an additional 37,239 shares during the last quarter. Institutional investors own 81.54% of the company’s stock.

Corteva Stock Performance

Shares of Corteva stock opened at $59.49 on Friday. The firm has a market capitalization of $40.89 billion, a price-to-earnings ratio of 60.09, a PEG ratio of 1.98 and a beta of 0.77. The business has a 50-day simple moving average of $59.56 and a 200 day simple moving average of $56.13. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96. Corteva, Inc. has a one year low of $44.01 and a one year high of $64.20.

Corteva declared that its Board of Directors has approved a stock buyback plan on Tuesday, November 19th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits 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 board of directors believes its shares are undervalued.

Corteva Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders 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 annualized dividend and a yield of 1.14%. Corteva’s dividend payout ratio is currently 68.69%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CTVA shares. Bank of America boosted their price target on Corteva from $67.00 to $69.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Wells Fargo & Company boosted their target price on Corteva from $65.00 to $67.00 and gave the stock an “overweight” rating in a report on Wednesday, November 20th. KeyCorp raised their price target on Corteva from $66.00 to $69.00 and gave the company an “overweight” rating in a report on Thursday, November 21st. Citigroup initiated coverage on shares of Corteva in a report on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 price objective on the stock. Finally, Royal Bank of Canada cut their target price on shares of Corteva from $69.00 to $68.00 and set an “outperform” rating for the company in a research note on Monday, November 11th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the stock currently 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.